Discounted Cash Flow (DCF) Analysis Unlevered

Figeac Aero Société Anonyme (FGA.PA)

5.29 €

+0.14 (+2.72%)
All numbers are in Millions, Currency in USD
Stock DCF: -23.82 | 5.29 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 372.01427.96446.71204.65281.95284.07286.20288.35290.51292.70
Revenue (%)
EBITDA 80.2563.5449.0210.3119.1033.6433.8934.1534.4034.66
EBITDA (%)
EBIT 44.6522.46-43.97-51.95-33.37-16.94-17.06-17.19-17.32-17.45
EBIT (%)
Depreciation 35.6041.0892.9962.2652.4850.5850.9651.3451.7252.11
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 107.91122.42106.8180.4749.3078.5979.1879.7780.3780.98
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 272.59178.27183.59179.95182.22175.32176.64177.96179.30180.65
Inventories (%)
Accounts Payable 78.0889.7189.4943.2785.6364.4864.9765.4565.9566.44
Accounts Payable (%)
Capital Expenditure -75.15-84.41-66.72-29.88-35.45-46.61-46.96-47.31-47.67-48.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.29
Beta 1.686
Diluted Shares Outstanding 31.40
Cost of Debt
Tax Rate -2.47
After-tax Cost of Debt 2.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.698
Total Debt 377.57
Total Equity 166.09
Total Capital 543.67
Debt Weighting 69.45
Equity Weighting 30.55
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 372.01427.96446.71204.65281.95284.07286.20288.35290.51292.70
EBITDA 80.2563.5449.0210.3119.1033.6433.8934.1534.4034.66
EBIT 44.6522.46-43.97-51.95-33.37-16.94-17.06-17.19-17.32-17.45
Tax Rate 21.12%13.89%-3.57%3.59%-2.47%6.51%6.51%6.51%6.51%6.51%
EBIAT 35.2219.34-45.54-50.08-34.20-15.83-15.95-16.07-16.19-16.32
Depreciation 35.6041.0892.9962.2652.4850.5850.9651.3451.7252.11
Accounts Receivable ----------
Inventories -94.32-5.323.64-2.276.90-1.32-1.33-1.34-1.35
Accounts Payable -11.63-0.22-46.2242.36-21.150.480.490.490.50
Capital Expenditure -75.15-84.41-66.72-29.88-35.45-46.61-46.96-47.31-47.67-48.02
UFCF -4.3381.95-24.81-60.2722.92-26.11-12.79-12.88-12.98-13.08
WACC
PV UFCF -24.87-11.60-11.13-10.69-10.26
SUM PV UFCF -68.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.98
Free cash flow (t + 1) -13.34
Terminal Value -447.58
Present Value of Terminal Value -351.03

Intrinsic Value

Enterprise Value -419.58
Net Debt 328.27
Equity Value -747.85
Shares Outstanding 31.40
Equity Value Per Share -23.82