Discounted Cash Flow (DCF) Analysis Unlevered

Eurazeo SE (RF.PA)

77.95 €

-0.30 (-0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 194.58 | 77.95 | 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 4,782.824,986.493,968.616,149.195,538.035,937.496,365.766,824.937,317.227,845.02
Revenue (%)
EBITDA 867.48772.63979.772,837.571,483.781,558.681,671.111,791.651,920.892,059.44
EBITDA (%)
EBIT 386.14317.0580.522,371.301,001.63868.18930.80997.941,069.921,147.10
EBIT (%)
Depreciation 481.34455.59899.25466.27482.15690.51740.31793.71850.96912.34
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 973.811,107.101,270.031,749.481,092.501,457.561,562.691,675.411,796.261,925.83
Total Cash (%)
Account Receivables 1,240.541,299.041,791.131,419.841,340.371,714.911,838.611,971.232,113.422,265.86
Account Receivables (%)
Inventories 360.95457.76483.06393.64492.45524.78562.64603.22646.73693.38
Inventories (%)
Accounts Payable 574.71601.47498.63421.21549.73634.35680.11729.16781.76838.15
Accounts Payable (%)
Capital Expenditure -250.12-282.38-232.70-259.75-444.66-344.48-369.33-395.97-424.53-455.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 77.95
Beta 1.404
Diluted Shares Outstanding 72.96
Cost of Debt
Tax Rate -3.76
After-tax Cost of Debt 6.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.926
Total Debt 5,480.22
Total Equity 5,686.85
Total Capital 11,167.07
Debt Weighting 49.07
Equity Weighting 50.93
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 4,782.824,986.493,968.616,149.195,538.035,937.496,365.766,824.937,317.227,845.02
EBITDA 867.48772.63979.772,837.571,483.781,558.681,671.111,791.651,920.892,059.44
EBIT 386.14317.0580.522,371.301,001.63868.18930.80997.941,069.921,147.10
Tax Rate -1.85%22.51%-7.73%21.86%-3.76%6.21%6.21%6.21%6.21%6.21%
EBIAT 393.26245.6786.751,852.941,039.33814.29873.039361,003.521,075.90
Depreciation 481.34455.59899.25466.27482.15690.51740.31793.71850.96912.34
Accounts Receivable --58.50-492.08371.2879.48-374.54-123.70-132.62-142.19-152.44
Inventories --96.81-25.3189.42-98.81-32.33-37.85-40.58-43.51-46.65
Accounts Payable -26.76-102.84-77.42128.5284.6245.7649.0652.6056.39
Capital Expenditure -250.12-282.38-232.70-259.75-444.66-344.48-369.33-395.97-424.53-455.16
UFCF 624.48290.32133.072,442.741,186.01838.061,128.211,209.591,296.841,390.38
WACC
PV UFCF 771.48956.07943.60931.30919.15
SUM PV UFCF 4,521.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.63
Free cash flow (t + 1) 1,418.19
Terminal Value 21,390.54
Present Value of Terminal Value 14,140.76

Intrinsic Value

Enterprise Value 18,662.36
Net Debt 4,466.75
Equity Value 14,195.61
Shares Outstanding 72.96
Equity Value Per Share 194.58