Discounted Cash Flow (DCF) Analysis Unlevered

SCOR SE (SCR.PA)

14.865 €

+0.38 (+2.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 85.04 | 14.865 | 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 14,17614,42115,01615,41416,03416,536.1517,054.0217,588.1118,138.9218,706.99
Revenue (%)
EBITDA 5297538405691,225855.87882.67910.32938.82968.23
EBITDA (%)
EBIT 436599665438774639.18659.20679.84701.13723.09
EBIT (%)
Depreciation 93154175131451216.69223.48230.47237.69245.14
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 17,42119,13620,51820,34122,43221,963.1222,650.9523,360.3224,091.9124,846.41
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1,9722,0272,3411,9403,0972,495.572,573.722,654.322,737.452,823.18
Accounts Payable (%)
Capital Expenditure -51-82-130-135-87-106.25-109.57-113.01-116.54-120.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.865
Beta 1.281
Diluted Shares Outstanding 186.24
Cost of Debt
Tax Rate 31.22
After-tax Cost of Debt 2.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.848
Total Debt 3,221
Total Equity 2,768.50
Total Capital 5,989.50
Debt Weighting 53.78
Equity Weighting 46.22
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 14,17614,42115,01615,41416,03416,536.1517,054.0217,588.1118,138.9218,706.99
EBITDA 5297538405691,225855.87882.67910.32938.82968.23
EBIT 436599665438774639.18659.20679.84701.13723.09
Tax Rate 16.13%35.21%25.83%30.36%31.22%27.75%27.75%27.75%27.75%27.75%
EBIAT 365.68388.08493.20305.04532.34461.80476.26491.18506.56522.43
Depreciation 93154175131451216.69223.48230.47237.69245.14
Accounts Receivable ----------
Inventories ----------
Accounts Payable -55314-4011,157-601.4378.1680.6083.1385.73
Capital Expenditure -51-82-130-135-87-106.25-109.57-113.01-116.54-120.19
UFCF 407.68515.08852.20-99.962,053.34-29.19668.32689.25710.84733.10
WACC
PV UFCF -27.58596.72581.50566.68552.23
SUM PV UFCF 2,269.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.83
Free cash flow (t + 1) 747.76
Terminal Value 19,523.78
Present Value of Terminal Value 14,706.86

Intrinsic Value

Enterprise Value 16,976.40
Net Debt 1,138
Equity Value 15,838.40
Shares Outstanding 186.24
Equity Value Per Share 85.04