Discounted Cash Flow (DCF) Analysis Unlevered

Finatis Société Anonyme (FNTS.PA)

9.25 €

+0.45 (+5.11%)

All numbers are in Millions, Currency in USD

Stock DCF: -450.25 | 9.25 | overvalue

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	38,642	37,507	34,663	31,928	30,566	28,833.22	27,198.67	25,656.79	24,202.31	22,830.28
Revenue (%)
EBITDA	1,265	1,208	1,736	2,053	1,996	1,410.68	1,330.71	1,255.27	1,184.11	1,116.99
EBITDA (%)
EBIT	562	538	388	729	654	486.19	458.63	432.63	408.10	384.97
EBIT (%)
Depreciation	703	670	1,348	1,324	1,342	924.50	872.09	822.65	776.01	732.02
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	3,574	4,094	3,712	2,828	2,424	2,748.44	2,592.63	2,445.65	2,307.01	2,176.23
Total Cash (%)
Account Receivables	994	925	840	944	772	746.45	704.13	664.21	626.56	591.04
Account Receivables (%)
Inventories	4,072	3,982	3,783	3,216	3,219	3,037.41	2,865.22	2,702.79	2,549.57	2,405.04
Inventories (%)
Accounts Payable	6,774	9,639	6,604	6,194	6,101	5,861.30	5,529.02	5,215.58	4,919.91	4,641
Accounts Payable (%)
Capital Expenditure	-1,331	-1,213	-1,119	-928	-1,133	-952.65	-898.64	-847.70	-799.64	-754.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 9.25
Beta	0.259
Diluted Shares Outstanding	107.49
Cost of Debt
Tax Rate	39.86
After-tax Cost of Debt	3.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.722
Total Debt	17,035
Total Equity	994.25
Total Capital	18,029.25
Debt Weighting	94.49
Equity Weighting	5.51
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	38,642	37,507	34,663	31,928	30,566	28,833.22	27,198.67	25,656.79	24,202.31	22,830.28
EBITDA	1,265	1,208	1,736	2,053	1,996	1,410.68	1,330.71	1,255.27	1,184.11	1,116.99
EBIT	562	538	388	729	654	486.19	458.63	432.63	408.10	384.97
Tax Rate	134.91%	212.74%	-46.28%	602.70%	39.86%	188.79%	188.79%	188.79%	188.79%	188.79%
EBIAT	-196.20	-606.54	567.55	-3,664.70	393.35	-431.67	-407.20	-384.11	-362.34	-341.80
Depreciation	703	670	1,348	1,324	1,342	924.50	872.09	822.65	776.01	732.02
Accounts Receivable	-	69	85	-104	172	25.55	42.32	39.92	37.65	35.52
Inventories	-	90	199	567	-3	181.59	172.19	162.43	153.22	144.53
Accounts Payable	-	2,865	-3,035	-410	-93	-239.70	-332.28	-313.44	-295.67	-278.91
Capital Expenditure	-1,331	-1,213	-1,119	-928	-1,133	-952.65	-898.64	-847.70	-799.64	-754.31
UFCF	-824.20	1,874.46	-1,954.45	-3,215.70	678.35	-492.38	-551.52	-520.26	-490.76	-462.94
WACC
PV UFCF						-476.74	-517.05	-472.25	-431.33	-393.95
SUM PV UFCF										-2,291.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.28
Free cash flow (t + 1)	-472.20
Terminal Value	-36,890.70
Present Value of Terminal Value	-31,393.21

Intrinsic Value

Enterprise Value	-33,684.53
Net Debt	14,711
Equity Value	-48,395.53
Shares Outstanding	107.49
Equity Value Per Share	-450.25