Discounted Cash Flow (DCF) Analysis Unlevered
Société Foncière Lyonnaise (FLY.PA)
80.8 €
-0.60 (-0.74%)
All numbers are in Millions, Currency in USD
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 | 195.78 | 193.51 | 198.71 | 182.42 | 174.63 | 169.86 | 165.21 | 160.70 | 156.30 | 152.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 769.27 | 400.11 | 643.76 | 312.67 | 317.08 | 433.69 | 421.83 | 410.30 | 399.08 | 388.16 |
| EBITDA (%) | ||||||||||
| EBIT | 767.93 | 398.54 | 642.38 | 311.76 | 315.87 | 432.54 | 420.71 | 409.21 | 398.02 | 387.13 |
| EBIT (%) | ||||||||||
| Depreciation | 1.35 | 1.57 | 1.39 | 0.92 | 1.21 | 1.15 | 1.12 | 1.09 | 1.06 | 1.03 |
| 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 | 15.71 | 25.30 | 54 | 15.28 | 114.88 | 41.59 | 40.46 | 39.35 | 38.27 | 37.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.32 | 6.70 | 8.25 | 9.25 | 8.55 | 7.07 | 6.87 | 6.69 | 6.50 | 6.33 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.37 | -0.24 | -0.75 | -2.11 | -1.03 | -0.83 | -0.80 | -0.78 | -0.76 | -0.74 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 80.8 |
|---|---|
| Beta | 0.349 |
| Diluted Shares Outstanding | 46.35 |
| Cost of Debt | |
| Tax Rate | 18.72 |
| After-tax Cost of Debt | 1.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.178 |
| Total Debt | 1,902 |
| Total Equity | 3,745.34 |
| Total Capital | 5,647.33 |
| Debt Weighting | 33.68 |
| Equity Weighting | 66.32 |
| 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 | 195.78 | 193.51 | 198.71 | 182.42 | 174.63 | 169.86 | 165.21 | 160.70 | 156.30 | 152.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 769.27 | 400.11 | 643.76 | 312.67 | 317.08 | 433.69 | 421.83 | 410.30 | 399.08 | 388.16 |
| EBIT | 767.93 | 398.54 | 642.38 | 311.76 | 315.87 | 432.54 | 420.71 | 409.21 | 398.02 | 387.13 |
| Tax Rate | 18.30% | 11.90% | 12.18% | 2.69% | 18.72% | 12.76% | 12.76% | 12.76% | 12.76% | 12.76% |
| EBIAT | 627.39 | 351.10 | 564.15 | 303.38 | 256.74 | 377.36 | 367.04 | 357 | 347.24 | 337.75 |
| Depreciation | 1.35 | 1.57 | 1.39 | 0.92 | 1.21 | 1.15 | 1.12 | 1.09 | 1.06 | 1.03 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.37 | 1.55 | 1 | -0.70 | -1.48 | -0.19 | -0.19 | -0.18 | -0.18 |
| Capital Expenditure | -0.37 | -0.24 | -0.75 | -2.11 | -1.02 | -0.83 | -0.80 | -0.78 | -0.76 | -0.74 |
| UFCF | 628.36 | 352.80 | 566.34 | 303.19 | 256.23 | 376.21 | 367.16 | 357.12 | 347.36 | 337.86 |
| WACC | ||||||||||
| PV UFCF | 362.36 | 340.64 | 319.13 | 298.99 | 280.11 | |||||
| SUM PV UFCF | 1,601.24 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.82 |
| Free cash flow (t + 1) | 344.62 |
| Terminal Value | 18,934.89 |
| Present Value of Terminal Value | 15,698.48 |
Intrinsic Value
| Enterprise Value | 17,299.72 |
|---|---|
| Net Debt | 1,787.12 |
| Equity Value | 15,512.60 |
| Shares Outstanding | 46.35 |
| Equity Value Per Share | 334.66 |