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
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 | 516.04 | 507.60 | 427.58 | 186.10 | 255.58 | 152.50 | 124.70 | 101.98 | 83.39 | 68.19 |
EBITDA (%) | ||||||||||
EBIT | 243.44 | 188.93 | 103.14 | 165.89 | 234.71 | 95.35 | 77.98 | 63.76 | 52.14 | 42.64 |
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 | - | - | - | - | - | - | - | - | - | - |
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 | $ 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 | 3,640.63 | 3,624.72 | 3,221.96 | 1,125.35 | 1,167.22 | 954.50 | 780.54 | 638.29 | 521.96 | 426.83 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 516.04 | 507.60 | 427.58 | 186.10 | 255.58 | 152.50 | 124.70 | 101.98 | 83.39 | 68.19 |
EBIT | 243.44 | 188.93 | 103.14 | 165.89 | 234.71 | 95.35 | 77.98 | 63.76 | 52.14 | 42.64 |
Tax Rate | 21.59% | 21.51% | 24.81% | -188.83% | -384.39% | -101.06% | -101.06% | -101.06% | -101.06% | -101.06% |
EBIAT | 190.88 | 148.29 | 77.55 | 479.13 | 1,136.94 | 191.72 | 156.78 | 128.21 | 104.84 | 85.73 |
Depreciation | 272.60 | 318.67 | 324.44 | 20.22 | 20.87 | 57.14 | 46.73 | 38.21 | 31.25 | 25.55 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
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 | 10.01 | -207.73 | -64.74 | -517.65 | 1,036.53 | 213.89 | 65.34 | 53.43 | 43.69 | 35.73 |
WACC | ||||||||||
PV UFCF | 191.95 | 52.62 | 38.62 | 28.34 | 20.80 | |||||
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 |