Discounted Cash Flow (DCF) Analysis Unlevered
CNIM Groupe SA (COM.PA)
7.46 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 539.86 | 634.94 | 689.77 | 588.39 | 632.89 | 663.13 | 694.82 | 728.02 | 762.81 | 799.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 70.81 | 16.07 | 42.46 | -88.30 | -66.38 | -4.90 | -5.13 | -5.38 | -5.63 | -5.90 |
| EBITDA (%) | ||||||||||
| EBIT | 57.36 | 27.41 | 35.38 | -181.02 | -117.32 | -38.77 | -40.62 | -42.56 | -44.60 | -46.73 |
| EBIT (%) | ||||||||||
| Depreciation | 13.45 | -11.34 | 7.09 | 92.72 | 50.94 | 33.87 | 35.49 | 37.19 | 38.96 | 40.83 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 183.70 | 146.61 | 85.98 | 100.55 | 143.10 | 144.94 | 151.86 | 159.12 | 166.72 | 174.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 24.48 | 28.92 | 19.22 | 22.78 | 24.26 | 25.97 | 27.21 | 28.51 | 29.87 | 31.30 |
| Inventories (%) | ||||||||||
| Accounts Payable | 118.50 | 137.68 | 186.33 | 156.81 | 150.97 | 160.68 | 168.36 | 176.40 | 184.83 | 193.66 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -21.26 | -25.08 | -22.41 | -22.99 | -22.54 | -24.68 | -25.86 | -27.09 | -28.39 | -29.74 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.46 |
|---|---|
| Beta | 0.966 |
| Diluted Shares Outstanding | 2.82 |
| Cost of Debt | |
| Tax Rate | -2.92 |
| After-tax Cost of Debt | 3.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.123 |
| Total Debt | 250.89 |
| Total Equity | 21.07 |
| Total Capital | 271.96 |
| Debt Weighting | 92.25 |
| Equity Weighting | 7.75 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 539.86 | 634.94 | 689.77 | 588.39 | 632.89 | 663.13 | 694.82 | 728.02 | 762.81 | 799.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 70.81 | 16.07 | 42.46 | -88.30 | -66.38 | -4.90 | -5.13 | -5.38 | -5.63 | -5.90 |
| EBIT | 57.36 | 27.41 | 35.38 | -181.02 | -117.32 | -38.77 | -40.62 | -42.56 | -44.60 | -46.73 |
| Tax Rate | -136.47% | 9.02% | -14.29% | -8.16% | -2.92% | -30.56% | -30.56% | -30.56% | -30.56% | -30.56% |
| EBIAT | 135.63 | 24.94 | 40.43 | -195.79 | -120.75 | -50.62 | -53.04 | -55.57 | -58.23 | -61.01 |
| Depreciation | 13.45 | -11.34 | 7.09 | 92.72 | 50.94 | 33.87 | 35.49 | 37.19 | 38.96 | 40.83 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -4.44 | 9.70 | -3.56 | -1.48 | -1.70 | -1.24 | -1.30 | -1.36 | -1.43 |
| Accounts Payable | - | 19.18 | 48.64 | -29.51 | -5.84 | 9.71 | 7.68 | 8.04 | 8.43 | 8.83 |
| Capital Expenditure | -21.27 | -25.08 | -22.41 | -22.99 | -22.54 | -24.68 | -25.86 | -27.09 | -28.39 | -29.74 |
| UFCF | 127.82 | 3.26 | 83.45 | -159.13 | -99.68 | -33.42 | -36.97 | -38.73 | -40.58 | -42.52 |
| WACC | ||||||||||
| PV UFCF | -32.23 | -34.38 | -34.74 | -35.11 | -35.48 | |||||
| SUM PV UFCF | -171.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.69 |
| Free cash flow (t + 1) | -43.37 |
| Terminal Value | -2,566.42 |
| Present Value of Terminal Value | -2,141.14 |
Intrinsic Value
| Enterprise Value | -2,313.07 |
|---|---|
| Net Debt | 107.79 |
| Equity Value | -2,420.86 |
| Shares Outstanding | 2.82 |
| Equity Value Per Share | -857.01 |