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 1,727.911,995.511,941.351,834.512,816.053,243.913,736.774,304.514,958.525,711.89
Revenue (%)
EBITDA 333.64452.78461.50300.431,019.67767.88884.541,018.941,173.751,352.08
EBITDA (%)
EBIT 301.52422.58385.34227.69942.29677779.86898.341,034.831,192.06
EBIT (%)
Depreciation 32.1230.2076.1672.7477.3890.88104.69120.59138.91160.02
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 3,907.435,819.335,310.037,555.156,005.119,189.0810,585.2212,193.4814,046.0916,180.18
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3632.97266.2322.9343.14131.25151.19174.17200.63231.11
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 1,727.911,995.511,941.351,834.512,816.053,243.913,736.774,304.514,958.525,711.89
EBITDA 333.64452.78461.50300.431,019.67767.88884.541,018.941,173.751,352.08
EBIT 301.52422.58385.34227.69942.29677779.86898.341,034.831,192.06
Tax Rate 57.42%46.04%47.75%56.50%32.28%48.00%48.00%48.00%48.00%48.00%
EBIAT 128.39228.04201.3399.06638.09352.05405.54467.16538.14619.90
Depreciation 32.1230.2076.1672.7477.3890.88104.69120.59138.91160.02
Accounts Receivable ----------
Inventories ----------
Accounts Payable --3.03233.26-243.3120.2188.1219.9422.9726.4630.48
Capital Expenditure -13.15-21.85-20.59-38.81-25.43-38.51-44.36-51.10-58.86-67.81
UFCF 147.35233.36490.16-110.33710.25492.54485.81559.62644.65742.59
WACC
PV UFCF 461.96427.36461.72498.85538.96
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