Discounted Cash Flow (DCF) Analysis Unlevered
Frey SA (FREY.PA)
34 €
0.00 (0.00%)
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 | 29.37 | 56.68 | 69.35 | 107.22 | 98.70 | 138.67 | 194.83 | 273.73 | 384.59 | 540.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 69.95 | 56.97 | 69.05 | 9.52 | 77.74 | 145.85 | 204.91 | 287.90 | 404.50 | 568.32 |
| EBITDA (%) | ||||||||||
| EBIT | 69.10 | 56.23 | 68.35 | 7.93 | 77.24 | 143.85 | 202.11 | 283.96 | 398.96 | 560.54 |
| EBIT (%) | ||||||||||
| Depreciation | 0.85 | 0.74 | 0.70 | 1.59 | 0.50 | 2 | 2.80 | 3.94 | 5.54 | 7.78 |
| 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 | 69.97 | 78.08 | 97.45 | 56.16 | 92.70 | 183.82 | 258.26 | 362.86 | 509.82 | 716.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 17.15 | 25.11 | 44.67 | 40.24 | 36.34 | 66.96 | 94.08 | 132.18 | 185.72 | 260.93 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4 | 9.59 | 12.40 | 9.44 | 5.72 | 17.48 | 24.56 | 34.51 | 48.49 | 68.12 |
| 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 |
|---|---|
| Beta | 0.013 |
| 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 | 3.440 |
| Total Debt | 674.01 |
| Total Equity | 3,654.52 |
| Total Capital | 4,328.53 |
| Debt Weighting | 15.57 |
| Equity Weighting | 84.43 |
| 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 | 29.37 | 56.68 | 69.35 | 107.22 | 98.70 | 138.67 | 194.83 | 273.73 | 384.59 | 540.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 69.95 | 56.97 | 69.05 | 9.52 | 77.74 | 145.85 | 204.91 | 287.90 | 404.50 | 568.32 |
| EBIT | 69.10 | 56.23 | 68.35 | 7.93 | 77.24 | 143.85 | 202.11 | 283.96 | 398.96 | 560.54 |
| Tax Rate | 1.11% | 5.74% | 28.49% | -3.04% | 13.82% | 9.22% | 9.22% | 9.22% | 9.22% | 9.22% |
| EBIAT | 68.33 | 53 | 48.88 | 8.17 | 66.57 | 130.58 | 183.47 | 257.77 | 362.17 | 508.85 |
| Depreciation | 0.85 | 0.74 | 0.70 | 1.59 | 0.50 | 2 | 2.80 | 3.94 | 5.54 | 7.78 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -7.96 | -19.56 | 4.42 | 3.91 | -30.63 | -27.12 | -38.10 | -53.53 | -75.22 |
| Accounts Payable | - | 5.59 | 2.81 | -2.96 | -3.72 | 11.76 | 7.08 | 9.95 | 13.98 | 19.64 |
| 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 | -71.93 | 58 | -45.32 | -57.21 | -80.38 | -112.93 | -158.66 |
| WACC | ||||||||||
| PV UFCF | -43.97 | -53.85 | -73.41 | -100.06 | -136.40 | |||||
| SUM PV UFCF | -407.69 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.07 |
| Free cash flow (t + 1) | -161.84 |
| Terminal Value | -15,124.82 |
| Present Value of Terminal Value | -13,002.56 |
Intrinsic Value
| Enterprise Value | -13,410.24 |
|---|---|
| Net Debt | 589.54 |
| Equity Value | -13,999.79 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | -130.25 |