Discounted Cash Flow (DCF) Analysis Unlevered

Haulotte Group SA (PIG.PA)

2.695 €

+0.07 (+2.67%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.22 | 2.695 | undervalue

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 509.95555.90609.83438.55497.27502.26507.31512.40517.54522.74
Revenue (%)
EBITDA 34.4748.4250.3111.8839.5834.5434.8935.2435.6035.95
EBITDA (%)
EBIT 21.0332.5730.03-12.4719.7616.1116.2716.4416.6016.77
EBIT (%)
Depreciation 13.4515.8520.2824.3419.8218.4318.6218.811919.19
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 25.6424.5329.0926.1833.2026.9827.2527.5227.8028.08
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 108.73178.95191.58134.24156.82147.74149.22150.72152.23153.76
Inventories (%)
Accounts Payable 62.3586.2870.7545.3091.8768.4669.1569.8470.5571.25
Accounts Payable (%)
Capital Expenditure -18.86-22.18-31.15-31.20-35.72-27.22-27.49-27.77-28.05-28.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.695
Beta 0.999
Diluted Shares Outstanding 31.43
Cost of Debt
Tax Rate 50.70
After-tax Cost of Debt 0.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.528
Total Debt 219.12
Total Equity 84.70
Total Capital 303.81
Debt Weighting 72.12
Equity Weighting 27.88
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 509.95555.90609.83438.55497.27502.26507.31512.40517.54522.74
EBITDA 34.4748.4250.3111.8839.5834.5434.8935.2435.6035.95
EBIT 21.0332.5730.03-12.4719.7616.1116.2716.4416.6016.77
Tax Rate 16.51%5.84%27.40%-66.93%50.70%6.70%6.70%6.70%6.70%6.70%
EBIAT 17.5630.6721.80-20.819.7415.0315.1815.3315.4915.64
Depreciation 13.4515.8520.2824.3419.8218.4318.6218.811919.19
Accounts Receivable ----------
Inventories --70.22-12.6357.34-22.589.08-1.48-1.50-1.51-1.53
Accounts Payable -23.93-15.54-25.4546.57-23.400.690.690.700.71
Capital Expenditure -18.86-22.18-31.15-31.20-35.72-27.22-27.49-27.77-28.05-28.33
UFCF 12.14-21.94-17.234.2217.82-8.085.515.575.635.68
WACC
PV UFCF -7.845.205.1054.90
SUM PV UFCF 12.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.01
Free cash flow (t + 1) 5.80
Terminal Value 573.79
Present Value of Terminal Value 494.71

Intrinsic Value

Enterprise Value 507.06
Net Debt 185.91
Equity Value 321.14
Shares Outstanding 31.43
Equity Value Per Share 10.22