Discounted Cash Flow (DCF) Analysis Unlevered

Prodways Group SA (PWG.PA)

3.79 €

-0.14 (-3.44%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.06 | 3.79 | overvalue

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 34.8160.8971.2857.2170.6587.56108.52134.49166.69206.59
Revenue (%)
EBITDA -1.460.543.83-8.786.63-0.68-0.84-1.04-1.29-1.60
EBITDA (%)
EBIT -5.66-4.03-3.72-14.70-0.52-9.55-11.84-14.67-18.18-22.53
EBIT (%)
Depreciation 4.204.577.555.927.168.8710.9913.6316.8920.93
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 41.5125.9315.8922.5016.9243.3253.6966.5582.48102.22
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 5.676.698.386.286.5010.3712.8515.9319.7424.46
Inventories (%)
Accounts Payable 8.488.9510.118.749.1614.2717.6821.9127.1633.66
Accounts Payable (%)
Capital Expenditure -4.80-5.08-7.47-5.06-3.12-8.03-9.95-12.34-15.29-18.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.79
Beta 1.086
Diluted Shares Outstanding 51.03
Cost of Debt
Tax Rate 61.00
After-tax Cost of Debt 0.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.640
Total Debt 24.20
Total Equity 193.39
Total Capital 217.60
Debt Weighting 11.12
Equity Weighting 88.88
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 34.8160.8971.2857.2170.6587.56108.52134.49166.69206.59
EBITDA -1.460.543.83-8.786.63-0.68-0.84-1.04-1.29-1.60
EBIT -5.66-4.03-3.72-14.70-0.52-9.55-11.84-14.67-18.18-22.53
Tax Rate -14.31%-7.09%-3.25%7.56%61.00%8.78%8.78%8.78%8.78%8.78%
EBIAT -6.47-4.32-3.84-13.59-0.20-8.71-10.80-13.38-16.58-20.55
Depreciation 4.204.577.555.927.168.8710.9913.6316.8920.93
Accounts Receivable ----------
Inventories --1.02-1.682.10-0.22-3.87-2.48-3.08-3.81-4.73
Accounts Payable -0.471.16-1.370.415.113.424.235.256.50
Capital Expenditure -4.80-5.08-7.46-5.06-3.12-8.03-9.95-12.34-15.29-18.95
UFCF -7.07-5.38-4.28-124.02-6.63-8.82-10.94-13.55-16.80
WACC
PV UFCF -6.15-7.60-8.75-10.07-11.58
SUM PV UFCF -44.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.72
Free cash flow (t + 1) -17.14
Terminal Value -299.58
Present Value of Terminal Value -206.55

Intrinsic Value

Enterprise Value -250.71
Net Debt 7.29
Equity Value -258
Shares Outstanding 51.03
Equity Value Per Share -5.06