Discounted Cash Flow (DCF) Analysis Unlevered
Nexity SA (NXI.PA)
23.82 €
+0.48 (+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 | 3,353.98 | 3,939.58 | 4,200.73 | 4,511.65 | 4,468.37 | 4,809.43 | 5,176.53 | 5,571.64 | 5,996.91 | 6,454.64 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 336.72 | 570.27 | 529.51 | 526.04 | 654.66 | 610.13 | 656.70 | 706.82 | 760.77 | 818.84 |
EBITDA (%) | ||||||||||
EBIT | 307.99 | 443.26 | 325.73 | 271.36 | 492.80 | 435.08 | 468.28 | 504.03 | 542.50 | 583.91 |
EBIT (%) | ||||||||||
Depreciation | 28.73 | 127.02 | 203.78 | 254.67 | 161.86 | 175.05 | 188.41 | 202.80 | 218.28 | 234.94 |
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 | 776.41 | 697.32 | 1,094.33 | 1,290 | 1,061.63 | 1,147.06 | 1,234.62 | 1,328.85 | 1,430.28 | 1,539.45 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | 1,763.50 | 1,440.67 | 1,555.57 | 1,603.98 | 1,811.19 | 1,945.56 | 2,094.06 | 2,253.89 | 2,425.93 | 2,611.10 |
Inventories (%) | ||||||||||
Accounts Payable | 1,071.17 | 1,619.16 | 1,726.97 | 1,678.39 | 1,699.52 | 1,821.66 | 1,960.70 | 2,110.36 | 2,271.44 | 2,444.81 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -33.05 | -48.04 | -68.81 | -82.92 | -54.65 | -66.41 | -71.47 | -76.93 | -82.80 | -89.12 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 23.82 |
---|---|
Beta | 1.207 |
Diluted Shares Outstanding | 62.16 |
Cost of Debt | |
Tax Rate | 25.58 |
After-tax Cost of Debt | 2.14% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.522 |
Total Debt | 2,419.82 |
Total Equity | 1,480.69 |
Total Capital | 3,900.52 |
Debt Weighting | 62.04 |
Equity Weighting | 37.96 |
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 | 3,353.98 | 3,939.58 | 4,200.73 | 4,511.65 | 4,468.37 | 4,809.43 | 5,176.53 | 5,571.64 | 5,996.91 | 6,454.64 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 336.72 | 570.27 | 529.51 | 526.04 | 654.66 | 610.13 | 656.70 | 706.82 | 760.77 | 818.84 |
EBIT | 307.99 | 443.26 | 325.73 | 271.36 | 492.80 | 435.08 | 468.28 | 504.03 | 542.50 | 583.91 |
Tax Rate | 35.20% | 30.00% | 39.66% | 39.77% | 25.58% | 34.04% | 34.04% | 34.04% | 34.04% | 34.04% |
EBIAT | 199.58 | 310.28 | 196.54 | 163.44 | 366.75 | 286.97 | 308.87 | 332.45 | 357.82 | 385.13 |
Depreciation | 28.73 | 127.02 | 203.78 | 254.67 | 161.86 | 175.05 | 188.41 | 202.80 | 218.28 | 234.94 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | 322.83 | -114.90 | -48.41 | -207.22 | -134.37 | -148.50 | -159.83 | -172.03 | -185.17 |
Accounts Payable | - | 547.99 | 107.82 | -48.59 | 21.14 | 122.14 | 139.04 | 149.66 | 161.08 | 173.37 |
Capital Expenditure | -33.05 | -48.04 | -68.81 | -82.92 | -54.65 | -66.41 | -71.47 | -76.93 | -82.80 | -89.12 |
UFCF | 195.26 | 1,260.07 | 324.44 | 238.20 | 287.87 | 383.39 | 416.36 | 448.13 | 482.34 | 519.16 |
WACC | ||||||||||
PV UFCF | 366.67 | 380.83 | 392.02 | 403.54 | 415.40 | |||||
SUM PV UFCF | 1,958.47 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.56 |
Free cash flow (t + 1) | 529.54 |
Terminal Value | 20,685.12 |
Present Value of Terminal Value | 16,551.22 |
Intrinsic Value
Enterprise Value | 18,509.69 |
---|---|
Net Debt | 1,358.20 |
Equity Value | 17,151.49 |
Shares Outstanding | 62.16 |
Equity Value Per Share | 275.92 |