Discounted Cash Flow (DCF) Analysis Unlevered

Caisse Régionale de Crédit Agricole... (CRBP2.PA)

18.6 €

+0.05 (+0.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 57.00 | 18.6 | 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 597.19577.15582.82521.50633.88647.60661.61675.93690.56705.50
Revenue (%)
EBITDA 535.06530.12546.13446.40565.20582.73595.34608.23621.39634.83
EBITDA (%)
EBIT 522.45516.97530.47428.72544.46564.94577.17589.66602.42615.45
EBIT (%)
Depreciation 12.6013.1515.6617.6820.7417.7918.1818.5718.9719.38
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 87.0390.5594.86108.13115.43110.72113.12115.56118.06120.62
Total Cash (%)
Account Receivables 692.70785.261,419.861,288.641,143.681,195.731,221.601,248.041,275.041,302.63
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 311.24328.88476.62612.04982.37599.96612.94626.21639.76653.60
Accounts Payable (%)
Capital Expenditure -20.94-30.27-24.57-28.90-18.92-27.84-28.44-29.06-29.68-30.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.6
Beta 0.758
Diluted Shares Outstanding 31.43
Cost of Debt
Tax Rate 23.18
After-tax Cost of Debt 18.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.401
Total Debt 1,069.12
Total Equity 584.55
Total Capital 1,653.67
Debt Weighting 64.65
Equity Weighting 35.35
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 597.19577.15582.82521.50633.88647.60661.61675.93690.56705.50
EBITDA 535.06530.12546.13446.40565.20582.73595.34608.23621.39634.83
EBIT 522.45516.97530.47428.72544.46564.94577.17589.66602.42615.45
Tax Rate 30.62%24.86%28.32%31.27%23.18%27.65%27.65%27.65%27.65%27.65%
EBIAT 362.50388.46380.23294.68418.24408.74417.58426.62435.85445.28
Depreciation 12.6013.1515.6617.6820.7417.7918.1818.5718.9719.38
Accounts Receivable --92.56-634.61131.23144.96-52.05-25.88-26.44-27.01-27.59
Inventories ----------
Accounts Payable -17.64147.73135.43370.33-382.4112.9813.2613.5513.84
Capital Expenditure -20.95-30.27-24.57-28.89-18.92-27.84-28.44-29.06-29.68-30.33
UFCF 354.15296.41-115.56550.12935.35-35.77394.43402.96411.68420.59
WACC
PV UFCF -31.25301.06268.72239.85214.09
SUM PV UFCF 992.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.46
Free cash flow (t + 1) 429
Terminal Value 3,443.04
Present Value of Terminal Value 1,752.56

Intrinsic Value

Enterprise Value 2,745.04
Net Debt 953.69
Equity Value 1,791.35
Shares Outstanding 31.43
Equity Value Per Share 57.00