Discounted Cash Flow (DCF) Analysis Unlevered
Groupe Partouche SA (PARP.PA)
21.1 €
+0.10 (+0.48%)
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 | 410.84 | 433.49 | 343.46 | 255.70 | 388.77 | 399.69 | 410.91 | 422.45 | 434.32 | 446.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 57.25 | 75.86 | 50.11 | 35.21 | 93.02 | 66.92 | 68.80 | 70.73 | 72.72 | 74.76 |
| EBITDA (%) | ||||||||||
| EBIT | 14.92 | 29.25 | -11.74 | -40.49 | 40.61 | 1.26 | 1.29 | 1.33 | 1.37 | 1.41 |
| EBIT (%) | ||||||||||
| Depreciation | 42.33 | 46.61 | 61.84 | 75.70 | 52.41 | 65.66 | 67.51 | 69.41 | 71.35 | 73.36 |
| 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 | 109.93 | 119.13 | 138.44 | 178.81 | 166.87 | 165.79 | 170.45 | 175.23 | 180.16 | 185.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 9.37 | 9.19 | 9.21 | 5.99 | 6.25 | 8.82 | 9.07 | 9.32 | 9.58 | 9.85 |
| Inventories (%) | ||||||||||
| Accounts Payable | 17.45 | 15 | 19.12 | 39.63 | 15.19 | 26.12 | 26.86 | 27.61 | 28.39 | 29.19 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -66.45 | -55.82 | -36 | -34 | -41.58 | -50.78 | -52.20 | -53.67 | -55.18 | -56.73 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 21.1 |
|---|---|
| Beta | 1.159 |
| Diluted Shares Outstanding | 9.61 |
| Cost of Debt | |
| Tax Rate | 10.97 |
| After-tax Cost of Debt | 1.68% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.282 |
| Total Debt | 277.65 |
| Total Equity | 202.77 |
| Total Capital | 480.43 |
| Debt Weighting | 57.79 |
| Equity Weighting | 42.21 |
| 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 | 410.84 | 433.49 | 343.46 | 255.70 | 388.77 | 399.69 | 410.91 | 422.45 | 434.32 | 446.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 57.25 | 75.86 | 50.11 | 35.21 | 93.02 | 66.92 | 68.80 | 70.73 | 72.72 | 74.76 |
| EBIT | 14.92 | 29.25 | -11.74 | -40.49 | 40.61 | 1.26 | 1.29 | 1.33 | 1.37 | 1.41 |
| Tax Rate | 68.04% | 41.77% | -24.75% | -5.45% | 10.97% | 18.12% | 18.12% | 18.12% | 18.12% | 18.12% |
| EBIAT | 4.77 | 17.03 | -14.64 | -42.70 | 36.16 | 1.03 | 1.06 | 1.09 | 1.12 | 1.15 |
| Depreciation | 42.33 | 46.61 | 61.84 | 75.70 | 52.41 | 65.66 | 67.51 | 69.41 | 71.35 | 73.36 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.18 | -0.03 | 3.22 | -0.26 | -2.57 | -0.25 | -0.25 | -0.26 | -0.27 |
| Accounts Payable | - | -2.45 | 4.12 | 20.50 | -24.43 | 10.93 | 0.73 | 0.75 | 0.78 | 0.80 |
| Capital Expenditure | -66.45 | -55.82 | -36 | -34 | -41.58 | -50.78 | -52.20 | -53.67 | -55.18 | -56.73 |
| UFCF | -19.35 | 5.56 | 15.30 | 22.73 | 22.30 | 24.28 | 16.85 | 17.32 | 17.81 | 18.31 |
| WACC | ||||||||||
| PV UFCF | 23.14 | 15.32 | 15.01 | 14.71 | 14.42 | |||||
| SUM PV UFCF | 82.61 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.89 |
| Free cash flow (t + 1) | 18.68 |
| Terminal Value | 646.24 |
| Present Value of Terminal Value | 509.01 |
Intrinsic Value
| Enterprise Value | 591.62 |
|---|---|
| Net Debt | 110.78 |
| Equity Value | 480.83 |
| Shares Outstanding | 9.61 |
| Equity Value Per Share | 50.03 |