Discounted Cash Flow (DCF) Analysis Unlevered

LACROIX Group SA (LACR.PA)

33.3 €

-0.20 (-0.60%)

All numbers are in Millions, Currency in USD

Stock DCF: 41.95 | 33.3 | 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	441.42	468.29	481.59	566.33	501.45	520.34	539.94	560.28	581.38	603.28
Revenue (%)
EBITDA	19.61	22.63	29.37	30.67	34.57	28.81	29.89	31.02	32.19	33.40
EBITDA (%)
EBIT	12.36	11.94	15.58	17.67	23.05	16.96	17.60	18.27	18.95	19.67
EBIT (%)
Depreciation	7.25	10.69	13.79	13	11.52	11.84	12.29	12.75	13.23	13.73
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	18.33	18.31	13.55	54.39	33.38	28.24	29.30	30.41	31.55	32.74
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	67.53	78.04	82.61	75.48	120.36	89.96	93.35	96.87	100.52	104.30
Inventories (%)
Accounts Payable	75.22	78.19	71.31	77.56	106.70	86.92	90.19	93.59	97.11	100.77
Accounts Payable (%)
Capital Expenditure	-12.73	-13.12	-11.72	-17.18	-30.49	-17.93	-18.61	-19.31	-20.04	-20.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 33.3
Beta	1.084
Diluted Shares Outstanding	4.06
Cost of Debt
Tax Rate	5.97
After-tax Cost of Debt	0.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.861
Total Debt	150.39
Total Equity	135.27
Total Capital	285.66
Debt Weighting	52.65
Equity Weighting	47.35
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	441.42	468.29	481.59	566.33	501.45	520.34	539.94	560.28	581.38	603.28
EBITDA	19.61	22.63	29.37	30.67	34.57	28.81	29.89	31.02	32.19	33.40
EBIT	12.36	11.94	15.58	17.67	23.05	16.96	17.60	18.27	18.95	19.67
Tax Rate	29.19%	25.62%	30.64%	36.72%	5.97%	25.63%	25.63%	25.63%	25.63%	25.63%
EBIAT	8.75	8.88	10.81	11.18	21.68	12.62	13.09	13.59	14.10	14.63
Depreciation	7.25	10.69	13.79	13	11.52	11.84	12.29	12.75	13.23	13.73
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-10.51	-4.58	7.14	-44.88	30.40	-3.39	-3.52	-3.65	-3.79
Accounts Payable	-	2.98	-6.88	6.24	29.14	-19.78	3.27	3.40	3.53	3.66
Capital Expenditure	-12.73	-13.12	-11.72	-17.18	-30.49	-17.93	-18.61	-19.31	-20.04	-20.79
UFCF	3.27	-1.09	1.42	20.38	-13.03	17.14	6.66	6.91	7.17	7.44
WACC
PV UFCF						16.41	6.10	6.06	6.02	5.98
SUM PV UFCF										40.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.47
Free cash flow (t + 1)	7.59
Terminal Value	307.20
Present Value of Terminal Value	246.87

Intrinsic Value

Enterprise Value	287.44
Net Debt	117.04
Equity Value	170.40
Shares Outstanding	4.06
Equity Value Per Share	41.95