Discounted Cash Flow (DCF) Analysis Unlevered
Galimmo SCA (GALIM.PA)
15.1 €
+0.10 (+0.67%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 37.20 | 41.65 | 35.73 | 41.80 | 44.67 | 47.08 | 49.63 | 52.31 | 55.13 | 58.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 38.43 | 38.63 | -44.26 | 10.48 | 41.09 | 17.82 | 18.78 | 19.80 | 20.86 | 21.99 |
| EBITDA (%) | ||||||||||
| EBIT | 38.29 | 38.46 | -45.02 | 9.84 | 40.12 | 17.20 | 18.13 | 19.11 | 20.14 | 21.23 |
| EBIT (%) | ||||||||||
| Depreciation | 0.13 | 0.17 | 0.76 | 0.64 | 0.97 | 0.62 | 0.65 | 0.69 | 0.73 | 0.77 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 28 | 65.66 | 38.52 | 48.68 | 64.87 | 56.73 | 59.79 | 63.02 | 66.42 | 70.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 14.81 | 12.92 | 11.86 | 17.32 | 19.40 | 17.78 | 18.75 | 19.76 | 20.83 | 21.95 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -21.67 | -54.56 | -33.81 | -39.55 | -42.27 | -44.55 | -46.96 | -49.50 | -52.17 | -54.99 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.1 |
|---|---|
| Beta | 0.075 |
| Diluted Shares Outstanding | 31.59 |
| Cost of Debt | |
| Tax Rate | 27.90 |
| After-tax Cost of Debt | 1.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.794 |
| Total Debt | 204.29 |
| Total Equity | 477.07 |
| Total Capital | 681.36 |
| Debt Weighting | 29.98 |
| Equity Weighting | 70.02 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 37.20 | 41.65 | 35.73 | 41.80 | 44.67 | 47.08 | 49.63 | 52.31 | 55.13 | 58.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 38.43 | 38.63 | -44.26 | 10.48 | 41.09 | 17.82 | 18.78 | 19.80 | 20.86 | 21.99 |
| EBIT | 38.29 | 38.46 | -45.02 | 9.84 | 40.12 | 17.20 | 18.13 | 19.11 | 20.14 | 21.23 |
| Tax Rate | 30.36% | 29.58% | 22.81% | 20.03% | 27.90% | 26.14% | 26.14% | 26.14% | 26.14% | 26.14% |
| EBIAT | 26.67 | 27.08 | -34.75 | 7.87 | 28.92 | 12.70 | 13.39 | 14.11 | 14.87 | 15.68 |
| Depreciation | 0.13 | 0.17 | 0.76 | 0.64 | 0.97 | 0.62 | 0.65 | 0.69 | 0.73 | 0.77 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.88 | -1.07 | 5.46 | 2.08 | -1.61 | 0.96 | 1.01 | 1.07 | 1.12 |
| Capital Expenditure | -21.67 | -54.55 | -33.81 | -25.19 | -19.07 | -44.55 | -46.96 | -49.50 | -52.17 | -54.99 |
| UFCF | 5.13 | -29.19 | -68.87 | -25.58 | -10.30 | -32.84 | -31.96 | -33.68 | -35.50 | -37.42 |
| WACC | ||||||||||
| PV UFCF | -31.62 | -29.62 | -30.06 | -30.51 | -30.96 | |||||
| SUM PV UFCF | -152.78 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.86 |
| Free cash flow (t + 1) | -38.17 |
| Terminal Value | -2,051.93 |
| Present Value of Terminal Value | -1,697.93 |
Intrinsic Value
| Enterprise Value | -1,850.71 |
|---|---|
| Net Debt | 142.38 |
| Equity Value | -1,993.10 |
| Shares Outstanding | 31.59 |
| Equity Value Per Share | -63.09 |