Discounted Cash Flow (DCF) Analysis Unlevered

ENGIE SA (ENGI.PA)

12 €

-0.07 (-0.55%)
All numbers are in Millions, Currency in USD
Stock DCF: 59.61 | 12 | undervalue

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 65,02960,59660,05855,75057,86656,262.7754,703.9653,188.3451,714.7150,281.91
Revenue (%)
EBITDA 8,1897,6759,6648,87311,8118,740.588,498.428,262.968,034.037,811.44
EBITDA (%)
EBIT 1,9862,5982,5811136,3272,562.832,491.822,422.782,355.662,290.39
EBIT (%)
Depreciation 6,2035,0777,0838,7605,4846,177.766,006.605,840.185,678.375,521.05
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 10,5399,77310,99313,52314,21711,192.2510,882.1610,580.6610,287.5110,002.48
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 4,1554,1583,6174,1406,1754,205.194,088.693,975.413,865.263,758.17
Inventories (%)
Accounts Payable 16,01119,75919,10917,30732,19719,774.2519,226.3918,693.7018,175.7817,672.20
Accounts Payable (%)
Capital Expenditure -5,779-6,202-6,524-5,115-5,990-5,571.25-5,416.90-5,266.82-5,120.90-4,979.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12
Beta 1.130
Diluted Shares Outstanding 2,431
Cost of Debt
Tax Rate 31.84
After-tax Cost of Debt 1.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.307
Total Debt 41,048
Total Equity 29,172
Total Capital 70,220
Debt Weighting 58.46
Equity Weighting 41.54
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 65,02960,59660,05855,75057,86656,262.7754,703.9653,188.3451,714.7150,281.91
EBITDA 8,1897,6759,6648,87311,8118,740.588,498.428,262.968,034.037,811.44
EBIT 1,9862,5982,5811136,3272,562.832,491.822,422.782,355.662,290.39
Tax Rate 6.50%18.21%56.96%-772.73%31.84%-131.84%-131.84%-131.84%-131.84%-131.84%
EBIAT 1,856.822,124.891,110.98986.184,312.635,941.765,777.135,617.075,461.455,310.13
Depreciation 6,2035,0777,0838,7605,4846,177.766,006.605,840.185,678.375,521.05
Accounts Receivable ----------
Inventories --3541-523-2,0351,969.81116.51113.28110.14107.09
Accounts Payable -3,748-650-1,80214,890-12,422.75-547.86-532.68-517.93-503.58
Capital Expenditure -5,779-6,202-6,524-5,115-5,990-5,571.25-5,416.90-5,266.82-5,120.90-4,979.02
UFCF 2,280.824,744.891,560.982,306.1816,661.63-3,904.685,935.485,771.035,611.145,455.68
WACC
PV UFCF -3,725.495,403.195,012.394,649.864,313.55
SUM PV UFCF 15,653.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.81
Free cash flow (t + 1) 5,564.79
Terminal Value 198,035.28
Present Value of Terminal Value 156,577.36

Intrinsic Value

Enterprise Value 172,230.87
Net Debt 27,330
Equity Value 144,900.87
Shares Outstanding 2,431
Equity Value Per Share 59.61