Discounted Cash Flow (DCF) Analysis Unlevered
NextStage SCA (NEXTS.PA)
105 €
0.00 (0.00%)
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 | 14.37 | 1.02 | 16.17 | -37.47 | 27.18 | 87.03 | 278.69 | 892.48 | 2,858.09 | 9,152.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.15 | 14 | 14.12 | -36.42 | 25.72 | 302.43 | 968.52 | 3,101.58 | 9,932.49 | 31,807.81 |
| EBITDA (%) | ||||||||||
| EBIT | 13.15 | 14 | 14.12 | -39.17 | 27.71 | 308.82 | 988.95 | 3,167.02 | 10,142.06 | 32,478.93 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | 2.75 | -1.99 | -6.38 | -20.44 | -65.44 | -209.57 | -671.12 |
| 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 | 94.22 | 49.33 | 20.61 | 35.86 | 39.98 | 983.33 | 3,149.02 | 10,084.43 | 32,294.36 | 103,419.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | 0.02 | 0.06 | 0.07 | 0.23 | 0.72 | 2.31 | 7.39 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.41 | 0.33 | 0.49 | 0.30 | 1.91 | 7.64 | 24.45 | 78.31 | 250.78 | 803.08 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 105 |
|---|---|
| Beta | 0.208 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 1.74% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.574 |
| Total Debt | 17.11 |
| Total Equity | 11,286.03 |
| Total Capital | 11,303.14 |
| Debt Weighting | 0.15 |
| Equity Weighting | 99.85 |
| 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 | 14.37 | 1.02 | 16.17 | -37.47 | 27.18 | 87.03 | 278.69 | 892.48 | 2,858.09 | 9,152.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.15 | 14 | 14.12 | -36.42 | 25.72 | 302.43 | 968.52 | 3,101.58 | 9,932.49 | 31,807.81 |
| EBIT | 13.15 | 14 | 14.12 | -39.17 | 27.71 | 308.82 | 988.95 | 3,167.02 | 10,142.06 | 32,478.93 |
| Tax Rate | 0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 13.15 | 14 | 14.12 | -39.17 | 27.71 | 308.82 | 988.95 | 3,167.02 | 10,142.06 | 32,478.93 |
| Depreciation | - | - | - | 2.75 | -1.99 | -6.38 | -20.44 | -65.44 | -209.57 | -671.12 |
| Accounts Receivable | - | - | - | - | -0.04 | -0.01 | -0.15 | -0.50 | -1.59 | -5.08 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.09 | 0.16 | -0.19 | 1.61 | 5.72 | 16.82 | 53.86 | 172.47 | 552.31 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 308.15 | 985.18 | 3,154.94 | 10,103.37 | 32,355.03 |
| WACC | ||||||||||
| PV UFCF | 294.68 | 900.95 | 2,759.11 | 8,449.63 | 25,876.55 | |||||
| SUM PV UFCF | 38,280.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.57 |
| Free cash flow (t + 1) | 33,002.13 |
| Terminal Value | 1,284,129.73 |
| Present Value of Terminal Value | 1,027,006.89 |
Intrinsic Value
| Enterprise Value | 1,065,287.82 |
|---|---|
| Net Debt | -22.87 |
| Equity Value | 1,065,310.70 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | 9,911.16 |