Discounted Cash Flow (DCF) Analysis Unlevered

EVS Broadcast Equipment SA (EVS.BR)

21 €

+0.05 (+0.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 68.56 | 21 | 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 118.78116.06103.4088.11137.58147.26157.63168.72180.60193.31
Revenue (%)
EBITDA 37.2231.5429.0111.8445.6139.2241.9844.9348.1051.48
EBITDA (%)
EBIT 33.9328.4823.535.1938.5932.3434.6137.0539.6642.45
EBIT (%)
Depreciation 3.293.065.486.667.026.887.377.888.449.03
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 39.6668.6159.2552.7972.3477.2582.6988.5194.74101.41
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 15.6715.1116.8222.5825.9525.6127.4229.3531.4133.62
Inventories (%)
Accounts Payable 5.874.904.875.7810.508.268.849.4710.1310.85
Accounts Payable (%)
Capital Expenditure -1.74-1.60-1.38-2.32-1.59-2.34-2.51-2.69-2.87-3.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21
Beta 0.790
Diluted Shares Outstanding 13.67
Cost of Debt
Tax Rate 7.42
After-tax Cost of Debt 4.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.330
Total Debt 19.11
Total Equity 287.04
Total Capital 306.15
Debt Weighting 6.24
Equity Weighting 93.76
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 118.78116.06103.4088.11137.58147.26157.63168.72180.60193.31
EBITDA 37.2231.5429.0111.8445.6139.2241.9844.9348.1051.48
EBIT 33.9328.4823.535.1938.5932.3434.6137.0539.6642.45
Tax Rate 28.75%-25.05%14.48%-65.08%7.42%-7.90%-7.90%-7.90%-7.90%-7.90%
EBIAT 24.1735.6120.128.5635.7334.8937.3539.9842.7945.80
Depreciation 3.293.065.486.667.026.887.377.888.449.03
Accounts Receivable ----------
Inventories -0.55-1.71-5.76-3.370.34-1.80-1.93-2.07-2.21
Accounts Payable --0.97-0.030.904.72-2.230.580.620.670.71
Capital Expenditure -1.74-1.60-1.38-2.32-1.59-2.34-2.51-2.69-2.87-3.08
UFCF 25.7336.6522.498.0542.5037.5340.9843.8746.9650.26
WACC
PV UFCF 35.0335.7035.6735.6335.60
SUM PV UFCF 177.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.14
Free cash flow (t + 1) 51.27
Terminal Value 997.38
Present Value of Terminal Value 706.48

Intrinsic Value

Enterprise Value 884.12
Net Debt -53.04
Equity Value 937.16
Shares Outstanding 13.67
Equity Value Per Share 68.56