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	3,640.63	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