Discounted Cash Flow (DCF) Analysis Unlevered

Fonciere Inea S.A. (INEA.PA)

42.5 €

+0.10 (+0.24%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.05 | 42.5 | 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 33.5038.4443.8746.7351.9057.9464.6772.1880.5789.93
Revenue (%)
EBITDA 32.0935.0949.4047.5764.7160.9768.0575.9684.7894.63
EBITDA (%)
EBIT 32.0835.0849.3947.4064.4560.8667.9375.8284.6394.46
EBIT (%)
Depreciation 0.010.010.010.170.260.110.120.140.150.17
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 3.413.556.413.624.605.876.557.318.169.11
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.242.534.614.055.275.285.896.587.348.20
Accounts Payable (%)
Capital Expenditure -40.93-98.20-64.81-0.23-0.57-61.06-68.15-76.07-84.91-94.77
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.5
Beta 0.160
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.286
Total Debt 434.04
Total Equity 3,394.36
Total Capital 3,828.40
Debt Weighting 11.34
Equity Weighting 88.66
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 33.5038.4443.8746.7351.9057.9464.6772.1880.5789.93
EBITDA 32.0935.0949.4047.5764.7160.9768.0575.9684.7894.63
EBIT 32.0835.0849.3947.4064.4560.8667.9375.8284.6394.46
Tax Rate 0.00%0.00%0.00%0.58%0.00%0.12%0.12%0.12%0.12%0.12%
EBIAT 32.0835.0849.3947.1364.4560.7967.8575.7384.5394.35
Depreciation 0.010.010.010.170.260.110.120.140.150.17
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.712.09-0.571.220.010.610.680.760.85
Capital Expenditure -40.93-98.20-64.81-0.23-0.57-61.06-68.15-76.07-84.91-94.77
UFCF -8.84-63.82-13.3246.5065.37-0.150.430.480.540.60
WACC
PV UFCF -0.140.400.430.460.49
SUM PV UFCF 1.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.06
Free cash flow (t + 1) 0.62
Terminal Value 29.89
Present Value of Terminal Value 24.50

Intrinsic Value

Enterprise Value 26.14
Net Debt 429.43
Equity Value -403.30
Shares Outstanding 79.87
Equity Value Per Share -5.05