Discounted Cash Flow (DCF) Analysis Unlevered

Plastiques du Val de Loire (PVL.PA)

3.06 €

+0.01 (+0.33%)
All numbers are in Millions, Currency in USD
Stock DCF: 32.72 | 3.06 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 728.41629.24677.16704.25834.18868.49904.21941.40980.121,020.43
Revenue (%)
EBITDA 75.8343.3264.6363.4866.8876.2079.3482.608689.53
EBITDA (%)
EBIT 39.68-6.6020.442.584.3114.4215.0115.6316.2716.94
EBIT (%)
Depreciation 36.1549.9244.1960.9062.5861.7964.3366.9769.7372.59
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 36.6355.3073.4640.7271.0567.6870.4673.3676.3879.52
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 70.9963.1477.6978.2964.0786.9490.5194.2498.11102.15
Inventories (%)
Accounts Payable 66.0879.2577.8498.51116.42106.14110.51115.05119.78124.71
Accounts Payable (%)
Capital Expenditure -57.60-28.23-22.83-19.53-36.35-39.77-41.40-43.11-44.88-46.73
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.06
Beta 2.234
Diluted Shares Outstanding 22.14
Cost of Debt
Tax Rate -66.01
After-tax Cost of Debt 4.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.795
Total Debt 293.23
Total Equity 67.74
Total Capital 360.96
Debt Weighting 81.23
Equity Weighting 18.77
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 728.41629.24677.16704.25834.18868.49904.21941.40980.121,020.43
EBITDA 75.8343.3264.6363.4866.8876.2079.3482.608689.53
EBIT 39.68-6.6020.442.584.3114.4215.0115.6316.2716.94
Tax Rate 27.18%-16.88%41.82%-28.55%-66.01%-8.49%-8.49%-8.49%-8.49%-8.49%
EBIAT 28.90-7.7211.893.317.1515.6416.2816.9517.6518.38
Depreciation 36.1549.9244.1960.9062.5861.7964.3366.9769.7372.59
Accounts Receivable ----------
Inventories -7.86-14.55-0.6014.22-22.87-3.58-3.72-3.88-4.04
Accounts Payable -13.18-1.4120.6717.90-10.284.374.544.734.93
Capital Expenditure -57.60-28.23-22.83-19.53-36.35-39.77-41.40-43.11-44.88-46.73
UFCF 7.4435.0117.2864.7565.514.5139.9941.6443.3545.14
WACC
PV UFCF 4.2535.4434.7334.0433.36
SUM PV UFCF 141.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.23
Free cash flow (t + 1) 46.04
Terminal Value 1,088.37
Present Value of Terminal Value 804.52

Intrinsic Value

Enterprise Value 946.36
Net Debt 222.18
Equity Value 724.18
Shares Outstanding 22.14
Equity Value Per Share 32.72