Discounted Cash Flow (DCF) Analysis Unlevered

Hotelim Société Anonyme (MLHOT.PA)

28.8 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 647.24 | 28.8 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 19.2721.3122.1123.7025.3927.2229.1731.2633.5035.9038.48
Revenue (%)
EBITDA 3.994.985.565.475.866.286.737.217.738.288.88
EBITDA (%)
EBIT 1.442.593.392.762.963.173.403.643.904.184.48
EBIT (%)
Depreciation 2.552.392.172.712.903.113.333.573.834.104.39
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 16.8018.5020.5921.1022.6124.2325.9727.8329.8331.9734.26
Total Cash (%)
Account Receivables 1.502.202.912.472.652.843.043.263.493.744.01
Account Receivables (%)
Inventories 0.170.170.160.190.200.220.230.250.270.290.31
Inventories (%)
Accounts Payable 1.601.531.871.892.032.172.332.492.672.863.07
Accounts Payable (%)
Capital Expenditure -2.47-0.85-2.54-2.23-2.40-2.57-2.75-2.95-3.16-3.39-3.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.8
Beta 0.000
Diluted Shares Outstanding 0.97
Cost of Debt
Tax Rate -9.69
After-tax Cost of Debt 0.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.499
Total Debt 11.75
Total Equity 27.94
Total Capital 39.68
Debt Weighting 29.60
Equity Weighting 70.40
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 19.2721.3122.1123.7025.3927.2229.1731.2633.5035.9038.48
EBITDA 3.994.985.565.475.866.286.737.217.738.288.88
EBIT 1.442.593.392.762.963.173.403.643.904.184.48
Tax Rate 43.95%38.57%30.77%16.57%-20.77%-9.69%16.57%16.57%16.57%16.57%16.57%
EBIAT 0.811.592.352.303.573.482.843.043.263.493.74
Depreciation 2.552.392.172.712.903.113.333.573.834.104.39
Accounts Receivable --0.70-0.710.44-0.18-0.19-0.20-0.22-0.23-0.25-0.27
Inventories --00.01-0.03-0.01-0.01-0.02-0.02-0.02-0.02-0.02
Accounts Payable --0.070.340.020.140.150.160.170.180.190.21
Capital Expenditure -2.47-0.85-2.54-2.23-0.59-0.67-2.75-2.95-3.16-3.39-3.63
UFCF 0.892.361.623.214.023.963.353.593.854.134.42
WACC
PV UFCF 3.294.023.863.183.323.473.623.78
SUM PV UFCF 17.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.66
Free cash flow (t + 1) 4.51
Terminal Value 683.51
Present Value of Terminal Value 599.43

Intrinsic Value

Enterprise Value 617.26
Net Debt -10.56
Equity Value 627.82
Shares Outstanding 0.97
Equity Value Per Share 647.24