Discounted Cash Flow (DCF) Analysis Unlevered

Fiducial Office Solutions (SACI.PA)

28 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 50.55 | 28 | 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 180.63187.46193.23174.98191.64194.96198.34201.78205.28208.84
Revenue (%)
EBITDA 2.802.712.526.418.574.854.935.025.115.19
EBITDA (%)
EBIT 2.231.551.761.452.511.992.032.062.102.13
EBIT (%)
Depreciation 0.571.160.764.966.062.862.912.963.013.06
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 1.781.431.062.051.431.641.671.701.731.76
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 11.2612.2112.5318.0716.7814.9415.2015.4615.7316
Inventories (%)
Accounts Payable 26.9125.9349.4927.1031.5133.6434.2234.8235.4236.03
Accounts Payable (%)
Capital Expenditure -3.34-0.44-0.14-7.06-3.38-3.10-3.16-3.21-3.27-3.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28
Beta 0.089
Diluted Shares Outstanding 2.17
Cost of Debt
Tax Rate -0.71
After-tax Cost of Debt 1.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.177
Total Debt 8
Total Equity 60.74
Total Capital 68.74
Debt Weighting 11.64
Equity Weighting 88.36
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 180.63187.46193.23174.98191.64194.96198.34201.78205.28208.84
EBITDA 2.802.712.526.418.574.854.935.025.115.19
EBIT 2.231.551.761.452.511.992.032.062.102.13
Tax Rate 0.66%1.13%-1.63%-15.36%-0.71%-3.18%-3.18%-3.18%-3.18%-3.18%
EBIAT 2.221.531.791.672.532.062.092.132.172.20
Depreciation 0.571.160.764.966.062.862.912.963.013.06
Accounts Receivable ----------
Inventories --0.95-0.33-5.541.291.84-0.26-0.26-0.27-0.27
Accounts Payable --0.9923.56-22.394.422.130.580.590.600.61
Capital Expenditure -3.34-0.44-0.14-7.06-3.38-3.10-3.16-3.21-3.27-3.32
UFCF -0.550.3225.65-28.3610.915.782.172.202.242.28
WACC
PV UFCF 5.562.011.971.931.89
SUM PV UFCF 13.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.87
Free cash flow (t + 1) 2.33
Terminal Value 124.38
Present Value of Terminal Value 102.87

Intrinsic Value

Enterprise Value 116.22
Net Debt 6.57
Equity Value 109.65
Shares Outstanding 2.17
Equity Value Per Share 50.55