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 427.72393.81395.42370.55409.80406.51403.24400396.78393.59
Revenue (%)
EBITDA 339.99313.98312.70268.57286.36309.48306.99304.52302.07299.64
EBITDA (%)
EBIT 327.05304.86301.18256.48274.45297.75295.36292.98290.63288.29
EBIT (%)
Depreciation 12.949.1211.5212.0911.9111.7311.6311.5411.4511.35
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 116.8439.9247.0549.4199.1770.6470.0769.5168.9568.40
Total Cash (%)
Account Receivables 133.42154.58184.39191.20160.60169167.64166.29164.96163.63
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 175.38184.32182.85171.70181.51182.67181.20179.74178.30176.86
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 427.72393.81395.42370.55409.80406.51403.24400396.78393.59
EBITDA 339.99313.98312.70268.57286.36309.48306.99304.52302.07299.64
EBIT 327.05304.86301.18256.48274.45297.75295.36292.98290.63288.29
Tax Rate 30.07%27.45%30.47%31.46%25.02%28.90%28.90%28.90%28.90%28.90%
EBIAT 228.70221.16209.40175.78205.78211.71210.01208.32206.64204.98
Depreciation 12.949.1211.5212.0911.9111.7311.6311.5411.4511.35
Accounts Receivable --21.16-29.81-6.8130.59-8.391.361.351.341.33
Inventories ----------
Accounts Payable -8.94-1.47-11.159.811.15-1.47-1.46-1.45-1.43
Capital Expenditure -31.68-16.01-14.60-22.50-27.97-22.81-22.63-22.45-22.27-22.09
UFCF 209.96202.05175.04147.41230.13193.38198.90197.30195.71194.14
WACC
PV UFCF 155.10127.95101.8080.9964.44
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