Discounted Cash Flow (DCF) Analysis Unlevered

Derichebourg SA (DBG.PA)

6.575 €

+0.10 (+1.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 32.14 | 6.575 | 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 2,735.402,924.302,708.202,465.603,620.303,958.714,328.764,733.395,175.855,659.67
Revenue (%)
EBITDA 198.20183.50181.60185.60387.90304.57333.04364.17398.21435.44
EBITDA (%)
EBIT 114.7099.8095.4052.70262162.33177.50194.10212.24232.08
EBIT (%)
Depreciation 83.5083.7086.20132.90125.90142.24155.54170.08185.97203.36
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 147145.60284.60361.90787.50453.61496.01542.37593.07648.51
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 93.9076.7067.80105.30136.60131.45143.74157.18171.87187.94
Inventories (%)
Accounts Payable 294.50281.20257.10254.50374.20400.10437.50478.39523.11572.01
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 2,735.402,924.302,708.202,465.603,620.303,958.714,328.764,733.395,175.855,659.67
EBITDA 198.20183.50181.60185.60387.90304.57333.04364.17398.21435.44
EBIT 114.7099.8095.4052.70262162.33177.50194.10212.24232.08
Tax Rate 26.57%12.95%36.09%48.67%29.41%30.74%30.74%30.74%30.74%30.74%
EBIAT 84.2286.8860.9727.05184.94112.43122.94134.43147160.74
Depreciation 83.5083.7086.20132.90125.90142.24155.54170.08185.97203.36
Accounts Receivable ----------
Inventories -17.208.90-37.50-31.305.15-12.29-13.44-14.69-16.07
Accounts Payable --13.30-24.10-2.60119.7025.9037.4040.9044.7248.90
Capital Expenditure -71.80-90.10-89.50-70.10-68.40-108.81-118.98-130.10-142.27-155.56
UFCF 95.9284.3842.4749.75330.84176.90184.61201.86220.73241.37
WACC
PV UFCF 166.73163.99169.01174.18179.51
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