Discounted Cash Flow (DCF) Analysis Unlevered
GrandVision N.V. (GVNV.AS)
28.3 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 3,316.08 | 3,449.86 | 3,720.98 | 4,039.31 | 3,480.99 | 3,538.65 | 3,597.27 | 3,656.86 | 3,717.44 | 3,779.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 500.64 | 544.90 | 529.30 | 928.29 | 707.99 | 625.90 | 636.26 | 646.80 | 657.52 | 668.41 |
| EBITDA (%) | ||||||||||
| EBIT | 337.24 | 335.24 | 303.50 | 296.18 | 20.34 | 254.50 | 258.72 | 263.01 | 267.36 | 271.79 |
| EBIT (%) | ||||||||||
| Depreciation | 163.39 | 209.66 | 225.81 | 632.11 | 687.66 | 371.39 | 377.55 | 383.80 | 390.16 | 396.62 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 186.32 | 166.11 | 138.26 | 162.90 | 155.31 | 160.26 | 162.91 | 165.61 | 168.35 | 171.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 292.98 | 349.74 | 330.50 | 356.26 | 310.41 | 322.67 | 328.01 | 333.45 | 338.97 | 344.58 |
| Inventories (%) | ||||||||||
| Accounts Payable | 180.89 | 198.65 | 181.23 | 207.98 | 191.31 | 189.16 | 192.30 | 195.48 | 198.72 | 202.01 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -175.91 | -197.50 | -210.19 | -197.73 | -152.19 | -183.63 | -186.67 | -189.76 | -192.90 | -196.10 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 28.3 |
|---|---|
| Beta | 0.216 |
| Diluted Shares Outstanding | 254.47 |
| Cost of Debt | |
| Tax Rate | 824.58 |
| After-tax Cost of Debt | -12.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.602 |
| Total Debt | 1,991.21 |
| Total Equity | 7,201.60 |
| Total Capital | 9,192.81 |
| Debt Weighting | 21.66 |
| Equity Weighting | 78.34 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 3,316.08 | 3,449.86 | 3,720.98 | 4,039.31 | 3,480.99 | 3,538.65 | 3,597.27 | 3,656.86 | 3,717.44 | 3,779.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 500.64 | 544.90 | 529.30 | 928.29 | 707.99 | 625.90 | 636.26 | 646.80 | 657.52 | 668.41 |
| EBIT | 337.24 | 335.24 | 303.50 | 296.18 | 20.34 | 254.50 | 258.72 | 263.01 | 267.36 | 271.79 |
| Tax Rate | 33.47% | 34.88% | 32.19% | 34.99% | 824.58% | 192.02% | 192.02% | 192.02% | 192.02% | 192.02% |
| EBIAT | 224.38 | 218.30 | 205.79 | 192.55 | -147.36 | -234.20 | -238.08 | -242.02 | -246.03 | -250.11 |
| Depreciation | 163.39 | 209.66 | 225.81 | 632.11 | 687.66 | 371.39 | 377.55 | 383.80 | 390.16 | 396.62 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -56.76 | 19.23 | -25.76 | 45.85 | -12.26 | -5.35 | -5.43 | -5.52 | -5.62 |
| Accounts Payable | - | 17.76 | -17.41 | 26.75 | -16.67 | -2.14 | 3.13 | 3.19 | 3.24 | 3.29 |
| Capital Expenditure | -175.91 | -197.50 | -210.19 | -197.73 | -152.19 | -183.63 | -186.67 | -189.76 | -192.90 | -196.10 |
| UFCF | 211.86 | 191.47 | 223.22 | 627.91 | 417.29 | -60.84 | -49.41 | -50.23 | -51.06 | -51.91 |
| WACC | ||||||||||
| PV UFCF | -60.25 | -48.46 | -48.78 | -49.11 | -49.44 | |||||
| SUM PV UFCF | -256.04 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 0.98 |
| Free cash flow (t + 1) | -52.95 |
| Terminal Value | 5,190.93 |
| Present Value of Terminal Value | 4,943.89 |
Intrinsic Value
| Enterprise Value | 4,687.85 |
|---|---|
| Net Debt | 1,835.89 |
| Equity Value | 2,851.96 |
| Shares Outstanding | 254.47 |
| Equity Value Per Share | 11.21 |