Discounted Cash Flow (DCF) Analysis Unlevered

Nexity SA (NXI.PA)

23.82 €

+0.48 (+2.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 275.92 | 23.82 | 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 3,353.983,939.584,200.734,511.654,468.374,809.435,176.535,571.645,996.916,454.64
Revenue (%)
EBITDA 336.72570.27529.51526.04654.66610.13656.70706.82760.77818.84
EBITDA (%)
EBIT 307.99443.26325.73271.36492.80435.08468.28504.03542.50583.91
EBIT (%)
Depreciation 28.73127.02203.78254.67161.86175.05188.41202.80218.28234.94
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 776.41697.321,094.331,2901,061.631,147.061,234.621,328.851,430.281,539.45
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,763.501,440.671,555.571,603.981,811.191,945.562,094.062,253.892,425.932,611.10
Inventories (%)
Accounts Payable 1,071.171,619.161,726.971,678.391,699.521,821.661,960.702,110.362,271.442,444.81
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 3,353.983,939.584,200.734,511.654,468.374,809.435,176.535,571.645,996.916,454.64
EBITDA 336.72570.27529.51526.04654.66610.13656.70706.82760.77818.84
EBIT 307.99443.26325.73271.36492.80435.08468.28504.03542.50583.91
Tax Rate 35.20%30.00%39.66%39.77%25.58%34.04%34.04%34.04%34.04%34.04%
EBIAT 199.58310.28196.54163.44366.75286.97308.87332.45357.82385.13
Depreciation 28.73127.02203.78254.67161.86175.05188.41202.80218.28234.94
Accounts Receivable ----------
Inventories -322.83-114.90-48.41-207.22-134.37-148.50-159.83-172.03-185.17
Accounts Payable -547.99107.82-48.5921.14122.14139.04149.66161.08173.37
Capital Expenditure -33.05-48.04-68.81-82.92-54.65-66.41-71.47-76.93-82.80-89.12
UFCF 195.261,260.07324.44238.20287.87383.39416.36448.13482.34519.16
WACC
PV UFCF 366.67380.83392.02403.54415.40
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