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
Stock DCF: 163.78 | 81.26 | undervalue

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 434.16445.72440.84378.07451.31458.87466.56474.38482.33490.41
Revenue (%)
EBITDA 404.58372.60371.72289.25341.84379.35385.71392.17398.74405.42
EBITDA (%)
EBIT 393.41358.90357.59268.77323.10362.45368.52374.70380.97387.36
EBIT (%)
Depreciation 11.1713.7014.1320.4718.7416.9017.1917.4717.7718.07
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 60.2597.89147.46106.3769.48103.54105.27107.04108.83110.65
Total Cash (%)
Account Receivables 448.92422.27648.43882.14471.88626.92637.43648.11658.97670.01
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 434.16445.72440.84378.07451.31458.87466.56474.38482.33490.41
EBITDA 404.58372.60371.72289.25341.84379.35385.71392.17398.74405.42
EBIT 393.41358.90357.59268.77323.10362.45368.52374.70380.97387.36
Tax Rate 27.12%26.75%25.47%37.72%24.42%28.30%28.30%28.30%28.30%28.30%
EBIAT 286.73262.88266.52167.39244.20259.89264.25268.67273.18277.75
Depreciation 11.1713.7014.1320.4718.7416.9017.1917.4717.7718.07
Accounts Receivable -26.65-226.16-233.70410.26-155.04-10.50-10.68-10.86-11.04
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 277.80271.1220.79-75.65644.6790.84239.50243.51247.59251.74
WACC
PV UFCF 78.45178.63156.86137.74120.95
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