Discounted Cash Flow (DCF) Analysis Unlevered

Frey SA (FREY.PA)

34.6 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -116.45 | 34.6 | 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 29.3756.6869.35107.2298.70138.67194.83273.73384.59540.35
Revenue (%)
EBITDA 69.9556.9769.059.5277.74145.85204.91287.90404.50568.32
EBITDA (%)
EBIT 69.1056.2368.357.9377.24143.85202.11283.96398.96560.54
EBIT (%)
Depreciation 0.850.740.701.590.5022.803.945.547.78
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 69.9778.0897.4556.1692.70183.82258.26362.86509.82716.29
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 17.1525.1144.6740.2436.3466.9694.08132.18185.72260.93
Inventories (%)
Accounts Payable 49.5912.409.445.7217.4824.5634.5148.4968.12
Accounts Payable (%)
Capital Expenditure -61.72-60.51-117.60-83.16-9.26-159.03-223.44-313.93-441.07-619.71
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 34.6
Beta 0.016
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 13.82
After-tax Cost of Debt 1.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.592
Total Debt 674.01
Total Equity 3,719.02
Total Capital 4,393.02
Debt Weighting 15.34
Equity Weighting 84.66
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 29.3756.6869.35107.2298.70138.67194.83273.73384.59540.35
EBITDA 69.9556.9769.059.5277.74145.85204.91287.90404.50568.32
EBIT 69.1056.2368.357.9377.24143.85202.11283.96398.96560.54
Tax Rate 1.11%5.74%28.49%-3.04%13.82%9.22%9.22%9.22%9.22%9.22%
EBIAT 68.335348.888.1766.57130.58183.47257.77362.17508.85
Depreciation 0.850.740.701.590.5022.803.945.547.78
Accounts Receivable ----------
Inventories --7.96-19.564.423.91-30.63-27.12-38.10-53.53-75.22
Accounts Payable -5.592.81-2.96-3.7211.767.089.9513.9819.64
Capital Expenditure -61.72-60.51-117.60-83.16-9.26-159.03-223.44-313.93-441.07-619.71
UFCF 7.46-9.14-84.78-71.9358-45.32-57.21-80.38-112.93-158.66
WACC
PV UFCF -43.92-53.71-73.13-99.56-135.54
SUM PV UFCF -405.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.20
Free cash flow (t + 1) -161.84
Terminal Value -13,486.29
Present Value of Terminal Value -11,521.11

Intrinsic Value

Enterprise Value -11,926.97
Net Debt 589.54
Equity Value -12,516.51
Shares Outstanding 107.49
Equity Value Per Share -116.45