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
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 | 149.18 | 173.77 | 175.75 | 136.45 | 137.45 | 136.07 | 134.71 | 133.36 | 132.03 | 130.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.78 | 20.19 | 22.80 | 16.97 | 23.95 | 17.33 | 17.16 | 16.99 | 16.82 | 16.65 |
| EBITDA (%) | ||||||||||
| EBIT | 11.91 | 12.67 | 15.46 | 9.02 | 15.80 | 11.48 | 11.36 | 11.25 | 11.14 | 11.03 |
| EBIT (%) | ||||||||||
| Depreciation | 1.87 | 7.52 | 7.34 | 7.95 | 8.16 | 5.85 | 5.80 | 5.74 | 5.68 | 5.62 |
| 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 | 60.15 | 62.78 | 69.84 | 111.63 | 73.72 | 68.48 | 67.80 | 67.12 | 66.45 | 65.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.24 | 0.15 | 0.05 | 0.06 | 0.06 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 |
| Inventories (%) | ||||||||||
| Accounts Payable | 33.15 | 38.50 | 31.39 | 31.03 | 30.62 | 29.19 | 28.90 | 28.61 | 28.32 | 28.04 |
| 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 | 149.18 | 173.77 | 175.75 | 136.45 | 137.45 | 136.07 | 134.71 | 133.36 | 132.03 | 130.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.78 | 20.19 | 22.80 | 16.97 | 23.95 | 17.33 | 17.16 | 16.99 | 16.82 | 16.65 |
| EBIT | 11.91 | 12.67 | 15.46 | 9.02 | 15.80 | 11.48 | 11.36 | 11.25 | 11.14 | 11.03 |
| Tax Rate | 41.47% | 41.30% | 43.33% | 64.00% | 34.97% | 45.01% | 45.01% | 45.01% | 45.01% | 45.01% |
| EBIAT | 6.97 | 7.44 | 8.76 | 3.25 | 10.27 | 6.31 | 6.25 | 6.19 | 6.12 | 6.06 |
| Depreciation | 1.87 | 7.52 | 7.34 | 7.95 | 8.16 | 5.85 | 5.80 | 5.74 | 5.68 | 5.62 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.09 | 0.10 | -0.01 | 0 | -0.04 | 0 | 0 | 0 | 0 |
| 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 | 7.78 | 17.82 | 6.89 | 7.87 | 16.96 | 8.96 | 10.03 | 9.93 | 9.83 | 9.74 |
| WACC | ||||||||||
| PV UFCF | 8.39 | 8.80 | 8.15 | 7.56 | 7.01 | |||||
| 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 |