Discounted Cash Flow (DCF) Analysis Unlevered

Compagnie de l'Odet (ODET.PA)

1110 €

-2.00 (-0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 594.55 | 1110 | overvalue

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 18,325.1023,024.4024,842.8024,108.2019,769.7020,391.8921,033.6721,695.6422,378.4523,082.74
Revenue (%)
EBITDA 619.202,108.202,204.902,729.205,049.802,376.662,451.452,528.612,608.192,690.27
EBITDA (%)
EBIT -201.60815361.901,131.603,867.901,148.271,184.411,221.681,260.131,299.79
EBIT (%)
Depreciation 820.801,293.201,8431,597.601,181.901,228.391,267.051,306.931,348.061,390.48
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 3,099.605,865.503,177.802,459.705,223.803,744.253,862.093,983.644,109.014,238.33
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,170.901,1741,358.50634.90596.20921.97950.98980.911,011.781,043.63
Inventories (%)
Accounts Payable 5,043.704,943.205,087.504,940.905,609.204,826.314,978.215,134.885,296.495,463.18
Accounts Payable (%)
Capital Expenditure -1,102.80-1,022.20-1,330.70-690.10-739.80-914.32-943.09-972.78-1,003.39-1,034.97
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,110
Beta 0.977
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate -1,446.92
After-tax Cost of Debt 1.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.589
Total Debt 9,805.60
Total Equity 119,309.46
Total Capital 129,115.06
Debt Weighting 7.59
Equity Weighting 92.41
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 18,325.1023,024.4024,842.8024,108.2019,769.7020,391.8921,033.6721,695.6422,378.4523,082.74
EBITDA 619.202,108.202,204.902,729.205,049.802,376.662,451.452,528.612,608.192,690.27
EBIT -201.60815361.901,131.603,867.901,148.271,184.411,221.681,260.131,299.79
Tax Rate 72.70%92.40%91.08%90.39%-1,446.92%-220.07%-220.07%-220.07%-220.07%-220.07%
EBIAT -55.0461.9032.27108.7959,833.293,675.253,790.923,910.224,033.294,160.22
Depreciation 820.801,293.201,8431,597.601,181.901,228.391,267.051,306.931,348.061,390.48
Accounts Receivable ----------
Inventories --3.10-184.50723.6038.70-325.77-29.02-29.93-30.87-31.84
Accounts Payable --100.50144.30-146.60668.30-782.89151.89156.67161.61166.69
Capital Expenditure -1,102.80-1,022.20-1,330.70-690.10-739.80-914.32-943.09-972.78-1,003.39-1,034.97
UFCF -337.04229.30504.371,593.2960,982.402,880.674,237.754,371.124,508.694,650.58
WACC
PV UFCF 2,665.313,627.813,462.243,304.223,153.41
SUM PV UFCF 16,212.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.08
Free cash flow (t + 1) 4,743.60
Terminal Value 78,019.67
Present Value of Terminal Value 52,902.65

Intrinsic Value

Enterprise Value 69,115.64
Net Debt 5,209.30
Equity Value 63,906.34
Shares Outstanding 107.49
Equity Value Per Share 594.55