Discounted Cash Flow (DCF) Analysis Unlevered

CGG (CGG.PA)

0.8834 €

+0.01 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.63 | 0.8834 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,3201,1821,342.10878.701,062.201,034.171,006.88980.32954.45929.26
Revenue (%)
EBITDA -126134.60176.60-82.5014539.8438.7937.7736.7735.80
EBITDA (%)
EBIT -277.2035.5057.20-276-63.40-105.72-102.93-100.21-97.57-95
EBIT (%)
Depreciation 151.2099.10119.40193.50208.40145.56141.72137.98134.34130.80
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 315.40434.10610.50400.20323.30376.62366.69357.01347.59338.42
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 239.30204.80200.10237.80197.30198.57193.33188.22183.26178.42
Inventories (%)
Accounts Payable 169.90126.40117.4096.7076.40104.47101.7299.0396.4293.87
Accounts Payable (%)
Capital Expenditure -332.70-300.80-261-303.10-226.90-260.52-253.65-246.95-240.44-234.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.8,834
Beta 2.853
Diluted Shares Outstanding 711.53
Cost of Debt
Tax Rate 3.01
After-tax Cost of Debt 8.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.339
Total Debt 1,352.30
Total Equity 628.56
Total Capital 1,980.86
Debt Weighting 68.27
Equity Weighting 31.73
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,3201,1821,342.10878.701,062.201,034.171,006.88980.32954.45929.26
EBITDA -126134.60176.60-82.5014539.8438.7937.7736.7735.80
EBIT -277.2035.5057.20-276-63.40-105.72-102.93-100.21-97.57-95
Tax Rate -9.48%119.81%158.86%-27.61%3.01%48.92%48.92%48.92%48.92%48.92%
EBIAT -303.49-7.03-33.67-352.21-61.49-54.01-52.58-51.19-49.84-48.53
Depreciation 151.2099.10119.40193.50208.40145.56141.72137.98134.34130.80
Accounts Receivable ----------
Inventories -34.504.70-37.7040.50-1.275.245.104.974.84
Accounts Payable --43.50-9-20.70-20.3028.07-2.76-2.68-2.61-2.54
Capital Expenditure -332.70-300.80-261-303.10-226.90-260.52-253.65-246.95-240.44-234.09
UFCF -484.99-217.73-179.57-520.21-59.79-142.16-162.02-157.75-153.58-149.53
WACC
PV UFCF -127.92-131.19-114.94-100.70-88.22
SUM PV UFCF -562.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.13
Free cash flow (t + 1) -152.52
Terminal Value -1,670.56
Present Value of Terminal Value -985.61

Intrinsic Value

Enterprise Value -1,548.59
Net Debt 1,033.10
Equity Value -2,581.69
Shares Outstanding 711.53
Equity Value Per Share -3.63