Discounted Cash Flow (DCF) Analysis Unlevered
Grande Armee Investissement SA (MLGAI.PA)
80 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 1.17 | 0.97 | 0.92 | 0.87 | 0.52 | 0.43 | 0.36 | 0.30 | 0.25 | 0.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.99 | -1.27 | 0.64 | -0.13 | -0.71 | 0.18 | 0.15 | 0.13 | 0.11 | 0.09 |
| EBITDA (%) | ||||||||||
| EBIT | 4.99 | -1.27 | 0.64 | -0.13 | -0.71 | 0.18 | 0.15 | 0.13 | 0.11 | 0.09 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Total Cash | - | - | 0.79 | 1.09 | 0.63 | 0.48 | 0.40 | 0.33 | 0.27 | 0.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.09 | 5.69 | 6.14 | 6.33 | 7.04 | 3.33 | 2.76 | 2.29 | 1.91 | 1.58 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.10 | 0.11 | 0.13 | 0.11 | 0.12 | 0.06 | 0.05 | 0.04 | 0.03 | 0.03 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 80 |
|---|---|
| Beta | 0.156 |
| Diluted Shares Outstanding | 0.28 |
| Cost of Debt | |
| Tax Rate | 23.38 |
| After-tax Cost of Debt | 5.41% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.236 |
| Total Debt | 0.85 |
| Total Equity | 22.40 |
| Total Capital | 23.25 |
| Debt Weighting | 3.66 |
| Equity Weighting | 96.34 |
| Wacc |
Build Up Free Cash
Year A/P | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 1.17 | 0.97 | 0.92 | 0.87 | 0.52 | 0.43 | 0.36 | 0.30 | 0.25 | 0.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.99 | -1.27 | 0.64 | -0.13 | -0.71 | 0.18 | 0.15 | 0.13 | 0.11 | 0.09 |
| EBIT | 4.99 | -1.27 | 0.64 | -0.13 | -0.71 | 0.18 | 0.15 | 0.13 | 0.11 | 0.09 |
| Tax Rate | -12.12% | 70.42% | -81.25% | 184.21% | 23.38% | 36.93% | 36.93% | 36.93% | 36.93% | 36.93% |
| EBIAT | 5.59 | -0.38 | 1.16 | 0.11 | -0.54 | 0.12 | 0.10 | 0.08 | 0.07 | 0.06 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 0.40 | -0.45 | -0.19 | -0.71 | 3.71 | 0.57 | 0.47 | 0.39 | 0.32 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.01 | 0.02 | -0.02 | 0.01 | -0.06 | -0.01 | -0.01 | -0.01 | -0.01 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | 5.59 | 0.03 | 0.73 | -0.10 | -1.24 | 3.77 | 0.65 | 0.54 | 0.45 | 0.37 |
| WACC | ||||||||||
| PV UFCF | 3.61 | 0.60 | 0.48 | 0.38 | 0.30 | |||||
| SUM PV UFCF | 5.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 0.38 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 0.22 |
| Equity Value | - |
| Shares Outstanding | 0.28 |
| Equity Value Per Share | - |