Discounted Cash Flow (DCF) Analysis Unlevered

Hexaom S.A. (HEXA.PA)

27.5 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 236.92 | 27.5 | 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 765.60804.23841.95881.90997.461,066.241,139.771,218.371,302.391,392.20
Revenue (%)
EBITDA 46.9040.4241.0443.8452.9256.0959.9664.0968.5173.24
EBITDA (%)
EBIT 42.9936.5328.2229.8531.7442.8145.7648.9252.2955.90
EBIT (%)
Depreciation 3.913.8912.8213.9821.1813.2814.2015.1816.2217.34
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 147.41155.49130.33171.79167.26192.60205.88220.08235.25251.48
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 27.9828.4040.7971.2878.4359.6663.7868.1772.8777.90
Inventories (%)
Accounts Payable 136.18143.18171.02188.78202.64208.18222.54237.89254.29271.83
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 $ 27.5
Beta 1.246
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 8.732
Total Debt 137.95
Total Equity 188.26
Total Capital 326.21
Debt Weighting 42.29
Equity Weighting 57.71
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 765.60804.23841.95881.90997.461,066.241,139.771,218.371,302.391,392.20
EBITDA 46.9040.4241.0443.8452.9256.0959.9664.0968.5173.24
EBIT 42.9936.5328.2229.8531.7442.8145.7648.9252.2955.90
Tax Rate 32.70%29.91%30.30%30.43%31.07%30.88%30.88%30.88%30.88%30.88%
EBIAT 28.9325.6019.6720.7721.8829.5931.6333.8136.1438.64
Depreciation 3.913.8912.8213.9821.1813.2814.2015.1816.2217.34
Accounts Receivable ----------
Inventories --0.42-12.39-30.49-7.1518.77-4.11-4.40-4.70-5.03
Accounts Payable -727.8417.7513.875.5414.3615.3516.4017.54
Capital Expenditure -6.21-11.40-1.97-5.34-6.87-8.01-8.57-9.16-9.79-10.46
UFCF 26.6324.6745.9716.6842.9159.1747.5050.7854.2858.02
WACC
PV UFCF 56.1642.8043.4344.0744.71
SUM PV UFCF 231.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.35
Free cash flow (t + 1) 59.18
Terminal Value 1,766.69
Present Value of Terminal Value 1,361.41

Intrinsic Value

Enterprise Value 1,592.58
Net Debt -29.32
Equity Value 1,621.90
Shares Outstanding 6.85
Equity Value Per Share 236.92