Discounted Cash Flow (DCF) Analysis Unlevered

Itissalat Al-Maghrib (IAM) S.A. (IAM.PA)

8.95 €

+0.20 (+2.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 382.55 | 8.95 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 36,51736,76935,79036,78837,92438,294.1438,667.8839,045.2839,426.3639,811.16
Revenue (%)
EBITDA 18,99818,31118,92317,46519,51619,425.3219,614.9119,806.3519,999.6520,194.85
EBITDA (%)
EBIT 8,27715,59211,43610,32312,02912,009.3512,126.5612,244.9112,364.4212,485.10
EBIT (%)
Depreciation 10,7212,7197,4877,1427,4877,415.977,488.357,561.437,635.237,709.75
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 1,5402,7442,2042,0291,0131,993.192,012.642,032.282,052.122,072.15
Total Cash (%)
Account Receivables 11,50711,94612,6999,4449,23211,449.7511,561.5011,674.3411,788.2811,903.34
Account Receivables (%)
Inventories 321271318484445382.45386.19389.96393.76397.61
Inventories (%)
Accounts Payable 23,79412,75712,85914,66013,27016,131.3016,288.7516,447.7216,608.2516,770.35
Accounts Payable (%)
Capital Expenditure -7,949-4,141-5,289-7,073-5,289-6,202.17-6,262.71-6,323.83-6,385.55-6,447.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.95
Beta 0.458
Diluted Shares Outstanding 879.10
Cost of Debt
Tax Rate 47.16
After-tax Cost of Debt 2.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.502
Total Debt 17,408
Total Equity 7,867.90
Total Capital 25,275.90
Debt Weighting 68.87
Equity Weighting 31.13
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 36,51736,76935,79036,78837,92438,294.1438,667.8839,045.2839,426.3639,811.16
EBITDA 18,99818,31118,92317,46519,51619,425.3219,614.9119,806.3519,999.6520,194.85
EBIT 8,27715,59211,43610,32312,02912,009.3512,126.5612,244.9112,364.4212,485.10
Tax Rate 63.30%43.87%43.37%66.65%47.16%52.87%52.87%52.87%52.87%52.87%
EBIAT 3,037.578,752.246,475.733,443.096,355.565,659.925,715.165,770.945,827.275,884.14
Depreciation 10,7212,7197,4877,1427,4877,415.977,488.357,561.437,635.237,709.75
Accounts Receivable --439-7533,255212-2,217.75-111.75-112.84-113.94-115.05
Inventories -50-47-1663962.55-3.73-3.77-3.81-3.84
Accounts Payable --11,0371021,801-1,3902,861.30157.44158.98160.53162.10
Capital Expenditure -7,949-4,141-5,289-7,073-5,289-6,202.17-6,262.71-6,323.83-6,385.55-6,447.87
UFCF 5,809.57-4,095.767,975.738,402.097,414.567,579.816,982.767,050.927,119.737,189.22
WACC
PV UFCF 7,2966,469.646,288.176,111.795,940.36
SUM PV UFCF 32,105.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.89
Free cash flow (t + 1) 7,333
Terminal Value 387,989.67
Present Value of Terminal Value 320,591.08

Intrinsic Value

Enterprise Value 352,697.04
Net Debt 16,395
Equity Value 336,302.04
Shares Outstanding 879.10
Equity Value Per Share 382.55