Discounted Cash Flow (DCF) Analysis Unlevered

Graines Voltz S.A. (GRVO.PA)

64.8 €

-0.80 (-1.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 134.58 | 64.8 | undervalue

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 78.1276.8983.1186.84122.30138.15156.05176.27199.11224.91
Revenue (%)
EBITDA 9.248.8514.057.4514.9916.8819.0621.5324.3227.47
EBITDA (%)
EBIT 5.947.9812.366.1513.2314.0315.8417.9020.2122.83
EBIT (%)
Depreciation 3.300.871.691.301.752.853.223.644.114.64
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 12.769.5014.716.717.2216.5818.7321.1623.9027
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 11.2311.0615.7520.6829.6326.4529.8833.7538.1243.06
Inventories (%)
Accounts Payable 4.953.753.714.5712.068.519.6110.8612.2613.85
Accounts Payable (%)
Capital Expenditure -1.67-1.07-1.78-9.13-14.74-7.81-8.82-9.96-11.25-12.71
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 64.8
Beta 0.466
Diluted Shares Outstanding 1.30
Cost of Debt
Tax Rate 26.55
After-tax Cost of Debt 0.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.967
Total Debt 43.27
Total Equity 83.93
Total Capital 127.20
Debt Weighting 34.02
Equity Weighting 65.98
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 78.1276.8983.1186.84122.30138.15156.05176.27199.11224.91
EBITDA 9.248.8514.057.4514.9916.8819.0621.5324.3227.47
EBIT 5.947.9812.366.1513.2314.0315.8417.9020.2122.83
Tax Rate 43.88%24.05%23.57%24.14%26.55%28.44%28.44%28.44%28.44%28.44%
EBIAT 3.346.069.454.669.7210.0411.3412.8114.4716.34
Depreciation 3.300.871.691.301.752.853.223.644.114.64
Accounts Receivable ----------
Inventories -0.17-4.69-4.93-8.953.18-3.43-3.87-4.37-4.94
Accounts Payable --1.19-0.040.867.48-3.551.101.251.411.59
Capital Expenditure -1.67-1.07-1.78-9.13-14.74-7.81-8.82-9.96-11.25-12.71
UFCF 4.974.844.62-7.24-4.744.713.423.864.364.92
WACC
PV UFCF 4.523.153.423.704.02
SUM PV UFCF 18.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.14
Free cash flow (t + 1) 5.02
Terminal Value 234.61
Present Value of Terminal Value 191.54

Intrinsic Value

Enterprise Value 210.35
Net Debt 36.05
Equity Value 174.30
Shares Outstanding 1.30
Equity Value Per Share 134.58