Discounted Cash Flow (DCF) Analysis Unlevered

Chargeurs SA (CRI.PA)

11.98 €

+0.06 (+0.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.02 | 11.98 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 626.20822736.60746.40653.20669.08685.34702719.06736.54
Revenue (%)
EBITDA 59.9095.3079.9073.3019.8060.0361.4962.9864.5166.08
EBITDA (%)
EBIT 38.8066.6051.3044.40-635.1836.0436.9137.8138.73
EBIT (%)
Depreciation 21.1028.7028.6028.9025.8024.8425.4526.0726.7027.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 93.90229.30225.90133.2094.30141.63145.07148.60152.21155.91
Total Cash (%)
Account Receivables 102.60107.90117.90-11.5090.2077.3379.2181.1383.1085.12
Account Receivables (%)
Inventories 126.10139.10150.10163.30135.50133.89137.15140.48143.90147.39
Inventories (%)
Accounts Payable 105.60110.80153.50147.30116.90118.85121.73124.69127.72130.83
Accounts Payable (%)
Capital Expenditure -25.30-14.90-13-10.80-18.70-15.96-16.35-16.75-17.15-17.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.98
Beta 1.701
Diluted Shares Outstanding 56.67
Cost of Debt
Tax Rate 112.12
After-tax Cost of Debt -0.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.302
Total Debt -
Total Equity 678.87
Total Capital 678.87
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 626.20822736.60746.40653.20669.08685.34702719.06736.54
EBITDA 59.9095.3079.9073.3019.8060.0361.4962.9864.5166.08
EBIT 38.8066.6051.3044.40-635.1836.0436.9137.8138.73
Tax Rate 25.98%11.45%2.24%-13.92%112.12%27.57%27.57%27.57%27.57%27.57%
EBIAT 28.7258.9850.1550.580.7325.4826.1026.7427.3928.05
Depreciation 21.1028.7028.6028.9025.8024.8425.4526.0726.7027.35
Accounts Receivable --5.30-10129.40-101.7012.87-1.88-1.93-1.97-2.02
Inventories --13-11-13.2027.801.61-3.25-3.33-3.41-3.50
Accounts Payable -5.2042.70-6.20-30.401.952.892.963.033.10
Capital Expenditure -25.30-14.90-13-10.80-18.70-15.96-16.35-16.75-17.15-17.57
UFCF 24.5259.6887.45178.68-96.4750.7932.9533.7634.5835.42
WACC
PV UFCF 45.2326.1323.8321.7419.83
SUM PV UFCF 136.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.30
Free cash flow (t + 1) 35.59
Terminal Value 301.64
Present Value of Terminal Value 168.89

Intrinsic Value

Enterprise Value 305.65
Net Debt -92.20
Equity Value 397.85
Shares Outstanding 56.67
Equity Value Per Share 7.02