Discounted Cash Flow (DCF) Analysis Unlevered
Derichebourg SA (DBG.PA)
4.302 €
-0.06 (-1.38%)
All numbers are in Millions, Currency in USD
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 | 2,735.40 | 2,924.30 | 2,708.20 | 2,465.60 | 3,620.30 | 3,958.71 | 4,328.76 | 4,733.39 | 5,175.85 | 5,659.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 198.20 | 183.50 | 181.60 | 185.60 | 387.90 | 304.57 | 333.04 | 364.17 | 398.21 | 435.44 |
| EBITDA (%) | ||||||||||
| EBIT | 114.70 | 99.80 | 95.40 | 52.70 | 262 | 162.33 | 177.50 | 194.10 | 212.24 | 232.08 |
| EBIT (%) | ||||||||||
| Depreciation | 83.50 | 83.70 | 86.20 | 132.90 | 125.90 | 142.24 | 155.54 | 170.08 | 185.97 | 203.36 |
| 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 | 147 | 145.60 | 284.60 | 361.90 | 787.50 | 453.61 | 496.01 | 542.37 | 593.07 | 648.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 93.90 | 76.70 | 67.80 | 105.30 | 136.60 | 131.45 | 143.74 | 157.18 | 171.87 | 187.94 |
| Inventories (%) | ||||||||||
| Accounts Payable | 294.50 | 281.20 | 257.10 | 254.50 | 374.20 | 400.10 | 437.50 | 478.39 | 523.11 | 572.01 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -71.80 | -90.10 | -89.50 | -70.10 | -68.40 | -108.81 | -118.98 | -130.10 | -142.27 | -155.56 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.302 |
|---|---|
| Beta | 1.676 |
| Diluted Shares Outstanding | 159.40 |
| Cost of Debt | |
| Tax Rate | 29.41 |
| After-tax Cost of Debt | 1.20% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.851 |
| Total Debt | 983.20 |
| Total Equity | 685.73 |
| Total Capital | 1,668.93 |
| Debt Weighting | 58.91 |
| Equity Weighting | 41.09 |
| 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 | 2,735.40 | 2,924.30 | 2,708.20 | 2,465.60 | 3,620.30 | 3,958.71 | 4,328.76 | 4,733.39 | 5,175.85 | 5,659.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 198.20 | 183.50 | 181.60 | 185.60 | 387.90 | 304.57 | 333.04 | 364.17 | 398.21 | 435.44 |
| EBIT | 114.70 | 99.80 | 95.40 | 52.70 | 262 | 162.33 | 177.50 | 194.10 | 212.24 | 232.08 |
| Tax Rate | 26.57% | 12.95% | 36.09% | 48.67% | 29.41% | 30.74% | 30.74% | 30.74% | 30.74% | 30.74% |
| EBIAT | 84.22 | 86.88 | 60.97 | 27.05 | 184.94 | 112.43 | 122.94 | 134.43 | 147 | 160.74 |
| Depreciation | 83.50 | 83.70 | 86.20 | 132.90 | 125.90 | 142.24 | 155.54 | 170.08 | 185.97 | 203.36 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 17.20 | 8.90 | -37.50 | -31.30 | 5.15 | -12.29 | -13.44 | -14.69 | -16.07 |
| Accounts Payable | - | -13.30 | -24.10 | -2.60 | 119.70 | 25.90 | 37.40 | 40.90 | 44.72 | 48.90 |
| Capital Expenditure | -71.80 | -90.10 | -89.50 | -70.10 | -68.40 | -108.81 | -118.98 | -130.10 | -142.27 | -155.56 |
| UFCF | 95.92 | 84.38 | 42.47 | 49.75 | 330.84 | 176.90 | 184.61 | 201.86 | 220.73 | 241.37 |
| WACC | ||||||||||
| PV UFCF | 167.56 | 165.61 | 171.52 | 177.64 | 183.98 | |||||
| SUM PV UFCF | 866.30 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.58 |
| Free cash flow (t + 1) | 246.19 |
| Terminal Value | 6,876.91 |
| Present Value of Terminal Value | 5,241.85 |
Intrinsic Value
| Enterprise Value | 6,108.16 |
|---|---|
| Net Debt | 195.70 |
| Equity Value | 5,912.46 |
| Shares Outstanding | 159.40 |
| Equity Value Per Share | 37.09 |