Discounted Cash Flow (DCF) Analysis Unlevered

Dassault Systèmes SE (DSY.PA)

35.005 €

+0.15 (+0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.82 | 35.005 | overvalue

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 3,228.013,477.404,018.204,452.204,860.105,385.485,967.666,612.777,327.618,119.73
Revenue (%)
EBITDA 980.801,042.901,246.101,293.501,608.901,653.811,832.592,030.702,250.222,493.47
EBITDA (%)
EBIT 763.11805.20850.106891,032.301,127.371,249.241,384.281,533.931,699.74
EBIT (%)
Depreciation 217.69237.70396604.50576.60526.44583.35646.41716.29793.72
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 2,460.732,809.901,944.902,148.902,979.503,392.953,759.734,166.164,616.525,115.57
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 149.31161.70220171.70192.40243.06269.33298.45330.71366.46
Accounts Payable (%)
Capital Expenditure -84.54-72.40-98.30-127-103.70-130.69-144.82-160.47-177.82-197.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 35.005
Beta 0.767
Diluted Shares Outstanding 1,332.09
Cost of Debt
Tax Rate 22.96
After-tax Cost of Debt 0.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.316
Total Debt 4,470.70
Total Equity 46,629.90
Total Capital 51,100.60
Debt Weighting 8.75
Equity Weighting 91.25
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 3,228.013,477.404,018.204,452.204,860.105,385.485,967.666,612.777,327.618,119.73
EBITDA 980.801,042.901,246.101,293.501,608.901,653.811,832.592,030.702,250.222,493.47
EBIT 763.11805.20850.106891,032.301,127.371,249.241,384.281,533.931,699.74
Tax Rate 30.88%27.35%24.59%24.03%22.96%25.96%25.96%25.96%25.96%25.96%
EBIAT 527.49584.95641.09523.44795.27834.69924.921,024.901,135.701,258.47
Depreciation 217.69237.70396604.50576.60526.44583.35646.41716.29793.72
Accounts Receivable ----------
Inventories ----------
Accounts Payable -12.3958.30-48.3020.7050.6626.2729.1232.2635.75
Capital Expenditure -84.54-72.40-98.30-127-103.70-130.69-144.82-160.47-177.82-197.04
UFCF 660.64762.63997.09952.641,288.871,281.101,389.731,539.961,706.431,890.90
WACC
PV UFCF 1,200.431,220.221,266.991,315.541,365.96
SUM PV UFCF 6,369.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.72
Free cash flow (t + 1) 1,928.71
Terminal Value 40,862.59
Present Value of Terminal Value 29,518.67

Intrinsic Value

Enterprise Value 35,887.81
Net Debt 1,491.20
Equity Value 34,396.61
Shares Outstanding 1,332.09
Equity Value Per Share 25.82