Discounted Cash Flow (DCF) Analysis Unlevered

Exacompta Clairefontaine S.A. (EXAC.PA)

91.5 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 135,541.23 | 91.5 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 597.87597.71603.10703.44689.60716.40744.24773.16803.21834.42
Revenue (%)
EBITDA 51.3147.7641.9964.4164.4560.2362.576567.5370.16
EBITDA (%)
EBIT 15.8420.3615.8524.0815.0520.4721.2722.1022.9623.85
EBIT (%)
Depreciation 35.4727.4026.1440.3349.4039.7641.3042.9144.5846.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 103.35136.62115.34179.25202.50163.50169.86176.46183.32190.44
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 170.35172197.15207.34217.37216.29224.69233.43242.50251.92
Inventories (%)
Accounts Payable 66.8061.8161.0171.1068.3073.9976.8779.8682.9686.18
Accounts Payable (%)
Capital Expenditure -30.08-32.06-26.77-43.68-35.08-37.44-38.90-40.41-41.98-43.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 91.5
Beta 0.506
Diluted Shares Outstanding 1.13
Cost of Debt
Tax Rate 4.37
After-tax Cost of Debt 0.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.266
Total Debt 292.04
Total Equity 103.53
Total Capital 395.57
Debt Weighting 73.83
Equity Weighting 26.17
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 597.87597.71603.10703.44689.60716.40744.24773.16803.21834.42
EBITDA 51.3147.7641.9964.4164.4560.2362.576567.5370.16
EBIT 15.8420.3615.8524.0815.0520.4721.2722.1022.9623.85
Tax Rate -0.59%33.82%16.38%24.39%4.37%15.67%15.67%15.67%15.67%15.67%
EBIAT 15.9413.4713.2518.2114.3917.2717.9418.6319.3620.11
Depreciation 35.4727.4026.1440.3349.4039.7641.3042.9144.5846.31
Accounts Receivable ----------
Inventories --1.65-25.16-10.19-10.021.08-8.41-8.73-9.07-9.42
Accounts Payable --4.98-0.8010.09-2.805.702.882.993.103.22
Capital Expenditure -30.09-32.06-26.77-43.68-35.08-37.44-38.90-40.41-41.98-43.61
UFCF 21.322.18-13.3314.7615.8926.3614.8115.3915.9916.61
WACC
PV UFCF 25.8414.2414.5014.7615.04
SUM PV UFCF 84.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.01
Free cash flow (t + 1) 16.94
Terminal Value 169,412.98
Present Value of Terminal Value 153,367.36

Intrinsic Value

Enterprise Value 153,451.74
Net Debt 89.55
Equity Value 153,362.19
Shares Outstanding 1.13
Equity Value Per Share 135,541.23