Discounted Cash Flow (DCF) Analysis Unlevered

SCOR SE (SCR.PA)

18.7 €

-0.12 (-0.61%)
All numbers are in Millions, Currency in USD
Stock DCF: 79.77 | 18.7 | 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 14,18114,44315,02815,42316,03416,534.5817,050.7917,583.1218,132.0618,698.14
Revenue (%)
EBITDA 5357618485821,225863.04889.98917.77946.42975.97
EBITDA (%)
EBIT 442607673451774646.48666.66687.48708.94731.07
EBIT (%)
Depreciation 93154175131451216.56223.32230.29237.48244.90
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 17,42119,13620,51820,34122,43221,946.7722,631.9523,338.5224,067.1424,818.52
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1,9722,0272,3411,9403,0972,493.812,571.662,651.952,734.742,820.12
Accounts Payable (%)
Capital Expenditure -51-82-130-135-87-106.16-109.48-112.90-116.42-120.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.7
Beta 1.247
Diluted Shares Outstanding 186.48
Cost of Debt
Tax Rate 31.22
After-tax Cost of Debt 2.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.499
Total Debt 3,221
Total Equity 3,487.10
Total Capital 6,708.10
Debt Weighting 48.02
Equity Weighting 51.98
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 14,18114,44315,02815,42316,03416,534.5817,050.7917,583.1218,132.0618,698.14
EBITDA 5357618485821,225863.04889.98917.77946.42975.97
EBIT 442607673451774646.48666.66687.48708.94731.07
Tax Rate 16.13%35.21%25.83%30.36%31.22%27.75%27.75%27.75%27.75%27.75%
EBIAT 370.71393.27499.13314.09532.34467.08481.66496.70512.20528.19
Depreciation 93154175131451216.56223.32230.29237.48244.90
Accounts Receivable ----------
Inventories ----------
Accounts Payable -55314-4011,157-603.1977.8680.2982.7985.38
Capital Expenditure -51-82-130-135-87-106.16-109.48-112.90-116.42-120.06
UFCF 412.71520.27858.13-90.912,053.34-25.72673.36694.38716.06738.41
WACC
PV UFCF -24.25598.38581.70565.48549.71
SUM PV UFCF 2,271.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.08
Free cash flow (t + 1) 753.18
Terminal Value 18,460.37
Present Value of Terminal Value 13,742.73

Intrinsic Value

Enterprise Value 16,013.75
Net Debt 1,138
Equity Value 14,875.75
Shares Outstanding 186.48
Equity Value Per Share 79.77