Discounted Cash Flow (DCF) Analysis Unlevered

GL Events SA (GLO.PA)

22.8 €

+0.20 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 43.65 | 22.8 | undervalue

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 1,040.491,172.88479.36741.241,310.191,588.541,926.032,335.232,831.363,432.89
Revenue (%)
EBITDA 143.78183.5619.97163.84218.26230.01278.88338.13409.96497.06
EBITDA (%)
EBIT 90.76132.36-21.91113.71156.91135.83164.69199.68242.11293.54
EBIT (%)
Depreciation 53.0251.2041.8750.1361.3594.18114.18138.44167.86203.52
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 272.14411.56364.54628.72625.87857.441,039.601,260.471,528.261,852.95
Total Cash (%)
Account Receivables -336.32137.45212.55375.69455.51552.28669.62811.88984.36
Account Receivables (%)
Inventories 39.2938.5433.0138.6946.1072.0887.40105.96128.48155.77
Inventories (%)
Accounts Payable 211.15235.30156.23244.53290.61407.04493.52598.37725.49879.63
Accounts Payable (%)
Capital Expenditure -76.78-57.30-42.84-58.35-60.71-107.09-129.85-157.43-190.88-231.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.8
Beta 1.440
Diluted Shares Outstanding 30.36
Cost of Debt
Tax Rate 30.04
After-tax Cost of Debt 3.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.100
Total Debt 1,628.59
Total Equity 692.28
Total Capital 2,320.87
Debt Weighting 70.17
Equity Weighting 29.83
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 1,040.491,172.88479.36741.241,310.191,588.541,926.032,335.232,831.363,432.89
EBITDA 143.78183.5619.97163.84218.26230.01278.88338.13409.96497.06
EBIT 90.76132.36-21.91113.71156.91135.83164.69199.68242.11293.54
Tax Rate 43.27%30.52%20.57%40.40%30.04%32.96%32.96%32.96%32.96%32.96%
EBIAT 51.4991.96-17.4067.77109.7791.06110.41133.86162.30196.79
Depreciation 53.0251.2041.8750.1361.3594.18114.18138.44167.86203.52
Accounts Receivable --198.86-75.09-163.14-79.82-96.77-117.33-142.26-172.49
Inventories -0.755.53-5.68-7.41-25.98-15.31-18.57-22.51-27.30
Accounts Payable -24.15-79.0788.3046.08116.4386.48104.85127.13154.13
Capital Expenditure -76.78-57.30-42.84-58.35-60.72-107.09-129.85-157.43-190.88-231.43
UFCF 27.73110.77106.9567.07-14.0688.7869.1483.82101.63123.23
WACC
PV UFCF 84.2162.2171.5582.2994.64
SUM PV UFCF 394.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.42
Free cash flow (t + 1) 123.84
Terminal Value 2,517.11
Present Value of Terminal Value 1,933.25

Intrinsic Value

Enterprise Value 2,328.15
Net Debt 1,002.73
Equity Value 1,325.42
Shares Outstanding 30.36
Equity Value Per Share 43.65