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	3,640.63	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