Discounted Cash Flow (DCF) Analysis Unlevered

Société de la Tour Eiffel (EIFF.PA)

20.5 €

+0.75 (+3.80%)
All numbers are in Millions, Currency in USD
Stock DCF: -80.01 | 20.5 | 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 68.4267.249792.8684.6590.8897.57104.74112.45120.72
Revenue (%)
EBITDA 52.4346.9072.1378.2591.5175.0980.6186.5492.9199.75
EBITDA (%)
EBIT 26.81-3.4923.3630.2418.8220.5222.0323.6525.3927.25
EBIT (%)
Depreciation 25.6250.4048.7748.0172.6954.5758.5962.9067.5272.49
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 13.0167.1350.2740.25178.5577.2482.9289.0295.57102.60
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.8518.4710.8412.9211.9014.2015.2416.3617.5618.86
Accounts Payable (%)
Capital Expenditure -46.34-61.96-132.38-61.40-51.56-76.96-82.62-88.70-95.22-102.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.5
Beta 0.814
Diluted Shares Outstanding 16.60
Cost of Debt
Tax Rate 47.92
After-tax Cost of Debt 0.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.812
Total Debt 867.24
Total Equity 340.35
Total Capital 1,207.59
Debt Weighting 71.82
Equity Weighting 28.18
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 68.4267.249792.8684.6590.8897.57104.74112.45120.72
EBITDA 52.4346.9072.1378.2591.5175.0980.6186.5492.9199.75
EBIT 26.81-3.4923.3630.2418.8220.5222.0323.6525.3927.25
Tax Rate 1.58%-1.48%35.71%5.63%47.92%17.87%17.87%17.87%17.87%17.87%
EBIAT 26.38-3.5415.0228.549.8016.8518.0919.4220.8522.38
Depreciation 25.6250.4048.7748.0172.6954.5758.5962.9067.5272.49
Accounts Receivable ----------
Inventories ----------
Accounts Payable -10.62-7.632.08-1.022.301.041.121.201.29
Capital Expenditure -46.34-61.96-132.38-61.40-51.56-76.96-82.62-88.70-95.22-102.23
UFCF 5.66-4.49-76.2217.2229.91-3.24-4.90-5.26-5.65-6.06
WACC
PV UFCF -3.15-4.63-4.83-5.04-5.26
SUM PV UFCF -22.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.87
Free cash flow (t + 1) -6.18
Terminal Value -710.53
Present Value of Terminal Value -616.79

Intrinsic Value

Enterprise Value -639.69
Net Debt 688.69
Equity Value -1,328.38
Shares Outstanding 16.60
Equity Value Per Share -80.01