Discounted Cash Flow (DCF) Analysis Unlevered
Parrot S.A. (PARRO.PA)
4.56 €
-0.14 (-3.08%)
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 | 151.87 | 109.24 | 76.06 | 57.27 | 54.31 | 42.32 | 32.97 | 25.69 | 20.02 | 15.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -30.64 | -61.67 | -36.18 | -34.14 | 0.77 | -15.43 | -12.03 | -9.37 | -7.30 | -5.69 |
| EBITDA (%) | ||||||||||
| EBIT | -36.76 | -112.03 | -28.79 | -37.87 | -1.57 | -19.77 | -15.41 | -12 | -9.35 | -7.29 |
| EBIT (%) | ||||||||||
| Depreciation | 6.13 | 50.37 | -7.39 | 3.73 | 2.34 | 4.34 | 3.38 | 2.63 | 2.05 | 1.60 |
| 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 | 157.56 | 161.48 | 126.62 | 87.99 | 82.84 | 61.29 | 47.76 | 37.21 | 29 | 22.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 40.22 | 27.64 | 10.30 | 5.99 | 5.17 | 7.22 | 5.63 | 4.38 | 3.42 | 2.66 |
| Account Receivables (%) | ||||||||||
| Inventories | 23.26 | 19.43 | 13.32 | 10.17 | 4.94 | 6.56 | 5.11 | 3.98 | 3.10 | 2.42 |
| Inventories (%) | ||||||||||
| Accounts Payable | 37.59 | 27.63 | 16.26 | 11.93 | 9.89 | 9.35 | 7.28 | 5.68 | 4.42 | 3.45 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.26 | -4.21 | -1.37 | -2.07 | -1.57 | -1.16 | -0.90 | -0.70 | -0.55 | -0.43 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.56 |
|---|---|
| Beta | 0.864 |
| Diluted Shares Outstanding | 30.22 |
| Cost of Debt | |
| Tax Rate | -7.76 |
| After-tax Cost of Debt | 2.35% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.620 |
| Total Debt | 10.26 |
| Total Equity | 137.80 |
| Total Capital | 148.06 |
| Debt Weighting | 6.93 |
| Equity Weighting | 93.07 |
| 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 | 151.87 | 109.24 | 76.06 | 57.27 | 54.31 | 42.32 | 32.97 | 25.69 | 20.02 | 15.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -30.64 | -61.67 | -36.18 | -34.14 | 0.77 | -15.43 | -12.03 | -9.37 | -7.30 | -5.69 |
| EBIT | -36.76 | -112.03 | -28.79 | -37.87 | -1.57 | -19.77 | -15.41 | -12 | -9.35 | -7.29 |
| Tax Rate | 53.00% | 0.72% | -1.45% | -0.52% | -7.76% | 8.80% | 8.80% | 8.80% | 8.80% | 8.80% |
| EBIAT | -17.28 | -111.23 | -29.20 | -38.06 | -1.70 | -18.03 | -14.05 | -10.95 | -8.53 | -6.65 |
| Depreciation | 6.13 | 50.37 | -7.39 | 3.73 | 2.34 | 4.34 | 3.38 | 2.63 | 2.05 | 1.60 |
| Accounts Receivable | - | 12.58 | 17.33 | 4.31 | 0.83 | -2.05 | 1.59 | 1.24 | 0.97 | 0.75 |
| Inventories | - | 3.83 | 6.11 | 3.14 | 5.24 | -1.62 | 1.45 | 1.13 | 0.88 | 0.68 |
| Accounts Payable | - | -9.96 | -11.37 | -4.33 | -2.04 | -0.54 | -2.06 | -1.61 | -1.25 | -0.98 |
| Capital Expenditure | -2.26 | -4.21 | -1.37 | -2.08 | -1.57 | -1.16 | -0.90 | -0.70 | -0.55 | -0.43 |
| UFCF | -13.41 | -58.61 | -25.89 | -33.28 | 3.10 | -19.06 | -10.59 | -8.25 | -6.43 | -5.01 |
| WACC | ||||||||||
| PV UFCF | -17.78 | -9.21 | -6.69 | -4.86 | -3.53 | |||||
| SUM PV UFCF | -42.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.25 |
| Free cash flow (t + 1) | -5.11 |
| Terminal Value | -97.37 |
| Present Value of Terminal Value | -68.62 |
Intrinsic Value
| Enterprise Value | -110.69 |
|---|---|
| Net Debt | -72.58 |
| Equity Value | -38.11 |
| Shares Outstanding | 30.22 |
| Equity Value Per Share | -1.26 |