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
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 | 19.27 | 21.31 | 22.11 | 23.70 | 25.39 | 27.22 | 29.17 | 31.26 | 33.50 | 35.90 | 38.48 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| EBITDA | 3.99 | 4.98 | 5.56 | 5.47 | 5.86 | 6.28 | 6.73 | 7.21 | 7.73 | 8.28 | 8.88 |
| EBITDA (%) | |||||||||||
| EBIT | 1.44 | 2.59 | 3.39 | 2.76 | 2.96 | 3.17 | 3.40 | 3.64 | 3.90 | 4.18 | 4.48 |
| EBIT (%) | |||||||||||
| Depreciation | 2.55 | 2.39 | 2.17 | 2.71 | 2.90 | 3.11 | 3.33 | 3.57 | 3.83 | 4.10 | 4.39 |
| 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 | 16.80 | 18.50 | 20.59 | 21.10 | 22.61 | 24.23 | 25.97 | 27.83 | 29.83 | 31.97 | 34.26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||||
| Account Receivables | 1.50 | 2.20 | 2.91 | 2.47 | 2.65 | 2.84 | 3.04 | 3.26 | 3.49 | 3.74 | 4.01 |
| Account Receivables (%) | |||||||||||
| Inventories | 0.17 | 0.17 | 0.16 | 0.19 | 0.20 | 0.22 | 0.23 | 0.25 | 0.27 | 0.29 | 0.31 |
| Inventories (%) | |||||||||||
| Accounts Payable | 1.60 | 1.53 | 1.87 | 1.89 | 2.03 | 2.17 | 2.33 | 2.49 | 2.67 | 2.86 | 3.07 |
| 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 | 19.27 | 21.31 | 22.11 | 23.70 | 25.39 | 27.22 | 29.17 | 31.26 | 33.50 | 35.90 | 38.48 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 3.99 | 4.98 | 5.56 | 5.47 | 5.86 | 6.28 | 6.73 | 7.21 | 7.73 | 8.28 | 8.88 |
| EBIT | 1.44 | 2.59 | 3.39 | 2.76 | 2.96 | 3.17 | 3.40 | 3.64 | 3.90 | 4.18 | 4.48 |
| 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 | 0.81 | 1.59 | 2.35 | 2.30 | 3.57 | 3.48 | 2.84 | 3.04 | 3.26 | 3.49 | 3.74 |
| Depreciation | 2.55 | 2.39 | 2.17 | 2.71 | 2.90 | 3.11 | 3.33 | 3.57 | 3.83 | 4.10 | 4.39 |
| Accounts Receivable | - | -0.70 | -0.71 | 0.44 | -0.18 | -0.19 | -0.20 | -0.22 | -0.23 | -0.25 | -0.27 |
| Inventories | - | -0 | 0.01 | -0.03 | -0.01 | -0.01 | -0.02 | -0.02 | -0.02 | -0.02 | -0.02 |
| Accounts Payable | - | -0.07 | 0.34 | 0.02 | 0.14 | 0.15 | 0.16 | 0.17 | 0.18 | 0.19 | 0.21 |
| 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 | 0.89 | 2.36 | 1.62 | 3.21 | 4.02 | 3.96 | 3.35 | 3.59 | 3.85 | 4.13 | 4.42 |
| WACC | |||||||||||
| PV UFCF | 3.29 | 4.02 | 3.86 | 3.18 | 3.32 | 3.47 | 3.62 | 3.78 | |||
| 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 |