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
Stock DCF: 3,898,641,671,901,680,640.00 | 54.15 | undervalue

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 0.40608.69575.97603.45637.87245,455.1394,452,196.6036,345,613,737.9813,985,949,353,159.375,381,853,797,249,768
Revenue (%)
EBITDA 0-0012.83990.02380,963.49146,596,398.4556,410,928,121.0321,707,169,105,827.21
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 0.0111.6012.1911.9112.835,063.891,948,605.49749,831,818.78288,538,526,725.29111,030,872,949,541.08
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 0.110.030.030.0373.6319,299.047,426,354.022,857,693,143.321,099,652,680,445.31423,151,107,191,275.50
Total Cash (%)
Account Receivables 154.58184.39193.55163.65123.2919,205,714.557,390,442,019.252,843,874,051,042.171,094,335,033,970,644421,104,853,830,172,032
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 25.1415.4420.8119.4420.153,120,931.921,200,948,099.03462,130,022,342.76177,829,631,208,171.1668,429,611,162,936,720
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 0.40608.69575.97603.45637.87245,455.1394,452,196.6036,345,613,737.9813,985,949,353,159.375,381,853,797,249,768
EBITDA 0-0012.83990.02380,963.49146,596,398.4556,410,928,121.0321,707,169,105,827.21
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 0.0111.6012.1911.9112.835,063.891,948,605.49749,831,818.78288,538,526,725.29111,030,872,949,541.08
Accounts Receivable --29.81-9.1629.9040.37-19,205,591.26-7,371,236,304.70-2,836,483,609,022.92-1,091,491,159,919,601.75-420,010,518,796,201,408
Inventories --171.309.16-29.9033.2344,131,170.8316,937,809,802.066,517,742,464,131.932,508,055,488,000,220.50965,110,598,570,698,240
Accounts Payable --9.705.37-1.370.713,120,911.771,197,827,167.11460,929,074,243.73177,367,501,185,828.3868,251,781,531,728,544
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 -0.01-221.87-13.29-26.3674.1728,040,221.6910,761,988,077.194,141,259,555,334.121,593,574,586,929,067.50613,214,392,909,807,360
WACC
PV UFCF 27,044,966.9110,011,577,866.973,715,758,546,568.781,379,089,466,201,690511,843,741,177,615,808
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