Discounted Cash Flow (DCF) Analysis Unlevered

Nexans S.A. (NEX.PA)

95.1 €

-2.00 (-2.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 33.57 | 95.1 | 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 6,3706,4906,7355,9797,3747,701.518,043.568,400.818,773.929,163.61
Revenue (%)
EBITDA 425290116409436394.56412.09430.39449.50469.47
EBITDA (%)
EBIT 278110-35234260199.92208.80218.07227.75237.87
EBIT (%)
Depreciation 147180151175176194.65203.29212.32221.75231.60
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 8059016421,1429721,052.551,099.301,148.121,199.121,252.38
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,1071,1101,1139371,3161,301.941,359.771,420.161,483.231,549.11
Inventories (%)
Accounts Payable 1,3421,2901,3191,2131,6221,583.621,653.961,727.411,804.141,884.26
Accounts Payable (%)
Capital Expenditure -169-207-238-225-206-245.42-256.32-267.70-279.59-292.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 95.1
Beta 1.558
Diluted Shares Outstanding 44.83
Cost of Debt
Tax Rate 30.80
After-tax Cost of Debt 1.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.870
Total Debt 1,047
Total Equity 4,263.13
Total Capital 5,310.13
Debt Weighting 19.72
Equity Weighting 80.28
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 6,3706,4906,7355,9797,3747,701.518,043.568,400.818,773.929,163.61
EBITDA 425290116409436394.56412.09430.39449.50469.47
EBIT 278110-35234260199.92208.80218.07227.75237.87
Tax Rate 42.92%75.00%-67.12%59.38%30.80%28.20%28.20%28.20%28.20%28.20%
EBIAT 158.6827.50-58.4995.06179.92143.55149.93156.58163.54170.80
Depreciation 147180151175176194.65203.29212.32221.75231.60
Accounts Receivable ----------
Inventories --3-3176-37914.06-57.82-60.39-63.07-65.88
Accounts Payable --5229-106409-38.3870.3373.4676.7280.13
Capital Expenditure -169-207-238-225-206-245.42-256.32-267.70-279.59-292.01
UFCF 136.68-54.50-119.49115.06179.9268.46109.41114.27119.34124.64
WACC
PV UFCF 62.7892.0288.1484.4280.86
SUM PV UFCF 408.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.04
Free cash flow (t + 1) 127.14
Terminal Value 1,805.91
Present Value of Terminal Value 1,171.57

Intrinsic Value

Enterprise Value 1,579.79
Net Debt 75
Equity Value 1,504.79
Shares Outstanding 44.83
Equity Value Per Share 33.57