Discounted Cash Flow (DCF) Analysis Unlevered

Les Hôtels de Paris SA (HDP.PA)

1.11 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -11.21 | 1.11 | overvalue

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 33.5441.7541.1513.2317.7617.2916.8316.3915.9515.53
Revenue (%)
EBITDA -2.503.918.421.8621.875.525.375.235.094.96
EBITDA (%)
EBIT -5.120.571.64-4.7918.201.951.901.851.801.75
EBIT (%)
Depreciation 2.633.356.786.653.673.573.473.383.293.21
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 1.639.753.441.3116.574.834.714.584.464.34
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.060.080.120.080.090.060.060.060.060.05
Inventories (%)
Accounts Payable 11.206.797.8312.1210.117.517.317.126.936.75
Accounts Payable (%)
Capital Expenditure -9.40-2.63-5.44-2.33-1.37-2.52-2.45-2.39-2.33-2.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.11
Beta 0.343
Diluted Shares Outstanding 7.45
Cost of Debt
Tax Rate 1.69
After-tax Cost of Debt 8.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.131
Total Debt 134.23
Total Equity 8.27
Total Capital 142.50
Debt Weighting 94.19
Equity Weighting 5.81
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 33.5441.7541.1513.2317.7617.2916.8316.3915.9515.53
EBITDA -2.503.918.421.8621.875.525.375.235.094.96
EBIT -5.120.571.64-4.7918.201.951.901.851.801.75
Tax Rate 2.56%1.97%0.31%1.84%1.69%1.67%1.67%1.67%1.67%1.67%
EBIAT -4.990.561.64-4.7017.891.921.871.821.771.72
Depreciation 2.633.356.786.653.673.573.473.383.293.21
Accounts Receivable ----------
Inventories --0.02-0.030.04-0.010.030000
Accounts Payable --4.411.044.29-2.01-2.60-0.20-0.19-0.19-0.18
Capital Expenditure -9.40-2.63-5.44-2.33-1.38-2.52-2.45-2.39-2.33-2.27
UFCF -11.76-3.173.983.9418.170.392.692.622.552.48
WACC
PV UFCF 0.362.282.051.841.65
SUM PV UFCF 8.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.50
Free cash flow (t + 1) 2.53
Terminal Value 38.94
Present Value of Terminal Value 25.89

Intrinsic Value

Enterprise Value 34.08
Net Debt 117.65
Equity Value -83.58
Shares Outstanding 7.45
Equity Value Per Share -11.21