Discounted Cash Flow (DCF) Analysis Unlevered
Caisse régionale de Crédit Agricole... (CRLO.PA)
54.15 €
-0.34 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 0.40 | 608.69 | 575.97 | 603.45 | 637.87 | 245,455.13 | 94,452,196.60 | 36,345,613,737.98 | 13,985,949,353,159.37 | 5,381,853,797,249,768 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 0 | - | 0 | 0 | 12.83 | 990.02 | 380,963.49 | 146,596,398.45 | 56,410,928,121.03 | 21,707,169,105,827.21 |
EBITDA (%) | ||||||||||
EBIT | -0.01 | -11.60 | -12.19 | -11.91 | -0 | -4,073.87 | -1,567,642 | -603,235,420.33 | -232,127,598,604.26 | -89,323,703,843,713.88 |
EBIT (%) | ||||||||||
Depreciation | 0.01 | 11.60 | 12.19 | 11.91 | 12.83 | 5,063.89 | 1,948,605.49 | 749,831,818.78 | 288,538,526,725.29 | 111,030,872,949,541.08 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 0.11 | 0.03 | 0.03 | 0.03 | 73.63 | 19,299.04 | 7,426,354.02 | 2,857,693,143.32 | 1,099,652,680,445.31 | 423,151,107,191,275.50 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 154.58 | 184.39 | 193.55 | 163.65 | 123.29 | 19,205,714.55 | 7,390,442,019.25 | 2,843,874,051,042.17 | 1,094,335,033,970,644 | 421,104,853,830,172,032 |
Account Receivables (%) | ||||||||||
Inventories | -355.72 | -184.42 | -193.58 | -163.69 | -196.92 | -44,131,367.75 | -16,981,941,169.81 | -6,534,724,405,301.74 | -2,514,590,212,405,522.50 | -967,625,188,783,103,744 |
Inventories (%) | ||||||||||
Accounts Payable | 25.14 | 15.44 | 20.81 | 19.44 | 20.15 | 3,120,931.92 | 1,200,948,099.03 | 462,130,022,342.76 | 177,829,631,208,171.16 | 68,429,611,162,936,720 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -0.02 | -14.59 | -22.50 | -27.97 | -12.97 | -8,352.25 | -3,213,980.62 | -1,236,753,642.57 | -475,908,150,350.07 | -183,131,514,452,758.22 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 54.15 |
---|---|
Beta | 0.537 |
Diluted Shares Outstanding | 8.10 |
Cost of Debt | |
Tax Rate | 19.68 |
After-tax Cost of Debt | 3.50% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.891 |
Total Debt | 7,670.52 |
Total Equity | 438.76 |
Total Capital | 8,109.28 |
Debt Weighting | 94.59 |
Equity Weighting | 5.41 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 0.40 | 608.69 | 575.97 | 603.45 | 637.87 | 245,455.13 | 94,452,196.60 | 36,345,613,737.98 | 13,985,949,353,159.37 | 5,381,853,797,249,768 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 0 | - | 0 | 0 | 12.83 | 990.02 | 380,963.49 | 146,596,398.45 | 56,410,928,121.03 | 21,707,169,105,827.21 |
EBIT | -0.01 | -11.60 | -12.19 | -11.91 | -0 | -4,073.87 | -1,567,642 | -603,235,420.33 | -232,127,598,604.26 | -89,323,703,843,713.88 |
Tax Rate | 27.45% | 30.47% | 31.46% | 25.02% | 19.68% | 26.82% | 26.82% | 26.82% | 26.82% | 26.82% |
EBIAT | -0.01 | -8.06 | -8.36 | -8.93 | -0 | -2,981.29 | -1,147,212.14 | -441,452,194.83 | -169,872,713,754.62 | -65,367,754,914,893.27 |
Depreciation | 0.01 | 11.60 | 12.19 | 11.91 | 12.83 | 5,063.89 | 1,948,605.49 | 749,831,818.78 | 288,538,526,725.29 | 111,030,872,949,541.08 |
Accounts Receivable | - | -29.81 | -9.16 | 29.90 | 40.37 | -19,205,591.26 | -7,371,236,304.70 | -2,836,483,609,022.92 | -1,091,491,159,919,601.75 | -420,010,518,796,201,408 |
Inventories | - | -171.30 | 9.16 | -29.90 | 33.23 | 44,131,170.83 | 16,937,809,802.06 | 6,517,742,464,131.93 | 2,508,055,488,000,220.50 | 965,110,598,570,698,240 |
Accounts Payable | - | -9.70 | 5.37 | -1.37 | 0.71 | 3,120,911.77 | 1,197,827,167.11 | 460,929,074,243.73 | 177,367,501,185,828.38 | 68,251,781,531,728,544 |
Capital Expenditure | -0.02 | -14.60 | -22.50 | -27.97 | -12.97 | -8,352.25 | -3,213,980.62 | -1,236,753,642.57 | -475,908,150,350.07 | -183,131,514,452,758.22 |
UFCF | -0.01 | -221.87 | -13.29 | -26.36 | 74.17 | 28,040,221.69 | 10,761,988,077.19 | 4,141,259,555,334.12 | 1,593,574,586,929,067.50 | 613,214,392,909,807,360 |
WACC | ||||||||||
PV UFCF | 27,044,966.91 | 10,011,577,866.97 | 3,715,758,546,568.78 | 1,379,089,466,201,690 | 511,843,741,177,615,808 | |||||
SUM PV UFCF | 513,226,556,440,986,880 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 3.68 |
Free cash flow (t + 1) | 625,478,680,768,003,456 |
Terminal Value | 37,230,873,855,238,307,840 |
Present Value of Terminal Value | 31,076,227,142,926,675,968 |
Intrinsic Value
Enterprise Value | 31,589,453,699,367,661,568 |
---|---|
Net Debt | 7,596.89 |
Equity Value | 31,589,453,699,367,653,376 |
Shares Outstanding | 8.10 |
Equity Value Per Share | 3,898,641,671,901,680,640.00 |