Discounted Cash Flow (DCF) Analysis Unlevered

Hermès International Société en com... (RMS.PA)

1378 €

-1.50 (-0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,331.57 | 1378 | 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 5,549.105,966.106,883.406,389.408,98210,245.9911,687.8513,332.6215,208.8417,349.10
Revenue (%)
EBITDA 2,093.502,297.202,751.302,544.904,0554,122.514,702.655,364.436,119.346,980.48
EBITDA (%)
EBIT 1,892.402,080.202,303.602,030.703,4923,547.084,046.244,615.645,265.186,006.12
EBIT (%)
Depreciation 201.10217447.70514.20563575.44656.41748.79854.16974.36
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 2,931.903,479.104,384.204,732.706,6966,628.397,561.178,625.219,838.9911,223.57
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 896.20963.601,132.601,289.401,4491,743.221,988.532,268.372,587.582,951.72
Inventories (%)
Accounts Payable 425.80417.10405.50372.50450643.35733.89837.17954.981,089.37
Accounts Payable (%)
Capital Expenditure -265.30-312.30-478-448.40-538.42-614.19-700.62-799.21-911.68-1,039.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,378
Beta 0.545
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 28.82
After-tax Cost of Debt 1.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.423
Total Debt 1,802
Total Equity 110,057.18
Total Capital 111,859.18
Debt Weighting 1.61
Equity Weighting 98.39
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 5,549.105,966.106,883.406,389.408,98210,245.9911,687.8513,332.6215,208.8417,349.10
EBITDA 2,093.502,297.202,751.302,544.904,0554,122.514,702.655,364.436,119.346,980.48
EBIT 1,892.402,080.202,303.602,030.703,4923,547.084,046.244,615.645,265.186,006.12
Tax Rate 35.36%31.92%32.69%30.26%28.82%31.81%31.81%31.81%31.81%31.81%
EBIAT 1,223.181,416.241,550.621,416.302,485.572,418.782,759.173,147.453,590.374,095.63
Depreciation 201.10217447.70514.20563575.44656.41748.79854.16974.36
Accounts Receivable ----------
Inventories --67.40-169-156.80-159.60-294.22-245.31-279.84-319.21-364.14
Accounts Payable --8.70-11.60-3377.50193.3590.54103.28117.81134.39
Capital Expenditure -265.30-312.30-478-448.40-538.42-614.19-700.62-799.21-911.68-1,039.98
UFCF 1,158.981,244.841,339.721,292.302,428.052,279.172,560.192,920.473,331.453,800.26
WACC
PV UFCF 2,163.222,306.322,497.042,703.522,927.08
SUM PV UFCF 12,597.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.36
Free cash flow (t + 1) 3,876.27
Terminal Value 115,365.18
Present Value of Terminal Value 88,857.88

Intrinsic Value

Enterprise Value 101,455.06
Net Debt -4,894
Equity Value 106,349.06
Shares Outstanding 79.87
Equity Value Per Share 1,331.57