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
Stock DCF: 11.21 | 28.3 | overvalue

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 3,316.083,449.863,720.984,039.313,480.993,538.653,597.273,656.863,717.443,779.02
Revenue (%)
EBITDA 500.64544.90529.30928.29707.99625.90636.26646.80657.52668.41
EBITDA (%)
EBIT 337.24335.24303.50296.1820.34254.50258.72263.01267.36271.79
EBIT (%)
Depreciation 163.39209.66225.81632.11687.66371.39377.55383.80390.16396.62
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 186.32166.11138.26162.90155.31160.26162.91165.61168.35171.14
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 292.98349.74330.50356.26310.41322.67328.01333.45338.97344.58
Inventories (%)
Accounts Payable 180.89198.65181.23207.98191.31189.16192.30195.48198.72202.01
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 3,316.083,449.863,720.984,039.313,480.993,538.653,597.273,656.863,717.443,779.02
EBITDA 500.64544.90529.30928.29707.99625.90636.26646.80657.52668.41
EBIT 337.24335.24303.50296.1820.34254.50258.72263.01267.36271.79
Tax Rate 33.47%34.88%32.19%34.99%824.58%192.02%192.02%192.02%192.02%192.02%
EBIAT 224.38218.30205.79192.55-147.36-234.20-238.08-242.02-246.03-250.11
Depreciation 163.39209.66225.81632.11687.66371.39377.55383.80390.16396.62
Accounts Receivable ----------
Inventories --56.7619.23-25.7645.85-12.26-5.35-5.43-5.52-5.62
Accounts Payable -17.76-17.4126.75-16.67-2.143.133.193.243.29
Capital Expenditure -175.91-197.50-210.19-197.73-152.19-183.63-186.67-189.76-192.90-196.10
UFCF 211.86191.47223.22627.91417.29-60.84-49.41-50.23-51.06-51.91
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