Discounted Cash Flow (DCF) Analysis Unlevered
Deoleo, S.A. (OLE.MC)
0.228 €
-0.01 (-2.15%)
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 | 692.33 | 605.56 | 561.95 | 665.61 | 703.08 | 710.71 | 718.43 | 726.22 | 734.11 | 742.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 18.37 | -285.99 | 37.98 | 307.07 | 25.22 | 16.92 | 17.10 | 17.29 | 17.48 | 17.67 |
| EBITDA (%) | ||||||||||
| EBIT | 0.38 | -303.47 | 23.40 | 294.65 | 15.09 | 0.74 | 0.74 | 0.75 | 0.76 | 0.77 |
| EBIT (%) | ||||||||||
| Depreciation | 17.99 | 17.48 | 14.58 | 12.43 | 10.13 | 16.18 | 16.36 | 16.54 | 16.72 | 16.90 |
| 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 | 24.54 | 56.12 | 88.11 | 79.26 | 13.45 | 60.14 | 60.79 | 61.45 | 62.12 | 62.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 109.79 | 92.78 | 83.18 | 107.40 | 119.75 | 112.50 | 113.72 | 114.96 | 116.21 | 117.47 |
| Inventories (%) | ||||||||||
| Accounts Payable | 82.69 | 57.96 | 57.59 | 63.65 | 101.10 | 79.18 | 80.04 | 80.91 | 81.79 | 82.67 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -7.25 | -3.96 | -6.41 | -4.66 | -4 | -5.84 | -5.91 | -5.97 | -6.04 | -6.10 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.228 |
|---|---|
| Beta | 2.038 |
| Diluted Shares Outstanding | 935.12 |
| Cost of Debt | |
| Tax Rate | 13.13 |
| After-tax Cost of Debt | 4.28% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.000 |
| Total Debt | 203.42 |
| Total Equity | 213.21 |
| Total Capital | 416.63 |
| Debt Weighting | 48.82 |
| Equity Weighting | 51.18 |
| 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 | 692.33 | 605.56 | 561.95 | 665.61 | 703.08 | 710.71 | 718.43 | 726.22 | 734.11 | 742.07 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 18.37 | -285.99 | 37.98 | 307.07 | 25.22 | 16.92 | 17.10 | 17.29 | 17.48 | 17.67 |
| EBIT | 0.38 | -303.47 | 23.40 | 294.65 | 15.09 | 0.74 | 0.74 | 0.75 | 0.76 | 0.77 |
| Tax Rate | 29.70% | 12.27% | -92.73% | 7.98% | 13.13% | -5.93% | -5.93% | -5.93% | -5.93% | -5.93% |
| EBIAT | 0.27 | -266.25 | 45.10 | 271.13 | 13.11 | 0.78 | 0.79 | 0.80 | 0.81 | 0.81 |
| Depreciation | 17.99 | 17.48 | 14.58 | 12.43 | 10.13 | 16.18 | 16.36 | 16.54 | 16.72 | 16.90 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 17.01 | 9.60 | -24.22 | -12.35 | 7.24 | -1.22 | -1.23 | -1.25 | -1.26 |
| Accounts Payable | - | -24.74 | -0.37 | 6.06 | 37.45 | -21.92 | 0.86 | 0.87 | 0.88 | 0.89 |
| Capital Expenditure | -7.25 | -3.96 | -6.41 | -4.66 | -4 | -5.84 | -5.91 | -5.97 | -6.04 | -6.10 |
| UFCF | 11.01 | -260.46 | 62.51 | 260.74 | 44.34 | -3.56 | 10.88 | 11 | 11.12 | 11.24 |
| WACC | ||||||||||
| PV UFCF | -3.27 | 9.20 | 8.55 | 7.95 | 7.39 | |||||
| SUM PV UFCF | 29.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.74 |
| Free cash flow (t + 1) | 11.46 |
| Terminal Value | 170.08 |
| Present Value of Terminal Value | 111.87 |
Intrinsic Value
| Enterprise Value | 141.69 |
|---|---|
| Net Debt | 193.54 |
| Equity Value | -51.84 |
| Shares Outstanding | 935.12 |
| Equity Value Per Share | -0.06 |