Discounted Cash Flow (DCF) Analysis Unlevered

Genfit S.A. (GNFT)

$3.83

-0.19 (-4.73%)
All numbers are in Millions, Currency in USD
Stock DCF: -155,004,951,353,891.94 | 3.83 | 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 0.120.0730.840.7680.0711,053.861,526,032.70210,675,276.7029,084,614,183.014,015,254,164,795.86
Revenue (%)
EBITDA -55.42-67.08-51.02-86.3179.34-3,438,415.94-474,687,882.84-65,532,672,586.14-9,047,062,989,248.46-1,248,985,361,063,157.25
EBITDA (%)
EBIT -56.83-68.90-54.28-89.8776.60-3,533,746.15-487,848,621.28-67,349,568,264.53-9,297,893,132,422.03-1,283,613,524,624,023.75
EBIT (%)
Depreciation 1.411.823.263.562.7495,330.2013,160,738.441,816,895,678.39250,830,143,173.5634,628,163,560,866.46
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 273.82207.24276.75171.03258.7612,291,365.201,696,875,021.04234,260,783,123.4332,340,693,232,717.574,464,769,667,493,384
Total Cash (%)
Account Receivables 7.968.7912.0311.927.24466,295.0864,374,009.958,887,104,705.611,226,902,442,564.94169,379,078,275,162.81
Account Receivables (%)
Inventories 00000215.0629,689.814,098,803.38565,857,165.4778,118,978,165.89
Inventories (%)
Accounts Payable 19.0532.6532.7520.3440.991,465,296.42202,290,377.1027,927,043,283.133,855,446,599,615.02532,260,731,355,855.94
Accounts Payable (%)
Capital Expenditure -2.80-2.94-2.03-0.90-0.54-149,354.34-20,618,999.04-2,846,540,140.84-392,976,921,881.51-54,252,128,370,164.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.83
Beta 1.281
Diluted Shares Outstanding 54.68
Cost of Debt
Tax Rate 3.19
After-tax Cost of Debt 9.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.744
Total Debt 74.23
Total Equity 209.43
Total Capital 283.67
Debt Weighting 26.17
Equity Weighting 73.83
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 0.120.0730.840.7680.0711,053.861,526,032.70210,675,276.7029,084,614,183.014,015,254,164,795.86
EBITDA -55.42-67.08-51.02-86.3179.34-3,438,415.94-474,687,882.84-65,532,672,586.14-9,047,062,989,248.46-1,248,985,361,063,157.25
EBIT -56.83-68.90-54.28-89.8776.60-3,533,746.15-487,848,621.28-67,349,568,264.53-9,297,893,132,422.03-1,283,613,524,624,023.75
Tax Rate -0.66%0.44%0.88%0.42%3.19%0.85%0.85%0.85%0.85%0.85%
EBIAT -57.20-68.59-53.81-89.4974.15-3,503,573.96-483,683,223.41-66,774,517,448.56-9,218,504,931,867.71-1,272,653,647,318,945
Depreciation 1.411.823.263.562.7495,330.2013,160,738.441,816,895,678.39250,830,143,173.5634,628,163,560,866.46
Accounts Receivable --0.84-3.240.124.68-466,287.84-63,907,714.88-8,822,730,695.66-1,218,015,337,859.33-168,152,175,832,597.84
Inventories -0-00-0-215.05-29,474.75-4,069,113.57-561,758,362.09-77,553,121,000.43
Accounts Payable -13.600.10-12.4220.651,465,255.44200,825,080.6827,724,752,906.023,827,519,556,331.89528,405,284,756,240.94
Capital Expenditure -2.80-2.94-2.03-0.90-0.54-149,354.34-20,618,999.04-2,846,540,140.84-392,976,921,881.51-54,252,128,370,164.35
UFCF -58.59-56.95-55.71-99.14101.69-2,558,845.55-354,253,592.96-48,906,208,814.21-6,751,709,250,465.19-932,102,056,325,600.13
WACC
PV UFCF -2,334,287.13-294,804,879.98-37,127,405,778.84-4,675,785,081,908.56-588,863,285,046,883.13
SUM PV UFCF -593,576,494,673,737.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.62
Free cash flow (t + 1) -950,744,097,452,112.13
Terminal Value -12,476,956,659,476,538
Present Value of Terminal Value -7,882,421,925,824,420

Intrinsic Value

Enterprise Value -8,475,998,420,498,157
Net Debt -184.52
Equity Value -8,475,998,420,497,973
Shares Outstanding 54.68
Equity Value Per Share -155,004,951,353,891.94