Discounted Cash Flow (DCF) Analysis Unlevered
Hexaom S.A. (HEXA.PA)
16.8 €
+1.15 (+7.35%)
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 | 765.60 | 804.23 | 841.95 | 881.90 | 997.46 | 1,066.24 | 1,139.77 | 1,218.37 | 1,302.39 | 1,392.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 46.90 | 40.42 | 41.04 | 43.84 | 52.92 | 56.09 | 59.96 | 64.09 | 68.51 | 73.24 |
| EBITDA (%) | ||||||||||
| EBIT | 42.99 | 36.53 | 28.22 | 29.85 | 31.74 | 42.81 | 45.76 | 48.92 | 52.29 | 55.90 |
| EBIT (%) | ||||||||||
| Depreciation | 3.91 | 3.89 | 12.82 | 13.98 | 21.18 | 13.28 | 14.20 | 15.18 | 16.22 | 17.34 |
| 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 | 147.41 | 155.49 | 130.33 | 171.79 | 167.26 | 192.60 | 205.88 | 220.08 | 235.25 | 251.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 27.98 | 28.40 | 40.79 | 71.28 | 78.43 | 59.66 | 63.78 | 68.17 | 72.87 | 77.90 |
| Inventories (%) | ||||||||||
| Accounts Payable | 136.18 | 143.18 | 171.02 | 188.78 | 202.64 | 208.18 | 222.54 | 237.89 | 254.29 | 271.83 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -6.21 | -11.40 | -1.97 | -5.34 | -6.87 | -8.01 | -8.57 | -9.16 | -9.79 | -10.46 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 16.8 |
|---|---|
| Beta | 1.186 |
| Diluted Shares Outstanding | 6.85 |
| Cost of Debt | |
| Tax Rate | 31.07 |
| After-tax Cost of Debt | 0.74% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.402 |
| Total Debt | 137.95 |
| Total Equity | 115.01 |
| Total Capital | 252.96 |
| Debt Weighting | 54.53 |
| Equity Weighting | 45.47 |
| 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 | 765.60 | 804.23 | 841.95 | 881.90 | 997.46 | 1,066.24 | 1,139.77 | 1,218.37 | 1,302.39 | 1,392.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 46.90 | 40.42 | 41.04 | 43.84 | 52.92 | 56.09 | 59.96 | 64.09 | 68.51 | 73.24 |
| EBIT | 42.99 | 36.53 | 28.22 | 29.85 | 31.74 | 42.81 | 45.76 | 48.92 | 52.29 | 55.90 |
| Tax Rate | 32.70% | 29.91% | 30.30% | 30.43% | 31.07% | 30.88% | 30.88% | 30.88% | 30.88% | 30.88% |
| EBIAT | 28.93 | 25.60 | 19.67 | 20.77 | 21.88 | 29.59 | 31.63 | 33.81 | 36.14 | 38.64 |
| Depreciation | 3.91 | 3.89 | 12.82 | 13.98 | 21.18 | 13.28 | 14.20 | 15.18 | 16.22 | 17.34 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.42 | -12.39 | -30.49 | -7.15 | 18.77 | -4.11 | -4.40 | -4.70 | -5.03 |
| Accounts Payable | - | 7 | 27.84 | 17.75 | 13.87 | 5.54 | 14.36 | 15.35 | 16.40 | 17.54 |
| Capital Expenditure | -6.21 | -11.40 | -1.97 | -5.34 | -6.87 | -8.01 | -8.57 | -9.16 | -9.79 | -10.46 |
| UFCF | 26.63 | 24.67 | 45.97 | 16.68 | 42.91 | 59.17 | 47.50 | 50.78 | 54.28 | 58.02 |
| WACC | ||||||||||
| PV UFCF | 56.52 | 43.35 | 44.27 | 45.21 | 46.16 | |||||
| SUM PV UFCF | 235.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.68 |
| Free cash flow (t + 1) | 59.18 |
| Terminal Value | 2,208.37 |
| Present Value of Terminal Value | 1,756.92 |
Intrinsic Value
| Enterprise Value | 1,992.43 |
|---|---|
| Net Debt | -29.32 |
| Equity Value | 2,021.75 |
| Shares Outstanding | 6.85 |
| Equity Value Per Share | 295.32 |