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
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 | 82.44 | 77.09 | 68.15 | 65.74 | 83.55 | 84.69 | 85.85 | 87.02 | 88.21 | 89.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 5.82 | 6.06 | 1.77 | 1.41 | 3.93 | 4.13 | 4.18 | 4.24 | 4.30 | 4.36 |
| EBITDA (%) | ||||||||||
| EBIT | 4.18 | 3.91 | -3.26 | -0.50 | 2.01 | 1.19 | 1.20 | 1.22 | 1.23 | 1.25 |
| EBIT (%) | ||||||||||
| Depreciation | 1.64 | 2.15 | 5.03 | 1.91 | 1.92 | 2.94 | 2.98 | 3.02 | 3.06 | 3.11 |
| 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 | 21.72 | 22.74 | 26.71 | 19.61 | 10.60 | 23.30 | 23.62 | 23.94 | 24.27 | 24.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 4.56 | 5.12 | 6.28 | 7.63 | 10.64 | 7.75 | 7.85 | 7.96 | 8.07 | 8.18 |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.26 | 12.54 | 7.49 | 10.79 | 10.23 | 12.19 | 12.36 | 12.53 | 12.70 | 12.87 |
| 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 | 82.44 | 77.09 | 68.15 | 65.74 | 83.55 | 84.69 | 85.85 | 87.02 | 88.21 | 89.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5.82 | 6.06 | 1.77 | 1.41 | 3.93 | 4.13 | 4.18 | 4.24 | 4.30 | 4.36 |
| EBIT | 4.18 | 3.91 | -3.26 | -0.50 | 2.01 | 1.19 | 1.20 | 1.22 | 1.23 | 1.25 |
| Tax Rate | 28.16% | 32.70% | -6.56% | -48.59% | -65.06% | -11.87% | -11.87% | -11.87% | -11.87% | -11.87% |
| EBIAT | 3 | 2.63 | -3.47 | -0.75 | 3.32 | 1.33 | 1.34 | 1.36 | 1.38 | 1.40 |
| Depreciation | 1.64 | 2.15 | 5.03 | 1.91 | 1.92 | 2.94 | 2.98 | 3.02 | 3.06 | 3.11 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.56 | -1.17 | -1.34 | -3.01 | 2.89 | -0.11 | -0.11 | -0.11 | -0.11 |
| Accounts Payable | - | -0.72 | -5.05 | 3.30 | -0.56 | 1.96 | 0.17 | 0.17 | 0.17 | 0.17 |
| Capital Expenditure | -2.12 | -1.55 | -2.26 | -1.07 | -2.67 | -2.15 | -2.18 | -2.21 | -2.24 | -2.28 |
| UFCF | 2.53 | 1.95 | -6.92 | 2.06 | -1.01 | 6.97 | 2.20 | 2.23 | 2.26 | 2.29 |
| WACC | ||||||||||
| PV UFCF | 6.68 | 2.02 | 1.96 | 1.91 | 1.85 | |||||
| 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 |