Discounted Cash Flow (DCF) Analysis Unlevered

Christian Dior SE (CDI.PA)

657 €

-8.50 (-1.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 507.42 | 657 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 43,66646,82653,67044,53164,21572,085.7380,921.1690,839.53101,973.58114,472.32
Revenue (%)
EBITDA 7,0767,54111,37210,73715,54614,679.3216,478.5418,498.2820,765.5923,310.79
EBITDA (%)
EBIT 4,6095,2636,2644,6879,7198,524.329,569.1310,742.0112,058.6413,536.64
EBIT (%)
Depreciation 2,4672,2785,1086,0505,8276,1556,909.407,756.288,706.959,774.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 10,30011,2166,79421,11010,66717,908.4120,103.4122,567.4625,333.5128,438.60
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 10,90812,48513,71713,01616,54919,059.6721,395.7824,018.2326,962.1130,266.81
Inventories (%)
Accounts Payable 4,5405,3145,8145,0987,0867,938.288,911.2610,003.5011,229.6112,606.01
Accounts Payable (%)
Capital Expenditure -2,588-3,141-3,388-2,464-3,255-4,260.18-4,782.34-5,368.51-6,026.52-6,765.18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 657
Beta 0.940
Diluted Shares Outstanding 180.41
Cost of Debt
Tax Rate 71.24
After-tax Cost of Debt 0.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.232
Total Debt 34,531
Total Equity 118,529.75
Total Capital 153,060.75
Debt Weighting 22.56
Equity Weighting 77.44
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 43,66646,82653,67044,53164,21572,085.7380,921.1690,839.53101,973.58114,472.32
EBITDA 7,0767,54111,37210,73715,54614,679.3216,478.5418,498.2820,765.5923,310.79
EBIT 4,6095,2636,2644,6879,7198,524.329,569.1310,742.0112,058.6413,536.64
Tax Rate 71.99%72.79%72.50%73.72%71.24%72.45%72.45%72.45%72.45%72.45%
EBIAT 1,291.171,432.031,722.541,231.812,795.272,348.702,636.582,959.743,322.513,729.74
Depreciation 2,4672,2785,1086,0505,8276,1556,909.407,756.288,706.959,774.15
Accounts Receivable ----------
Inventories --1,577-1,232701-3,533-2,510.67-2,336.11-2,622.45-2,943.88-3,304.70
Accounts Payable -774500-7161,988852.28972.981,092.241,226.111,376.40
Capital Expenditure -2,588-3,141-3,388-2,464-3,255-4,260.18-4,782.34-5,368.51-6,026.52-6,765.18
UFCF 1,170.17-233.972,710.544,802.813,822.272,585.123,400.503,817.304,285.184,810.41
WACC
PV UFCF 2,446.873,046.523,237.043,439.473,654.55
SUM PV UFCF 15,824.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.65
Free cash flow (t + 1) 4,906.61
Terminal Value 134,427.78
Present Value of Terminal Value 102,127.22

Intrinsic Value

Enterprise Value 117,951.67
Net Debt 26,408
Equity Value 91,543.67
Shares Outstanding 180.41
Equity Value Per Share 507.42