Discounted Cash Flow (DCF) Analysis Unlevered
CGG (CGG.PA)
0.8834 €
+0.01 (+0.89%)
All numbers are in Millions, Currency in USD
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 | 1,320 | 1,182 | 1,342.10 | 878.70 | 1,062.20 | 1,034.17 | 1,006.88 | 980.32 | 954.45 | 929.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -126 | 134.60 | 176.60 | -82.50 | 145 | 39.84 | 38.79 | 37.77 | 36.77 | 35.80 |
| EBITDA (%) | ||||||||||
| EBIT | -277.20 | 35.50 | 57.20 | -276 | -63.40 | -105.72 | -102.93 | -100.21 | -97.57 | -95 |
| EBIT (%) | ||||||||||
| Depreciation | 151.20 | 99.10 | 119.40 | 193.50 | 208.40 | 145.56 | 141.72 | 137.98 | 134.34 | 130.80 |
| 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 | 315.40 | 434.10 | 610.50 | 400.20 | 323.30 | 376.62 | 366.69 | 357.01 | 347.59 | 338.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 239.30 | 204.80 | 200.10 | 237.80 | 197.30 | 198.57 | 193.33 | 188.22 | 183.26 | 178.42 |
| Inventories (%) | ||||||||||
| Accounts Payable | 169.90 | 126.40 | 117.40 | 96.70 | 76.40 | 104.47 | 101.72 | 99.03 | 96.42 | 93.87 |
| 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 | 1,320 | 1,182 | 1,342.10 | 878.70 | 1,062.20 | 1,034.17 | 1,006.88 | 980.32 | 954.45 | 929.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -126 | 134.60 | 176.60 | -82.50 | 145 | 39.84 | 38.79 | 37.77 | 36.77 | 35.80 |
| EBIT | -277.20 | 35.50 | 57.20 | -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 | 151.20 | 99.10 | 119.40 | 193.50 | 208.40 | 145.56 | 141.72 | 137.98 | 134.34 | 130.80 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 34.50 | 4.70 | -37.70 | 40.50 | -1.27 | 5.24 | 5.10 | 4.97 | 4.84 |
| Accounts Payable | - | -43.50 | -9 | -20.70 | -20.30 | 28.07 | -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 |