Discounted Cash Flow (DCF) Analysis Unlevered

Caisse régionale de Crédit Agricole... (CRLO.PA)

60.69 €

-0.01 (-0.02%)

All numbers are in Millions, Currency in USD

Stock DCF: 105.57 | 60.69 | 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	427.72	393.81	395.42	370.55	409.80	406.51	403.24	400	396.78	393.59
Revenue (%)
EBITDA	339.99	313.98	312.70	268.57	286.36	309.48	306.99	304.52	302.07	299.64
EBITDA (%)
EBIT	327.05	304.86	301.18	256.48	274.45	297.75	295.36	292.98	290.63	288.29
EBIT (%)
Depreciation	12.94	9.12	11.52	12.09	11.91	11.73	11.63	11.54	11.45	11.35
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	116.84	39.92	47.05	49.41	99.17	70.64	70.07	69.51	68.95	68.40
Total Cash (%)
Account Receivables	133.42	154.58	184.39	191.20	160.60	169	167.64	166.29	164.96	163.63
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	175.38	184.32	182.85	171.70	181.51	182.67	181.20	179.74	178.30	176.86
Accounts Payable (%)
Capital Expenditure	-31.68	-16.01	-14.60	-22.50	-27.97	-22.81	-22.63	-22.45	-22.27	-22.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 60.69
Beta	0.416
Diluted Shares Outstanding	8.10
Cost of Debt
Tax Rate	25.02
After-tax Cost of Debt	172.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.495
Total Debt	63.66
Total Equity	491.85
Total Capital	555.51
Debt Weighting	11.46
Equity Weighting	88.54
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	427.72	393.81	395.42	370.55	409.80	406.51	403.24	400	396.78	393.59
EBITDA	339.99	313.98	312.70	268.57	286.36	309.48	306.99	304.52	302.07	299.64
EBIT	327.05	304.86	301.18	256.48	274.45	297.75	295.36	292.98	290.63	288.29
Tax Rate	30.07%	27.45%	30.47%	31.46%	25.02%	28.90%	28.90%	28.90%	28.90%	28.90%
EBIAT	228.70	221.16	209.40	175.78	205.78	211.71	210.01	208.32	206.64	204.98
Depreciation	12.94	9.12	11.52	12.09	11.91	11.73	11.63	11.54	11.45	11.35
Accounts Receivable	-	-21.16	-29.81	-6.81	30.59	-8.39	1.36	1.35	1.34	1.33
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	8.94	-1.47	-11.15	9.81	1.15	-1.47	-1.46	-1.45	-1.43
Capital Expenditure	-31.68	-16.01	-14.60	-22.50	-27.97	-22.81	-22.63	-22.45	-22.27	-22.09
UFCF	209.96	202.05	175.04	147.41	230.13	193.38	198.90	197.30	195.71	194.14
WACC
PV UFCF						155.10	127.95	101.80	80.99	64.44
SUM PV UFCF										530.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	24.68
Free cash flow (t + 1)	198.02
Terminal Value	873.12
Present Value of Terminal Value	289.79

Intrinsic Value

Enterprise Value	820.07
Net Debt	-35.51
Equity Value	855.58
Shares Outstanding	8.10
Equity Value Per Share	105.57