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
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 | 6,370 | 6,490 | 6,735 | 5,979 | 7,374 | 7,701.51 | 8,043.56 | 8,400.81 | 8,773.92 | 9,163.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 425 | 290 | 116 | 409 | 436 | 394.56 | 412.09 | 430.39 | 449.50 | 469.47 |
| EBITDA (%) | ||||||||||
| EBIT | 278 | 110 | -35 | 234 | 260 | 199.92 | 208.80 | 218.07 | 227.75 | 237.87 |
| EBIT (%) | ||||||||||
| Depreciation | 147 | 180 | 151 | 175 | 176 | 194.65 | 203.29 | 212.32 | 221.75 | 231.60 |
| 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 | 805 | 901 | 642 | 1,142 | 972 | 1,052.55 | 1,099.30 | 1,148.12 | 1,199.12 | 1,252.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 1,107 | 1,110 | 1,113 | 937 | 1,316 | 1,301.94 | 1,359.77 | 1,420.16 | 1,483.23 | 1,549.11 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1,342 | 1,290 | 1,319 | 1,213 | 1,622 | 1,583.62 | 1,653.96 | 1,727.41 | 1,804.14 | 1,884.26 |
| 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 | 6,370 | 6,490 | 6,735 | 5,979 | 7,374 | 7,701.51 | 8,043.56 | 8,400.81 | 8,773.92 | 9,163.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 425 | 290 | 116 | 409 | 436 | 394.56 | 412.09 | 430.39 | 449.50 | 469.47 |
| EBIT | 278 | 110 | -35 | 234 | 260 | 199.92 | 208.80 | 218.07 | 227.75 | 237.87 |
| Tax Rate | 42.92% | 75.00% | -67.12% | 59.38% | 30.80% | 28.20% | 28.20% | 28.20% | 28.20% | 28.20% |
| EBIAT | 158.68 | 27.50 | -58.49 | 95.06 | 179.92 | 143.55 | 149.93 | 156.58 | 163.54 | 170.80 |
| Depreciation | 147 | 180 | 151 | 175 | 176 | 194.65 | 203.29 | 212.32 | 221.75 | 231.60 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -3 | -3 | 176 | -379 | 14.06 | -57.82 | -60.39 | -63.07 | -65.88 |
| Accounts Payable | - | -52 | 29 | -106 | 409 | -38.38 | 70.33 | 73.46 | 76.72 | 80.13 |
| Capital Expenditure | -169 | -207 | -238 | -225 | -206 | -245.42 | -256.32 | -267.70 | -279.59 | -292.01 |
| UFCF | 136.68 | -54.50 | -119.49 | 115.06 | 179.92 | 68.46 | 109.41 | 114.27 | 119.34 | 124.64 |
| WACC | ||||||||||
| PV UFCF | 62.78 | 92.02 | 88.14 | 84.42 | 80.86 | |||||
| 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 |