Discounted Cash Flow (DCF) Analysis Unlevered

Rothschild & Co SCA (ROTH.PA)

33.85 €

-0.15 (-0.44%)

All numbers are in Millions, Currency in USD

Stock DCF: 270.66 | 33.85 | 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	1,727.91	1,995.51	1,941.35	1,834.51	2,816.05	3,243.91	3,736.77	4,304.51	4,958.52	5,711.89
Revenue (%)
EBITDA	333.64	452.78	461.50	300.43	1,019.67	767.88	884.54	1,018.94	1,173.75	1,352.08
EBITDA (%)
EBIT	301.52	422.58	385.34	227.69	942.29	677	779.86	898.34	1,034.83	1,192.06
EBIT (%)
Depreciation	32.12	30.20	76.16	72.74	77.38	90.88	104.69	120.59	138.91	160.02
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	3,907.43	5,819.33	5,310.03	7,555.15	6,005.11	9,189.08	10,585.22	12,193.48	14,046.09	16,180.18
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	36	32.97	266.23	22.93	43.14	131.25	151.19	174.17	200.63	231.11
Accounts Payable (%)
Capital Expenditure	-13.15	-21.85	-20.59	-38.81	-25.43	-38.51	-44.36	-51.10	-58.86	-67.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 33.85
Beta	0.984
Diluted Shares Outstanding	72.25
Cost of Debt
Tax Rate	32.28
After-tax Cost of Debt	0.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.426
Total Debt	736.60
Total Equity	2,445.80
Total Capital	3,182.39
Debt Weighting	23.15
Equity Weighting	76.85
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	1,727.91	1,995.51	1,941.35	1,834.51	2,816.05	3,243.91	3,736.77	4,304.51	4,958.52	5,711.89
EBITDA	333.64	452.78	461.50	300.43	1,019.67	767.88	884.54	1,018.94	1,173.75	1,352.08
EBIT	301.52	422.58	385.34	227.69	942.29	677	779.86	898.34	1,034.83	1,192.06
Tax Rate	57.42%	46.04%	47.75%	56.50%	32.28%	48.00%	48.00%	48.00%	48.00%	48.00%
EBIAT	128.39	228.04	201.33	99.06	638.09	352.05	405.54	467.16	538.14	619.90
Depreciation	32.12	30.20	76.16	72.74	77.38	90.88	104.69	120.59	138.91	160.02
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-3.03	233.26	-243.31	20.21	88.12	19.94	22.97	26.46	30.48
Capital Expenditure	-13.15	-21.85	-20.59	-38.81	-25.43	-38.51	-44.36	-51.10	-58.86	-67.81
UFCF	147.35	233.36	490.16	-110.33	710.25	492.54	485.81	559.62	644.65	742.59
WACC
PV UFCF						461.96	427.36	461.72	498.85	538.96
SUM PV UFCF										2,388.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.62
Free cash flow (t + 1)	757.45
Terminal Value	16,394.95
Present Value of Terminal Value	11,899.17

Intrinsic Value

Enterprise Value	14,288.02
Net Debt	-5,268.51
Equity Value	19,556.53
Shares Outstanding	72.25
Equity Value Per Share	270.66