Discounted Cash Flow (DCF) Analysis Unlevered

Groupe MEDIA 6 (EDI.PA)

9.5 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.26 | 9.5 | 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 82.4477.0968.1565.7483.5584.6985.8587.0288.2189.42
Revenue (%)
EBITDA 5.826.061.771.413.934.134.184.244.304.36
EBITDA (%)
EBIT 4.183.91-3.26-0.502.011.191.201.221.231.25
EBIT (%)
Depreciation 1.642.155.031.911.922.942.983.023.063.11
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 21.7222.7426.7119.6110.6023.3023.6223.9424.2724.60
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 4.565.126.287.6310.647.757.857.968.078.18
Inventories (%)
Accounts Payable 13.2612.547.4910.7910.2312.1912.3612.5312.7012.87
Accounts Payable (%)
Capital Expenditure -2.12-1.55-2.26-1.07-2.67-2.15-2.18-2.21-2.24-2.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.5
Beta 0.590
Diluted Shares Outstanding 3.05
Cost of Debt
Tax Rate -65.06
After-tax Cost of Debt 1.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.316
Total Debt 22.90
Total Equity 28.98
Total Capital 51.88
Debt Weighting 44.15
Equity Weighting 55.85
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 82.4477.0968.1565.7483.5584.6985.8587.0288.2189.42
EBITDA 5.826.061.771.413.934.134.184.244.304.36
EBIT 4.183.91-3.26-0.502.011.191.201.221.231.25
Tax Rate 28.16%32.70%-6.56%-48.59%-65.06%-11.87%-11.87%-11.87%-11.87%-11.87%
EBIAT 32.63-3.47-0.753.321.331.341.361.381.40
Depreciation 1.642.155.031.911.922.942.983.023.063.11
Accounts Receivable ----------
Inventories --0.56-1.17-1.34-3.012.89-0.11-0.11-0.11-0.11
Accounts Payable --0.72-5.053.30-0.561.960.170.170.170.17
Capital Expenditure -2.12-1.55-2.26-1.07-2.67-2.15-2.18-2.21-2.24-2.28
UFCF 2.531.95-6.922.06-1.016.972.202.232.262.29
WACC
PV UFCF 6.682.021.961.911.85
SUM PV UFCF 14.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.36
Free cash flow (t + 1) 2.34
Terminal Value 99.18
Present Value of Terminal Value 80.13

Intrinsic Value

Enterprise Value 94.56
Net Debt 8.36
Equity Value 86.19
Shares Outstanding 3.05
Equity Value Per Share 28.26