Discounted Cash Flow (DCF) Analysis Unlevered
Saint Jean Groupe Société anonyme (SABE.PA)
19.5 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 71 | 74.17 | 81.53 | 89.28 | 95.07 | 102.29 | 110.06 | 118.42 | 127.41 | 137.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 10.16 | 7.04 | 11.99 | 8.53 | 9.34 | 11.84 | 12.74 | 13.71 | 14.75 | 15.87 |
| EBITDA (%) | ||||||||||
| EBIT | 4.67 | 1.12 | 5.39 | 1.80 | 2.56 | 3.97 | 4.27 | 4.60 | 4.95 | 5.32 |
| EBIT (%) | ||||||||||
| Depreciation | 5.49 | 5.92 | 6.60 | 6.73 | 6.78 | 7.87 | 8.47 | 9.11 | 9.80 | 10.55 |
| 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 | 44.08 | 40.66 | 47.04 | 45.34 | 44.43 | 55.67 | 59.90 | 64.45 | 69.34 | 74.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 4.17 | 5.44 | 5.87 | 7.37 | 7.80 | 7.54 | 8.12 | 8.73 | 9.40 | 10.11 |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.30 | 8.16 | 8.02 | 10.36 | 10.30 | 11.24 | 12.10 | 13.02 | 14.01 | 15.07 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -8.96 | -9.09 | -5.76 | -10.67 | -23.14 | -13.96 | -15.02 | -16.16 | -17.38 | -18.70 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 19.5 |
|---|---|
| Beta | 0.163 |
| Diluted Shares Outstanding | 79.87 |
| Cost of Debt | |
| Tax Rate | 14.70 |
| After-tax Cost of Debt | 0.59% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.366 |
| Total Debt | 47.67 |
| Total Equity | 1,557.41 |
| Total Capital | 1,605.09 |
| Debt Weighting | 2.97 |
| Equity Weighting | 97.03 |
| 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 | 71 | 74.17 | 81.53 | 89.28 | 95.07 | 102.29 | 110.06 | 118.42 | 127.41 | 137.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 10.16 | 7.04 | 11.99 | 8.53 | 9.34 | 11.84 | 12.74 | 13.71 | 14.75 | 15.87 |
| EBIT | 4.67 | 1.12 | 5.39 | 1.80 | 2.56 | 3.97 | 4.27 | 4.60 | 4.95 | 5.32 |
| Tax Rate | 11.30% | -10.46% | 23.59% | 7.86% | 14.70% | 9.40% | 9.40% | 9.40% | 9.40% | 9.40% |
| EBIAT | 4.14 | 1.24 | 4.12 | 1.66 | 2.19 | 3.60 | 3.87 | 4.17 | 4.48 | 4.82 |
| Depreciation | 5.49 | 5.92 | 6.60 | 6.73 | 6.78 | 7.87 | 8.47 | 9.11 | 9.80 | 10.55 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -1.27 | -0.43 | -1.50 | -0.43 | 0.26 | -0.57 | -0.62 | -0.66 | -0.71 |
| Accounts Payable | - | -0.14 | -0.14 | 2.34 | -0.06 | 0.94 | 0.85 | 0.92 | 0.99 | 1.06 |
| Capital Expenditure | -8.96 | -9.09 | -5.76 | -10.67 | -23.14 | -13.96 | -15.02 | -16.16 | -17.38 | -18.70 |
| UFCF | 0.67 | -3.34 | 4.39 | -1.44 | -14.67 | -1.28 | -2.39 | -2.58 | -2.77 | -2.98 |
| WACC | ||||||||||
| PV UFCF | -1.23 | -2.20 | -2.27 | -2.35 | -2.42 | |||||
| SUM PV UFCF | -10.48 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.25 |
| Free cash flow (t + 1) | -3.04 |
| Terminal Value | -135.22 |
| Present Value of Terminal Value | -109.81 |
Intrinsic Value
| Enterprise Value | -120.29 |
|---|---|
| Net Debt | 3.24 |
| Equity Value | -123.53 |
| Shares Outstanding | 79.87 |
| Equity Value Per Share | -1.55 |