Discounted Cash Flow (DCF) Analysis Unlevered

Wendel (MF.PA)

89.5 €

-0.10 (-0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.69 | 89.5 | 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 8,370.508,426.308,586.707,465.707,504.207,317.177,134.816,956.996,783.606,614.53
Revenue (%)
EBITDA 1,250.70942.301,613.90952.902,002.101,234.601,203.831,173.831,144.571,116.05
EBITDA (%)
EBIT 748.10476875.50103.601,443.40664.47647.91631.76616.01600.66
EBIT (%)
Depreciation 502.60466.30738.40849.30558.70570.14555.93542.07528.56515.39
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 2,3283,404.902,991.703,212.302,546.402,634.502,568.842,504.812,442.392,381.52
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 481.10452.90465.60416.40480.70417.49407.08396.94387.04377.40
Inventories (%)
Accounts Payable 900.70902.609378621,012.10840.27819.33798.91779759.58
Accounts Payable (%)
Capital Expenditure -301.10-299.60-276.30-219.30-249.20-243.35-237.29-231.37-225.60-219.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 89.5
Beta 1.387
Diluted Shares Outstanding 80.36
Cost of Debt
Tax Rate -60.76
After-tax Cost of Debt 2.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.055
Total Debt 5,934.90
Total Equity 7,192.20
Total Capital 13,127.10
Debt Weighting 45.21
Equity Weighting 54.79
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 8,370.508,426.308,586.707,465.707,504.207,317.177,134.816,956.996,783.606,614.53
EBITDA 1,250.70942.301,613.90952.902,002.101,234.601,203.831,173.831,144.571,116.05
EBIT 748.10476875.50103.601,443.40664.47647.91631.76616.01600.66
Tax Rate 38.35%89.07%-18.46%535.81%-60.76%116.80%116.80%116.80%116.80%116.80%
EBIAT 461.2252.051,037.16-451.502,320.48-111.62-108.84-106.13-103.48-100.90
Depreciation 502.60466.30738.40849.30558.70570.14555.93542.07528.56515.39
Accounts Receivable ----------
Inventories -28.20-12.7049.20-64.3063.2110.4110.159.899.65
Accounts Payable -1.9034.40-75150.10-171.83-20.94-20.42-19.91-19.41
Capital Expenditure -301.10-299.60-276.30-219.30-249.20-243.35-237.29-231.37-225.60-219.98
UFCF 662.72248.851,520.96152.702,715.78106.55199.27194.30189.46184.74
WACC
PV UFCF 99.80174.83159.68145.84133.20
SUM PV UFCF 713.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.76
Free cash flow (t + 1) 188.43
Terminal Value 3,958.63
Present Value of Terminal Value 2,854.31

Intrinsic Value

Enterprise Value 3,567.66
Net Debt 3,703.10
Equity Value -135.44
Shares Outstanding 80.36
Equity Value Per Share -1.69