Discounted Cash Flow (DCF) Analysis Unlevered

Olympique Lyonnais Groupe SA (OLG.PA)

2.2 €

-0.04 (-1.79%)
All numbers are in Millions, Currency in USD
Stock DCF: -43.09 | 2.2 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 309.02180.69118.16160.48199.13191.04183.29175.85168.71161.86
Revenue (%)
EBITDA 74.28-28.26-63.15-32.11-97.13-43.49-41.73-40.03-38.41-36.85
EBITDA (%)
EBIT 22.02-104.51-141.68-51.52-158.71-107.91-103.53-99.32-95.29-91.42
EBIT (%)
Depreciation 52.2676.2578.5319.4161.5864.4161.8059.2956.8854.57
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 11.9632.9469.8727.5334.6044.2342.4440.7139.0637.48
Total Cash (%)
Account Receivables 82.6158.6170.0773.47106.1983.1379.7676.5273.4170.43
Account Receivables (%)
Inventories 2.472.962.862.392.742.952.832.722.612.50
Inventories (%)
Accounts Payable 22.9621.7231.3431.9431.9531.3030.0328.8127.6426.52
Accounts Payable (%)
Capital Expenditure -59.36-66.91-84.91-68.63-56.78-76.18-73.09-70.12-67.28-64.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.2
Beta 0.243
Diluted Shares Outstanding 89.72
Cost of Debt
Tax Rate 1.33
After-tax Cost of Debt 4.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.432
Total Debt 502.63
Total Equity 197.38
Total Capital 700.01
Debt Weighting 71.80
Equity Weighting 28.20
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 309.02180.69118.16160.48199.13191.04183.29175.85168.71161.86
EBITDA 74.28-28.26-63.15-32.11-97.13-43.49-41.73-40.03-38.41-36.85
EBIT 22.02-104.51-141.68-51.52-158.71-107.91-103.53-99.32-95.29-91.42
Tax Rate 24.34%-0.37%2.05%4.85%1.33%6.44%6.44%6.44%6.44%6.44%
EBIAT 16.66-104.90-138.77-49.02-156.60-100.96-96.86-92.93-89.15-85.54
Depreciation 52.2676.2578.5319.4161.5864.4161.8059.2956.8854.57
Accounts Receivable -24-11.46-3.40-32.7223.053.383.243.112.98
Inventories --0.490.090.47-0.35-0.210.120.110.110.11
Accounts Payable --1.249.620.600.01-0.64-1.27-1.22-1.17-1.12
Capital Expenditure -59.37-66.91-84.92-68.63-56.78-76.18-73.09-70.12-67.28-64.54
UFCF 9.56-73.29-146.90-100.57-184.87-90.53-105.93-101.63-97.50-93.54
WACC
PV UFCF -86.57-96.87-88.88-81.54-74.81
SUM PV UFCF -428.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.57
Free cash flow (t + 1) -95.41
Terminal Value -3,712.54
Present Value of Terminal Value -2,969.18

Intrinsic Value

Enterprise Value -3,397.85
Net Debt 468.03
Equity Value -3,865.88
Shares Outstanding 89.72
Equity Value Per Share -43.09