Discounted Cash Flow (DCF) Analysis Unlevered
Compagnie d'Entreprises CFE SA (CFEB.BR)
6.96 €
-0.04 (-0.57%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 3,640.63 | 3,624.72 | 3,221.96 | 1,125.35 | 1,167.22 | 954.50 | 780.54 | 638.29 | 521.96 | 426.83 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 524.69 | 524.33 | 348.25 | 83.98 | 63.13 | 100.33 | 82.05 | 67.09 | 54.87 | 44.87 |
EBITDA (%) | ||||||||||
EBIT | 252.08 | 205.66 | 23.81 | 63.76 | 42.26 | 43.19 | 35.32 | 28.88 | 23.62 | 19.31 |
EBIT (%) | ||||||||||
Depreciation | 272.60 | 318.67 | 324.44 | 20.22 | 20.87 | 57.14 | 46.73 | 38.21 | 31.25 | 25.55 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 388.35 | 612.21 | 762.59 | 159.28 | 127.46 | 145.65 | 119.11 | 97.40 | 79.65 | 65.13 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,261.57 | 1,007.70 | 875.59 | 4,579.53 | 284.81 | 994.53 | 813.28 | 665.06 | 543.85 | 444.74 |
Account Receivables (%) | ||||||||||
Inventories | 128.89 | 162.61 | 184.56 | 160.38 | 168.47 | 81.02 | 66.25 | 54.18 | 44.30 | 36.23 |
Inventories (%) | ||||||||||
Accounts Payable | 1,410.94 | 1,221.47 | 1,178.01 | 277.01 | 309.20 | 305.67 | 249.96 | 204.41 | 167.15 | 136.69 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -453.48 | -451.49 | -401.33 | -140.17 | -145.39 | -118.89 | -97.22 | -79.50 | -65.01 | -53.17 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 6.96 |
---|---|
Beta | 1.575 |
Diluted Shares Outstanding | 25.07 |
Cost of Debt | |
Tax Rate | 18.92 |
After-tax Cost of Debt | 4.05% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 12.031 |
Total Debt | - |
Total Equity | 174.47 |
Total Capital | 174.47 |
Debt Weighting | 0.00 |
Equity Weighting | 100.00 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 3,640.63 | 3,624.72 | 3,221.96 | 1,125.35 | 1,167.22 | 954.50 | 780.54 | 638.29 | 521.96 | 426.83 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 524.69 | 524.33 | 348.25 | 83.98 | 63.13 | 100.33 | 82.05 | 67.09 | 54.87 | 44.87 |
EBIT | 252.08 | 205.66 | 23.81 | 63.76 | 42.26 | 43.19 | 35.32 | 28.88 | 23.62 | 19.31 |
Tax Rate | 21.59% | 21.51% | 24.81% | 23.93% | 18.92% | 22.15% | 22.15% | 22.15% | 22.15% | 22.15% |
EBIAT | 197.66 | 161.42 | 17.90 | 48.50 | 34.26 | 33.62 | 27.49 | 22.48 | 18.39 | 15.03 |
Depreciation | 272.60 | 318.67 | 324.44 | 20.22 | 20.87 | 57.14 | 46.73 | 38.21 | 31.25 | 25.55 |
Accounts Receivable | - | 253.88 | 132.11 | -3,703.94 | 4,294.72 | -709.72 | 181.25 | 148.22 | 121.21 | 99.12 |
Inventories | - | -33.72 | -21.95 | 24.18 | -8.09 | 87.45 | 14.77 | 12.07 | 9.87 | 8.07 |
Accounts Payable | - | -189.48 | -43.45 | -901 | 32.19 | -3.53 | -55.71 | -45.56 | -37.25 | -30.46 |
Capital Expenditure | -453.48 | -451.49 | -213.90 | -14.56 | -18.57 | -118.89 | -97.22 | -79.50 | -65.01 | -53.17 |
UFCF | 16.79 | 59.28 | 7.72 | -4,652.21 | 4,228.57 | -653.93 | 117.31 | 95.93 | 78.45 | 64.15 |
WACC | ||||||||||
PV UFCF | -583.71 | 93.47 | 68.23 | 49.80 | 36.35 | |||||
SUM PV UFCF | -335.87 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 12.03 |
Free cash flow (t + 1) | 65.43 |
Terminal Value | 652.37 |
Present Value of Terminal Value | 369.68 |
Intrinsic Value
Enterprise Value | 33.81 |
---|---|
Net Debt | -127.15 |
Equity Value | 160.96 |
Shares Outstanding | 25.07 |
Equity Value Per Share | 6.42 |