Discounted Cash Flow (DCF) Analysis Unlevered

Colas SA (RE.PA)

175 €

+0.50 (+0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 276.29 | 175 | undervalue

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 13,19013,68812,29713,22615,52916,250.3517,005.2117,795.1418,621.7519,486.77
Revenue (%)
EBITDA 7541,0309118928311,064.241,113.681,165.411,219.541,276.20
EBITDA (%)
EBIT 271467321426336437.50457.83479.09501.35524.64
EBIT (%)
Depreciation 483563590466495626.74655.85686.32718.20751.56
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 563489606550478650.19680.39712745.07779.68
Total Cash (%)
Account Receivables 2,9873,099.782,784.772,995.153,516.693,680.053,850.994,029.884,217.074,412.96
Account Receivables (%)
Inventories 672675606728868846.58885.90927.05970.121,015.18
Inventories (%)
Accounts Payable 2,1152,1141,8842,1532,2682,524.762,642.042,764.772,893.203,027.59
Accounts Payable (%)
Capital Expenditure -462-408-304-357-390-460.41-481.80-504.18-527.60-552.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 175
Beta 0.486
Diluted Shares Outstanding 32.65
Cost of Debt
Tax Rate 31.90
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.579
Total Debt 1,449
Total Equity 5,713.12
Total Capital 7,162.12
Debt Weighting 20.23
Equity Weighting 79.77
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 13,19013,68812,29713,22615,52916,250.3517,005.2117,795.1418,621.7519,486.77
EBITDA 7541,0309118928311,064.241,113.681,165.411,219.541,276.20
EBIT 271467321426336437.50457.83479.09501.35524.64
Tax Rate 30.03%35.07%47.78%36.50%31.90%36.26%36.26%36.26%36.26%36.26%
EBIAT 189.62303.20167.63270.53228.81278.88291.84305.39319.58334.42
Depreciation 483563590466495626.74655.85686.32718.20751.56
Accounts Receivable --112.78315.01-210.38-521.54-163.36-170.95-178.89-187.20-195.89
Inventories --369-122-14021.42-39.33-41.15-43.06-45.06
Accounts Payable --1-230269115256.76117.28122.73128.43134.39
Capital Expenditure -462-408-304-357-390-460.41-481.80-504.18-527.60-552.11
UFCF 210.62341.42607.64316.14-212.72560.04372.90390.22408.35427.32
WACC
PV UFCF 528.39331.94327.73323.57319.47
SUM PV UFCF 1,831.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.99
Free cash flow (t + 1) 435.86
Terminal Value 10,923.89
Present Value of Terminal Value 8,166.81

Intrinsic Value

Enterprise Value 9,997.91
Net Debt 978
Equity Value 9,019.91
Shares Outstanding 32.65
Equity Value Per Share 276.29