Discounted Cash Flow (DCF) Analysis Unlevered

Compagnie Industrielle et Financièr... (INFE.PA)

60 €

-0.50 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -34.54 | 60 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 161.07183.18170.25190.73222.89242.70264.28287.78313.36341.22
Revenue (%)
EBITDA 4.8614.1011.4618.8121.6017.9619.5621.3023.1925.25
EBITDA (%)
EBIT -2.814.812.2910.449.715.856.376.947.558.22
EBIT (%)
Depreciation 7.689.299.178.3811.8912.1113.1914.3615.6417.03
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 55.5256.4061.3953.8977.3179.7386.8294.54102.95112.10
Total Cash (%)
Account Receivables 56.1263.8259.3266.4677.6684.5792.08100.27109.18118.89
Account Receivables (%)
Inventories 2.452.382.7310.3112.717.548.218.949.7310.60
Inventories (%)
Accounts Payable 33.2738.4346.9542.7047.8854.8959.7765.0870.8777.17
Accounts Payable (%)
Capital Expenditure -7.26-16.15-10.23-10.89-15.94-15.63-17.02-18.53-20.18-21.97
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 60
Beta 0.762
Diluted Shares Outstanding 1.17
Cost of Debt
Tax Rate 26.04
After-tax Cost of Debt 3.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.882
Total Debt 28.74
Total Equity 70.36
Total Capital 99.09
Debt Weighting 29.00
Equity Weighting 71.00
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 161.07183.18170.25190.73222.89242.70264.28287.78313.36341.22
EBITDA 4.8614.1011.4618.8121.6017.9619.5621.3023.1925.25
EBIT -2.814.812.2910.449.715.856.376.947.558.22
Tax Rate 10.86%33.77%84.60%41.12%26.04%39.28%39.28%39.28%39.28%39.28%
EBIAT -2.513.190.356.157.183.553.874.214.594.99
Depreciation 7.689.299.178.3811.8912.1113.1914.3615.6417.03
Accounts Receivable --7.704.50-7.13-11.21-6.90-7.52-8.19-8.91-9.71
Inventories -0.06-0.34-7.58-2.415.17-0.67-0.73-0.79-0.87
Accounts Payable -5.168.52-4.255.187.014.885.315.796.30
Capital Expenditure -7.26-16.14-10.23-10.89-15.94-15.63-17.02-18.53-20.18-21.97
UFCF -2.09-6.1411.97-15.33-5.305.31-3.27-3.56-3.88-4.22
WACC
PV UFCF 4.99-2.88-2.94-3.01-3.08
SUM PV UFCF -6.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.52
Free cash flow (t + 1) -4.30
Terminal Value -95.24
Present Value of Terminal Value -69.45

Intrinsic Value

Enterprise Value -76.37
Net Debt -35.87
Equity Value -40.50
Shares Outstanding 1.17
Equity Value Per Share -34.54