Discounted Cash Flow (DCF) Analysis Unlevered
Derichebourg SA (DBG.PA)
6.575 €
+0.10 (+1.54%)
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 | $ 6.575 |
---|---|
Beta | 1.669 |
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 | 10.701 |
Total Debt | 983.20 |
Total Equity | 1,048.04 |
Total Capital | 2,031.24 |
Debt Weighting | 48.40 |
Equity Weighting | 51.60 |
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 | 166.73 | 163.99 | 169.01 | 174.18 | 179.51 | |||||
SUM PV UFCF | 853.43 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.10 |
Free cash flow (t + 1) | 246.19 |
Terminal Value | 6,004.71 |
Present Value of Terminal Value | 4,465.97 |
Intrinsic Value
Enterprise Value | 5,319.40 |
---|---|
Net Debt | 195.70 |
Equity Value | 5,123.70 |
Shares Outstanding | 159.40 |
Equity Value Per Share | 32.14 |