Discounted Cash Flow (DCF) Analysis Unlevered

Genfit S.A. (GNFT)

$3.67

+0.05 (+1.38%)
All numbers are in Millions, Currency in USD
Stock DCF: -39,619,344,619,826.07 | 3.67 | overvalue

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 0.0730.840.7680.0720.192,786.33384,432.5153,040,577.037,318,066,952.661,009,681,774,188.89
Revenue (%)
EBITDA -67.06-47.21-67.4979.48-17.26-591,501.20-81,610,073.46-11,259,831,905.48-1,553,531,435,137.56-214,342,446,691,967.69
EBITDA (%)
EBIT -68.88-52.61-71.0476.74-19.09-608,951.89-84,017,763.88-11,592,023,610-1,599,364,291,240.14-220,666,056,432,788.94
EBIT (%)
Depreciation 1.825.413.562.741.8317,450.692,407,690.42332,191,704.5245,832,856,102.586,323,609,740,821.22
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 207.24276.75171.03258.76140.551,809,000.52249,589,798.9634,436,180,026.884,751,197,764,487.48655,527,999,320,774.88
Total Cash (%)
Account Receivables 8.7912.0311.927.2415.9180,404.1011,093,442.441,530,574,497.03211,175,052,604.1829,136,055,075,369.71
Account Receivables (%)
Inventories 0000035.434,888.25674,437.4693,052,880.3412,838,608,599.70
Inventories (%)
Accounts Payable 32.6536.9225.5640.9914.85283,667.5139,137,919.185,399,901,905.15745,030,425,563.85102,792,670,082,774.19
Accounts Payable (%)
Capital Expenditure -2.94-2.03-0.90-0.54-221.28-30,530.27-4,212,295.51-581,175,060.76-80,185,364,557.95-11,063,263,246,241.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.67
Beta 0.864
Diluted Shares Outstanding 49.67
Cost of Debt
Tax Rate 0.49
After-tax Cost of Debt 6.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.242
Total Debt 75.28
Total Equity 182.30
Total Capital 257.58
Debt Weighting 29.22
Equity Weighting 70.78
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 0.0730.840.7680.0720.192,786.33384,432.5153,040,577.037,318,066,952.661,009,681,774,188.89
EBITDA -67.06-47.21-67.4979.48-17.26-591,501.20-81,610,073.46-11,259,831,905.48-1,553,531,435,137.56-214,342,446,691,967.69
EBIT -68.88-52.61-71.0476.74-19.09-608,951.89-84,017,763.88-11,592,023,610-1,599,364,291,240.14-220,666,056,432,788.94
Tax Rate 0.44%0.88%0.42%3.19%0.49%1.08%1.08%1.08%1.08%1.08%
EBIAT -68.57-52.15-70.7574.29-19-602,356.23-83,107,753.47-11,466,468,469.38-1,582,041,309,917.94-218,275,985,580,910.28
Depreciation 1.825.413.562.741.8317,450.692,407,690.42332,191,704.5245,832,856,102.586,323,609,740,821.22
Accounts Receivable --3.240.114.68-8.67-80,388.19-11,013,038.34-1,519,481,054.59-209,644,478,107.16-28,924,880,022,765.52
Inventories --00-00-35.43-4,852.82-669,549.21-92,378,442.88-12,745,555,719.36
Accounts Payable -4.27-11.3515.42-26.14283,652.6638,854,251.685,360,763,985.97739,630,523,658.70102,047,639,657,210.33
Capital Expenditure -2.94-2.03-0.90-0.54-221.28-30,530.27-4,212,295.51-581,175,060.76-80,185,364,557.95-11,063,263,246,241.68
UFCF -69.69-47.75-79.3396.60-273.26-412,206.77-57,075,998.05-7,874,838,443.44-1,086,500,151,264.65-149,905,625,007,605.28
WACC
PV UFCF -382,842.73-49,233,882.89-6,308,956,218.69-808,445,855,390.21-103,596,328,527,560.36
SUM PV UFCF -104,411,132,955,894.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.67
Free cash flow (t + 1) -152,903,737,507,757.41
Terminal Value -2,696,714,947,226,761.50
Present Value of Terminal Value -1,863,637,656,051,350.50

Intrinsic Value

Enterprise Value -1,968,048,789,007,245.50
Net Debt -60.73
Equity Value -1,968,048,789,007,184.75
Shares Outstanding 49.67
Equity Value Per Share -39,619,344,619,826.07