Discounted Cash Flow (DCF) Analysis Unlevered

Eurazeo SE (RF.PA)

65.05 €

-0.10 (-0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 554.05 | 65.05 | 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 3,478.114,366.404,680.633,660.326,149.197,362.638,815.5210,555.1112,637.9915,131.88
Revenue (%)
EBITDA 812.38908.98830.401,016.122,433.101,903.152,278.702,728.373,266.763,911.40
EBITDA (%)
EBIT 610.25427.64374.81116.881,966.831,038.501,243.431,488.801,782.592,134.36
EBIT (%)
Depreciation 202.13481.34455.59899.25466.27864.651,035.271,239.561,484.171,777.05
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 906.48973.811,107.101,270.031,749.481,990.342,383.102,853.373,416.434,090.61
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 349.65360.95457.75483.06393.64702.36840.961,006.911,205.611,443.52
Inventories (%)
Accounts Payable 599.82574.71601.47498.64421.21938.451,123.641,345.371,610.851,928.73
Accounts Payable (%)
Capital Expenditure -192.46-250.12-282.38-232.70-259.75-410.49-491.49-588.47-704.60-843.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 65.05
Beta 1.457
Diluted Shares Outstanding 72.73
Cost of Debt
Tax Rate 21.52
After-tax Cost of Debt 5.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.724
Total Debt 4,323.70
Total Equity 4,731.13
Total Capital 9,054.83
Debt Weighting 47.75
Equity Weighting 52.25
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 3,478.114,366.404,680.633,660.326,149.197,362.638,815.5210,555.1112,637.9915,131.88
EBITDA 812.38908.98830.401,016.122,433.101,903.152,278.702,728.373,266.763,911.40
EBIT 610.25427.64374.81116.881,966.831,038.501,243.431,488.801,782.592,134.36
Tax Rate 8.55%-1.85%22.51%40.51%21.52%18.25%18.25%18.25%18.25%18.25%
EBIAT 558.04435.53290.4369.531,543.57848.961,016.491,217.081,457.251,744.81
Depreciation 202.13481.34455.59899.25466.27864.651,035.271,239.561,484.171,777.05
Accounts Receivable ----------
Inventories --11.30-96.81-25.3189.42-308.72-138.60-165.95-198.70-237.91
Accounts Payable --25.1126.76-102.84-77.42517.23185.19221.73265.49317.87
Capital Expenditure -192.46-250.12-282.38-232.70-259.75-410.49-491.49-588.47-704.60-843.64
UFCF 567.71630.34393.58607.931,762.091,511.641,606.861,923.942,303.602,758.18
WACC
PV UFCF 1,405.651,389.431,546.971,722.371,917.66
SUM PV UFCF 7,982.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.54
Free cash flow (t + 1) 2,813.34
Terminal Value 50,782.38
Present Value of Terminal Value 35,307.17

Intrinsic Value

Enterprise Value 43,289.26
Net Debt 2,993.04
Equity Value 40,296.23
Shares Outstanding 72.73
Equity Value Per Share 554.05