Discounted Cash Flow (DCF) Analysis Unlevered

Compagnie d'Entreprises CFE SA (CFEB.BR)

9.74 €

+0.23 (+2.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.04 | 9.74 | undervalue

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 516.04507.60427.58186.10255.58152.50124.70101.9883.3968.19
EBITDA (%)
EBIT 243.44188.93103.14165.89234.7195.3577.9863.7652.1442.64
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 ----------
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 $ 9.74
Beta 1.629
Diluted Shares Outstanding 25.31
Cost of Debt
Tax Rate -384.39
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.427
Total Debt -
Total Equity 246.56
Total Capital 246.56
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 516.04507.60427.58186.10255.58152.50124.70101.9883.3968.19
EBIT 243.44188.93103.14165.89234.7195.3577.9863.7652.1442.64
Tax Rate 21.59%21.51%24.81%-188.83%-384.39%-101.06%-101.06%-101.06%-101.06%-101.06%
EBIAT 190.88148.2977.55479.131,136.94191.72156.78128.21104.8485.73
Depreciation 272.60318.67324.4420.2220.8757.1446.7338.2131.2525.55
Accounts Receivable ----------
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 10.01-207.73-64.74-517.651,036.53213.8965.3453.4343.6935.73
WACC
PV UFCF 191.9552.6238.6228.3420.80
SUM PV UFCF 332.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.43
Free cash flow (t + 1) 36.45
Terminal Value 386.49
Present Value of Terminal Value 224.97

Intrinsic Value

Enterprise Value 557.30
Net Debt -127.15
Equity Value 684.45
Shares Outstanding 25.31
Equity Value Per Share 27.04