Discounted Cash Flow (DCF) Analysis Unlevered

High Co. SA (HCO.PA)

4.86 €

+0.01 (+0.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.89 | 4.86 | 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 149.18173.77175.75136.45137.45136.07134.71133.36132.03130.70
Revenue (%)
EBITDA 13.7820.1922.8016.9723.9517.3317.1616.9916.8216.65
EBITDA (%)
EBIT 11.9112.6715.469.0215.8011.4811.3611.2511.1411.03
EBIT (%)
Depreciation 1.877.527.347.958.165.855.805.745.685.62
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 60.1562.7869.84111.6373.7268.4867.8067.1266.4565.78
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.240.150.050.060.060.100.100.090.090.09
Inventories (%)
Accounts Payable 33.1538.5031.3931.0330.6229.1928.9028.6128.3228.04
Accounts Payable (%)
Capital Expenditure -1.06-2.57-2.21-2.96-1.06-1.74-1.72-1.70-1.69-1.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.86
Beta 1.016
Diluted Shares Outstanding 20.74
Cost of Debt
Tax Rate 34.97
After-tax Cost of Debt 1.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.676
Total Debt 15.88
Total Equity 100.79
Total Capital 116.67
Debt Weighting 13.61
Equity Weighting 86.39
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 149.18173.77175.75136.45137.45136.07134.71133.36132.03130.70
EBITDA 13.7820.1922.8016.9723.9517.3317.1616.9916.8216.65
EBIT 11.9112.6715.469.0215.8011.4811.3611.2511.1411.03
Tax Rate 41.47%41.30%43.33%64.00%34.97%45.01%45.01%45.01%45.01%45.01%
EBIAT 6.977.448.763.2510.276.316.256.196.126.06
Depreciation 1.877.527.347.958.165.855.805.745.685.62
Accounts Receivable ----------
Inventories -0.090.10-0.010-0.040000
Accounts Payable -5.35-7.11-0.36-0.41-1.43-0.29-0.29-0.29-0.28
Capital Expenditure -1.06-2.57-2.21-2.96-1.06-1.74-1.72-1.70-1.69-1.67
UFCF 7.7817.826.897.8716.968.9610.039.939.839.74
WACC
PV UFCF 8.398.808.157.567.01
SUM PV UFCF 39.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.80
Free cash flow (t + 1) 9.93
Terminal Value 206.88
Present Value of Terminal Value 148.89

Intrinsic Value

Enterprise Value 188.79
Net Debt -57.84
Equity Value 246.63
Shares Outstanding 20.74
Equity Value Per Share 11.89