Discounted Cash Flow (DCF) Analysis Unlevered
Olympique Lyonnais Groupe SA (OLG.PA)
1.985 €
-0.01 (-0.50%)
All numbers are in Millions, Currency in USD
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 | 309.02 | 180.69 | 118.16 | 160.48 | 199.13 | 191.04 | 183.29 | 175.85 | 168.71 | 161.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 52.26 | 76.25 | 78.53 | 19.41 | 61.58 | 64.41 | 61.80 | 59.29 | 56.88 | 54.57 |
| 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 | 11.96 | 32.94 | 69.87 | 27.53 | 34.60 | 44.23 | 42.44 | 40.71 | 39.06 | 37.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 82.61 | 58.61 | 70.07 | 73.47 | 106.19 | 83.13 | 79.76 | 76.52 | 73.41 | 70.43 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.47 | 2.96 | 2.86 | 2.39 | 2.74 | 2.95 | 2.83 | 2.72 | 2.61 | 2.50 |
| Inventories (%) | ||||||||||
| Accounts Payable | 22.96 | 21.72 | 31.34 | 31.94 | 31.95 | 31.30 | 30.03 | 28.81 | 27.64 | 26.52 |
| 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 | $ 1.985 |
|---|---|
| Beta | 0.265 |
| Diluted Shares Outstanding | 89.72 |
| Cost of Debt | |
| Tax Rate | 1.33 |
| After-tax Cost of Debt | 4.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.470 |
| Total Debt | 502.63 |
| Total Equity | 178.09 |
| Total Capital | 680.72 |
| Debt Weighting | 73.84 |
| Equity Weighting | 26.16 |
| 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 | 309.02 | 180.69 | 118.16 | 160.48 | 199.13 | 191.04 | 183.29 | 175.85 | 168.71 | 161.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 52.26 | 76.25 | 78.53 | 19.41 | 61.58 | 64.41 | 61.80 | 59.29 | 56.88 | 54.57 |
| Accounts Receivable | - | 24 | -11.46 | -3.40 | -32.72 | 23.05 | 3.38 | 3.24 | 3.11 | 2.98 |
| Inventories | - | -0.49 | 0.09 | 0.47 | -0.35 | -0.21 | 0.12 | 0.11 | 0.11 | 0.11 |
| Accounts Payable | - | -1.24 | 9.62 | 0.60 | 0.01 | -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 | -86.63 | -97 | -89.05 | -81.76 | -75.06 | |||||
| SUM PV UFCF | -429.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.50 |
| Free cash flow (t + 1) | -95.41 |
| Terminal Value | -3,816.50 |
| Present Value of Terminal Value | -3,062.55 |
Intrinsic Value
| Enterprise Value | -3,492.06 |
|---|---|
| Net Debt | 468.03 |
| Equity Value | -3,960.09 |
| Shares Outstanding | 89.72 |
| Equity Value Per Share | -44.14 |