Discounted Cash Flow (DCF) Analysis Unlevered

Pacte Novation (MLPAC.PA)

7.1 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -88.72 | 7.1 | overvalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9.499.199.319.699.769.839.919.9810.0510.1310.2010.28
Revenue (%)
EBITDA 0.070.040.270.500.230.230.230.230.230.230.240.24
EBITDA (%)
EBIT -0.04-0.150.100.420.080.080.080.080.080.080.090.09
EBIT (%)
Depreciation 0.110.190.170.080.140.140.150.150.150.150.150.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.400.430.691.110.680.680.690.690.700.700.710.71
Total Cash (%)
Account Receivables 2.682.612.682.502.712.732.752.782.802.822.842.86
Account Receivables (%)
Inventories ------------
Inventories (%)
Accounts Payable 0.360.220.350.290.320.320.320.320.330.330.330.33
Accounts Payable (%)
Capital Expenditure -0.09-0.05-0.07-0.07-0.07-0.07-0.07-0.07-0.08-0.08-0.08-0.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.1
Beta -0.460
Diluted Shares Outstanding 0.51
Cost of Debt
Tax Rate 44.03
After-tax Cost of Debt 218.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.525
Total Debt 0
Total Equity 3.62
Total Capital 3.62
Debt Weighting 0.06
Equity Weighting 99.94
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9.499.199.319.699.769.839.919.9810.0510.1310.2010.28
EBITDA 0.070.040.270.500.230.230.230.230.230.230.240.24
EBIT -0.04-0.150.100.420.080.080.080.080.080.080.090.09
Tax Rate -400.00%133.33%6.25%37.50%-35.78%-35.78%44.03%-35.78%-35.78%-35.78%-35.78%-35.78%
EBIAT -0.200.050.090.260.110.110.050.110.110.120.120.12
Depreciation 0.110.190.170.080.140.140.150.150.150.150.150.15
Accounts Receivable -0.07-0.070.18-0.21-0.02-0.02-0.02-0.02-0.02-0.02-0.02
Inventories ------------
Accounts Payable --0.140.13-0.060.030000000
Capital Expenditure -0.09-0.05-0.07-0.09-0.07-0.07-0.03-0.07-0.08-0.08-0.08-0.08
UFCF -0.180.120.250.39-0.010.170.100.170.170.170.170.17
WACC
PV UFCF -0.010.160.100.160.160.160.160.15
SUM PV UFCF 0.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.66
Free cash flow (t + 1) 0.18
Terminal Value -51.85
Present Value of Terminal Value -47.75

Intrinsic Value

Enterprise Value -46.94
Net Debt -1.69
Equity Value -45.24
Shares Outstanding 0.51
Equity Value Per Share -88.72