Discounted Cash Flow (DCF) Analysis Unlevered

EPC Groupe (EXPL.PA)

70.5 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 712.24 | 70.5 | 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 329.09322.54345.05338.54377.63391.46405.79420.65436.06452.03
Revenue (%)
EBITDA 24.0121.8326.7825.2937.4930.7131.833334.2135.46
EBITDA (%)
EBIT 15.30130.68-10.2414.077.507.778.068.358.66
EBIT (%)
Depreciation 8.718.8326.1035.5323.4123.2124.0624.9425.8526.80
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 1110.0511.0619.3322.8516.7817.3918.0318.6919.37
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 25.9525.4829.1529.3939.5333.9735.2136.5037.8439.22
Inventories (%)
Accounts Payable 47.7557.6662.4963.1973.9669.4872.0374.6677.4080.23
Accounts Payable (%)
Capital Expenditure -14.93-14.98-19.31-16.60-15.91-18.71-19.39-20.10-20.84-21.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 70.5
Beta 0.237
Diluted Shares Outstanding 1.55
Cost of Debt
Tax Rate 51.80
After-tax Cost of Debt 1.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.923
Total Debt 92.03
Total Equity 109.02
Total Capital 201.05
Debt Weighting 45.77
Equity Weighting 54.23
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 329.09322.54345.05338.54377.63391.46405.79420.65436.06452.03
EBITDA 24.0121.8326.7825.2937.4930.7131.833334.2135.46
EBIT 15.30130.68-10.2414.077.507.778.068.358.66
Tax Rate 23.20%31.14%-161.42%-43.30%51.80%-19.71%-19.71%-19.71%-19.71%-19.71%
EBIAT 11.758.951.79-14.686.788.989.319.651010.37
Depreciation 8.718.8326.1035.5323.4123.2124.0624.9425.8526.80
Accounts Receivable ----------
Inventories -0.47-3.67-0.24-10.155.57-1.24-1.29-1.34-1.39
Accounts Payable -9.914.830.7010.77-4.482.542.642.732.83
Capital Expenditure -14.93-14.98-19.31-16.60-15.91-18.71-19.39-20.10-20.84-21.60
UFCF 5.5413.199.734.7214.9214.5715.2815.8316.4117.02
WACC
PV UFCF 14.1014.3014.3514.3914.44
SUM PV UFCF 71.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.34
Free cash flow (t + 1) 17.36
Terminal Value 1,295.23
Present Value of Terminal Value 1,099.02

Intrinsic Value

Enterprise Value 1,170.60
Net Debt 69.17
Equity Value 1,101.43
Shares Outstanding 1.55
Equity Value Per Share 712.24