Discounted Cash Flow (DCF) Analysis Unlevered

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

19.702 €

-0.30 (-1.49%)

All numbers are in Millions, Currency in USD

Stock DCF: 56.92 | 19.702 | 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	597.19	577.15	582.82	521.50	633.88	647.60	661.61	675.93	690.56	705.50
Revenue (%)
EBITDA	535.06	530.12	546.13	446.40	565.20	582.73	595.34	608.23	621.39	634.83
EBITDA (%)
EBIT	522.45	516.97	530.47	428.72	544.46	564.94	577.17	589.66	602.42	615.45
EBIT (%)
Depreciation	12.60	13.15	15.66	17.68	20.74	17.79	18.18	18.57	18.97	19.38
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	87.03	90.55	94.86	108.13	115.43	110.72	113.12	115.56	118.06	120.62
Total Cash (%)
Account Receivables	692.70	785.26	1,419.86	1,288.64	1,143.68	1,195.73	1,221.60	1,248.04	1,275.04	1,302.63
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	311.24	328.88	476.62	612.04	982.37	599.96	612.94	626.21	639.76	653.60
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	$ 19.702
Beta	0.693
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	6.882
Total Debt	1,069.12
Total Equity	619.18
Total Capital	1,688.30
Debt Weighting	63.33
Equity Weighting	36.67
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	597.19	577.15	582.82	521.50	633.88	647.60	661.61	675.93	690.56	705.50
EBITDA	535.06	530.12	546.13	446.40	565.20	582.73	595.34	608.23	621.39	634.83
EBIT	522.45	516.97	530.47	428.72	544.46	564.94	577.17	589.66	602.42	615.45
Tax Rate	30.62%	24.86%	28.32%	31.27%	23.18%	27.65%	27.65%	27.65%	27.65%	27.65%
EBIAT	362.50	388.46	380.23	294.68	418.24	408.74	417.58	426.62	435.85	445.28
Depreciation	12.60	13.15	15.66	17.68	20.74	17.79	18.18	18.57	18.97	19.38
Accounts Receivable	-	-92.56	-634.61	131.23	144.96	-52.05	-25.88	-26.44	-27.01	-27.59
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	17.64	147.73	135.43	370.33	-382.41	12.98	13.26	13.55	13.84
Capital Expenditure	-20.95	-30.27	-24.57	-28.89	-18.92	-27.84	-28.44	-29.06	-29.68	-30.33
UFCF	354.15	296.41	-115.56	550.12	935.35	-35.77	394.43	402.96	411.68	420.59
WACC
PV UFCF						-31.25	301.01	268.65	239.77	213.99
SUM PV UFCF										992.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	14.47
Free cash flow (t + 1)	429
Terminal Value	3,440.28
Present Value of Terminal Value	1,750.39

Intrinsic Value

Enterprise Value	2,742.57
Net Debt	953.69
Equity Value	1,788.88
Shares Outstanding	31.43
Equity Value Per Share	56.92