Discounted Cash Flow (DCF) Analysis Unlevered

NRJ Group SA (NRG.PA)

6.52 €

+0.06 (+0.93%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.31 | 6.52 | undervalue

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 374.31411.04406.56336.16378.62382.45386.31390.21394.15398.13
Revenue (%)
EBITDA 50.9556.3156.6376.8669.7063.1163.7564.3965.0465.70
EBITDA (%)
EBIT 29.1634.8833.3744.7338.6636.7137.0837.4637.8438.22
EBIT (%)
Depreciation 21.7921.4323.2632.1331.0426.4026.6726.9327.2127.48
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 198.68220.78228.86294303.33252.92255.47258.05260.65263.29
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 35.1821.9323.8817.6114.7422.7522.9823.2123.4423.68
Inventories (%)
Accounts Payable 48.3365.9772.7661.2376.4865.2265.8866.5567.2267.90
Accounts Payable (%)
Capital Expenditure -12.72-49.16-16.44-14.62-18.25-21.85-22.07-22.30-22.52-22.75
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.52
Beta 0.446
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 27.72
After-tax Cost of Debt 0.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.974
Total Debt 43.38
Total Equity 520.74
Total Capital 564.12
Debt Weighting 7.69
Equity Weighting 92.31
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 374.31411.04406.56336.16378.62382.45386.31390.21394.15398.13
EBITDA 50.9556.3156.6376.8669.7063.1163.7564.3965.0465.70
EBIT 29.1634.8833.3744.7338.6636.7137.0837.4637.8438.22
Tax Rate 30.57%37.37%33.61%9.41%27.72%27.73%27.73%27.73%27.73%27.73%
EBIAT 20.2521.8422.1540.5227.9526.5326.8027.0727.3427.62
Depreciation 21.7921.4323.2632.1331.0426.4026.6726.9327.2127.48
Accounts Receivable ----------
Inventories -13.26-1.966.272.88-8.01-0.23-0.23-0.23-0.24
Accounts Payable -17.656.78-11.5315.26-11.260.660.670.670.68
Capital Expenditure -12.72-49.16-16.45-14.62-18.25-21.85-22.07-22.30-22.52-22.75
UFCF 29.3225.0233.8052.7758.8811.8031.8232.1432.4732.79
WACC
PV UFCF 11.2829.0528.0427.0626.11
SUM PV UFCF 121.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.66
Free cash flow (t + 1) 33.45
Terminal Value 1,257.47
Present Value of Terminal Value 1,001.37

Intrinsic Value

Enterprise Value 1,122.90
Net Debt -259.94
Equity Value 1,382.85
Shares Outstanding 79.87
Equity Value Per Share 17.31