Discounted Cash Flow (DCF) Analysis Unlevered
EKINOPS S.A. (EKI.PA)
7.85 €
-0.04 (-0.51%)
All numbers are in Millions, Currency in USD
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 | 34.29 | 84.22 | 93.48 | 92.80 | 103.57 | 146.93 | 208.45 | 295.72 | 419.54 | 595.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -4.10 | 4.65 | 10.88 | 12.94 | 14.88 | 9.85 | 13.97 | 19.83 | 28.13 | 39.90 |
| EBITDA (%) | ||||||||||
| EBIT | -6.34 | -2.05 | 2.05 | 2.53 | 3.64 | -3.67 | -5.21 | -7.39 | -10.48 | -14.87 |
| EBIT (%) | ||||||||||
| Depreciation | 2.24 | 6.70 | 8.84 | 10.41 | 11.24 | 13.52 | 19.18 | 27.21 | 38.61 | 54.78 |
| 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 | 21.32 | 25.12 | 32.59 | 49.63 | 45.39 | 65.87 | 93.45 | 132.58 | 188.09 | 266.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 8.74 | 11.23 | 10.50 | 13.91 | 19.03 | 24.51 | 34.77 | 49.33 | 69.99 | 99.29 |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.04 | 13.96 | 13.83 | 12.38 | 16.15 | 27.18 | 38.57 | 54.71 | 77.62 | 110.12 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.84 | -2.86 | -3.93 | -4.31 | -5.05 | -6.60 | -9.37 | -13.29 | -18.86 | -26.76 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.85 |
|---|---|
| Beta | 1.101 |
| Diluted Shares Outstanding | 24.92 |
| Cost of Debt | |
| Tax Rate | -49.07 |
| After-tax Cost of Debt | 1.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.007 |
| Total Debt | 33.36 |
| Total Equity | 195.63 |
| Total Capital | 228.98 |
| Debt Weighting | 14.57 |
| Equity Weighting | 85.43 |
| 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 | 34.29 | 84.22 | 93.48 | 92.80 | 103.57 | 146.93 | 208.45 | 295.72 | 419.54 | 595.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -4.10 | 4.65 | 10.88 | 12.94 | 14.88 | 9.85 | 13.97 | 19.83 | 28.13 | 39.90 |
| EBIT | -6.34 | -2.05 | 2.05 | 2.53 | 3.64 | -3.67 | -5.21 | -7.39 | -10.48 | -14.87 |
| Tax Rate | -0.11% | 8.17% | -1.18% | -61.07% | -49.07% | -20.65% | -20.65% | -20.65% | -20.65% | -20.65% |
| EBIAT | -6.35 | -1.88 | 2.07 | 4.07 | 5.43 | -4.43 | -6.28 | -8.92 | -12.65 | -17.94 |
| Depreciation | 2.24 | 6.70 | 8.84 | 10.41 | 11.24 | 13.52 | 19.18 | 27.21 | 38.61 | 54.78 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -2.50 | 0.74 | -3.41 | -5.12 | -5.48 | -10.26 | -14.56 | -20.65 | -29.30 |
| Accounts Payable | - | 2.92 | -0.13 | -1.45 | 3.77 | 11.03 | 11.38 | 16.15 | 22.91 | 32.50 |
| Capital Expenditure | -1.84 | -2.86 | -3.93 | -4.31 | -5.04 | -6.60 | -9.37 | -13.29 | -18.86 | -26.76 |
| UFCF | -5.94 | 2.38 | 7.58 | 5.31 | 10.28 | 8.04 | 4.65 | 6.59 | 9.35 | 13.27 |
| WACC | ||||||||||
| PV UFCF | 7.45 | 3.99 | 5.25 | 6.91 | 9.08 | |||||
| SUM PV UFCF | 32.69 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.88 |
| Free cash flow (t + 1) | 13.54 |
| Terminal Value | 230.22 |
| Present Value of Terminal Value | 157.56 |
Intrinsic Value
| Enterprise Value | 190.24 |
|---|---|
| Net Debt | -12.04 |
| Equity Value | 202.28 |
| Shares Outstanding | 24.92 |
| Equity Value Per Share | 8.12 |