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
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 | 374.31 | 411.04 | 406.56 | 336.16 | 378.62 | 382.45 | 386.31 | 390.21 | 394.15 | 398.13 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 50.95 | 56.31 | 56.63 | 76.86 | 69.70 | 63.11 | 63.75 | 64.39 | 65.04 | 65.70 |
EBITDA (%) | ||||||||||
EBIT | 29.16 | 34.88 | 33.37 | 44.73 | 38.66 | 36.71 | 37.08 | 37.46 | 37.84 | 38.22 |
EBIT (%) | ||||||||||
Depreciation | 21.79 | 21.43 | 23.26 | 32.13 | 31.04 | 26.40 | 26.67 | 26.93 | 27.21 | 27.48 |
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 | 198.68 | 220.78 | 228.86 | 294 | 303.33 | 252.92 | 255.47 | 258.05 | 260.65 | 263.29 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | 35.18 | 21.93 | 23.88 | 17.61 | 14.74 | 22.75 | 22.98 | 23.21 | 23.44 | 23.68 |
Inventories (%) | ||||||||||
Accounts Payable | 48.33 | 65.97 | 72.76 | 61.23 | 76.48 | 65.22 | 65.88 | 66.55 | 67.22 | 67.90 |
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 | 374.31 | 411.04 | 406.56 | 336.16 | 378.62 | 382.45 | 386.31 | 390.21 | 394.15 | 398.13 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 50.95 | 56.31 | 56.63 | 76.86 | 69.70 | 63.11 | 63.75 | 64.39 | 65.04 | 65.70 |
EBIT | 29.16 | 34.88 | 33.37 | 44.73 | 38.66 | 36.71 | 37.08 | 37.46 | 37.84 | 38.22 |
Tax Rate | 30.57% | 37.37% | 33.61% | 9.41% | 27.72% | 27.73% | 27.73% | 27.73% | 27.73% | 27.73% |
EBIAT | 20.25 | 21.84 | 22.15 | 40.52 | 27.95 | 26.53 | 26.80 | 27.07 | 27.34 | 27.62 |
Depreciation | 21.79 | 21.43 | 23.26 | 32.13 | 31.04 | 26.40 | 26.67 | 26.93 | 27.21 | 27.48 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | 13.26 | -1.96 | 6.27 | 2.88 | -8.01 | -0.23 | -0.23 | -0.23 | -0.24 |
Accounts Payable | - | 17.65 | 6.78 | -11.53 | 15.26 | -11.26 | 0.66 | 0.67 | 0.67 | 0.68 |
Capital Expenditure | -12.72 | -49.16 | -16.45 | -14.62 | -18.25 | -21.85 | -22.07 | -22.30 | -22.52 | -22.75 |
UFCF | 29.32 | 25.02 | 33.80 | 52.77 | 58.88 | 11.80 | 31.82 | 32.14 | 32.47 | 32.79 |
WACC | ||||||||||
PV UFCF | 11.28 | 29.05 | 28.04 | 27.06 | 26.11 | |||||
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 |