Discounted Cash Flow (DCF) Analysis Unlevered
Caisse régionale de Crédit Agricole... (CRAV.PA)
81.26 €
-0.84 (-1.02%)
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 | 434.16 | 445.72 | 440.84 | 378.07 | 451.31 | 458.87 | 466.56 | 474.38 | 482.33 | 490.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 404.58 | 372.60 | 371.72 | 289.25 | 341.84 | 379.35 | 385.71 | 392.17 | 398.74 | 405.42 |
| EBITDA (%) | ||||||||||
| EBIT | 393.41 | 358.90 | 357.59 | 268.77 | 323.10 | 362.45 | 368.52 | 374.70 | 380.97 | 387.36 |
| EBIT (%) | ||||||||||
| Depreciation | 11.17 | 13.70 | 14.13 | 20.47 | 18.74 | 16.90 | 17.19 | 17.47 | 17.77 | 18.07 |
| 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 | 60.25 | 97.89 | 147.46 | 106.37 | 69.48 | 103.54 | 105.27 | 107.04 | 108.83 | 110.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 448.92 | 422.27 | 648.43 | 882.14 | 471.88 | 626.92 | 637.43 | 648.11 | 658.97 | 670.01 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -20.10 | -32.11 | -33.69 | -29.82 | -28.53 | -30.91 | -31.43 | -31.96 | -32.49 | -33.04 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 81.26 |
|---|---|
| Beta | 0.336 |
| Diluted Shares Outstanding | 7.39 |
| Cost of Debt | |
| Tax Rate | 24.42 |
| After-tax Cost of Debt | 30.66% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.222 |
| Total Debt | 426.37 |
| Total Equity | 600.52 |
| Total Capital | 1,026.88 |
| Debt Weighting | 41.52 |
| Equity Weighting | 58.48 |
| 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 | 434.16 | 445.72 | 440.84 | 378.07 | 451.31 | 458.87 | 466.56 | 474.38 | 482.33 | 490.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 404.58 | 372.60 | 371.72 | 289.25 | 341.84 | 379.35 | 385.71 | 392.17 | 398.74 | 405.42 |
| EBIT | 393.41 | 358.90 | 357.59 | 268.77 | 323.10 | 362.45 | 368.52 | 374.70 | 380.97 | 387.36 |
| Tax Rate | 27.12% | 26.75% | 25.47% | 37.72% | 24.42% | 28.30% | 28.30% | 28.30% | 28.30% | 28.30% |
| EBIAT | 286.73 | 262.88 | 266.52 | 167.39 | 244.20 | 259.89 | 264.25 | 268.67 | 273.18 | 277.75 |
| Depreciation | 11.17 | 13.70 | 14.13 | 20.47 | 18.74 | 16.90 | 17.19 | 17.47 | 17.77 | 18.07 |
| Accounts Receivable | - | 26.65 | -226.16 | -233.70 | 410.26 | -155.04 | -10.50 | -10.68 | -10.86 | -11.04 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -20.10 | -32.11 | -33.69 | -29.82 | -28.53 | -30.91 | -31.43 | -31.96 | -32.49 | -33.04 |
| UFCF | 277.80 | 271.12 | 20.79 | -75.65 | 644.67 | 90.84 | 239.50 | 243.51 | 247.59 | 251.74 |
| WACC | ||||||||||
| PV UFCF | 78.45 | 178.63 | 156.86 | 137.74 | 120.95 | |||||
| SUM PV UFCF | 672.63 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.79 |
| Free cash flow (t + 1) | 256.78 |
| Terminal Value | 1,862.05 |
| Present Value of Terminal Value | 894.61 |
Intrinsic Value
| Enterprise Value | 1,567.25 |
|---|---|
| Net Debt | 356.89 |
| Equity Value | 1,210.35 |
| Shares Outstanding | 7.39 |
| Equity Value Per Share | 163.78 |