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
Stock DCF: 6.42 | 6.96 | overvalue

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 3,640.633,624.723,221.961,125.351,167.22954.50780.54638.29521.96426.83
Revenue (%)
EBITDA 524.69524.33348.2583.9863.13100.3382.0567.0954.8744.87
EBITDA (%)
EBIT 252.08205.6623.8163.7642.2643.1935.3228.8823.6219.31
EBIT (%)
Depreciation 272.60318.67324.4420.2220.8757.1446.7338.2131.2525.55
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 388.35612.21762.59159.28127.46145.65119.1197.4079.6565.13
Total Cash (%)
Account Receivables 1,261.571,007.70875.594,579.53284.81994.53813.28665.06543.85444.74
Account Receivables (%)
Inventories 128.89162.61184.56160.38168.4781.0266.2554.1844.3036.23
Inventories (%)
Accounts Payable 1,410.941,221.471,178.01277.01309.20305.67249.96204.41167.15136.69
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 3,640.633,624.723,221.961,125.351,167.22954.50780.54638.29521.96426.83
EBITDA 524.69524.33348.2583.9863.13100.3382.0567.0954.8744.87
EBIT 252.08205.6623.8163.7642.2643.1935.3228.8823.6219.31
Tax Rate 21.59%21.51%24.81%23.93%18.92%22.15%22.15%22.15%22.15%22.15%
EBIAT 197.66161.4217.9048.5034.2633.6227.4922.4818.3915.03
Depreciation 272.60318.67324.4420.2220.8757.1446.7338.2131.2525.55
Accounts Receivable -253.88132.11-3,703.944,294.72-709.72181.25148.22121.2199.12
Inventories --33.72-21.9524.18-8.0987.4514.7712.079.878.07
Accounts Payable --189.48-43.45-90132.19-3.53-55.71-45.56-37.25-30.46
Capital Expenditure -453.48-451.49-213.90-14.56-18.57-118.89-97.22-79.50-65.01-53.17
UFCF 16.7959.287.72-4,652.214,228.57-653.93117.3195.9378.4564.15
WACC
PV UFCF -583.7193.4768.2349.8036.35
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