Discounted Cash Flow (DCF) Analysis Unlevered

Société Foncière Lyonnaise (FLY.PA)

85 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 324.77 | 85 | 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 195.78193.51198.71182.42174.63169.86165.21160.70156.30152.03
Revenue (%)
EBITDA 769.27400.11643.76312.67317.08433.69421.83410.30399.08388.16
EBITDA (%)
EBIT 767.93398.54642.38311.76315.87432.54420.71409.21398.02387.13
EBIT (%)
Depreciation 1.351.571.390.921.211.151.121.091.061.03
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 15.7125.305415.28114.8841.5940.4639.3538.2737.23
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.326.708.259.258.557.076.876.696.506.33
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 $ 85
Beta 0.356
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 5.186
Total Debt 1,902
Total Equity 3,940.02
Total Capital 5,842.02
Debt Weighting 32.56
Equity Weighting 67.44
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 195.78193.51198.71182.42174.63169.86165.21160.70156.30152.03
EBITDA 769.27400.11643.76312.67317.08433.69421.83410.30399.08388.16
EBIT 767.93398.54642.38311.76315.87432.54420.71409.21398.02387.13
Tax Rate 18.30%11.90%12.18%2.69%18.72%12.76%12.76%12.76%12.76%12.76%
EBIAT 627.39351.10564.15303.38256.74377.36367.04357347.24337.75
Depreciation 1.351.571.390.921.211.151.121.091.061.03
Accounts Receivable ----------
Inventories ----------
Accounts Payable -0.371.551-0.70-1.48-0.19-0.19-0.18-0.18
Capital Expenditure -0.37-0.24-0.75-2.11-1.02-0.83-0.80-0.78-0.76-0.74
UFCF 628.36352.80566.34303.19256.23376.21367.16357.12347.36337.86
WACC
PV UFCF 362.19340.31318.67298.41279.44
SUM PV UFCF 1,599.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.87
Free cash flow (t + 1) 344.62
Terminal Value 18,428.61
Present Value of Terminal Value 15,242

Intrinsic Value

Enterprise Value 16,841.02
Net Debt 1,787.12
Equity Value 15,053.91
Shares Outstanding 46.35
Equity Value Per Share 324.77