Discounted Cash Flow (DCF) Analysis Unlevered
Synergie SE (SDG.PA)
29.35 €
+0.05 (+0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,551.09 | 2,642.34 | 2,190.34 | 2,696.59 | 2,916.02 | 3,045.21 | 3,180.12 | 3,321 | 3,468.13 | 3,621.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 132.28 | 136.39 | 107.43 | 145.35 | 159.57 | 159.05 | 166.09 | 173.45 | 181.14 | 189.16 |
| EBITDA (%) | ||||||||||
| EBIT | 118.25 | 122.39 | 87.97 | 132.35 | 147.29 | 141.56 | 147.83 | 154.38 | 161.22 | 168.36 |
| EBIT (%) | ||||||||||
| Depreciation | 14.03 | 14 | 19.47 | 13 | 12.28 | 17.49 | 18.27 | 19.07 | 19.92 | 20.80 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 85.32 | 162.17 | 256.75 | 309.19 | 373.34 | 276.95 | 289.22 | 302.03 | 315.41 | 329.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 20.16 | 26.12 | 24.36 | 25.82 | 27.54 | 29.19 | 30.49 | 31.84 | 33.25 | 34.72 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -15.57 | -17.63 | -4.34 | -11.10 | -5.84 | -12.71 | -13.28 | -13.86 | -14.48 | -15.12 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 29.35 |
|---|---|
| Beta | 1.535 |
| Diluted Shares Outstanding | 23.88 |
| Cost of Debt | |
| Tax Rate | 35.71 |
| After-tax Cost of Debt | 0.71% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.045 |
| Total Debt | 133.56 |
| Total Equity | 700.76 |
| Total Capital | 834.32 |
| Debt Weighting | 16.01 |
| Equity Weighting | 83.99 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,551.09 | 2,642.34 | 2,190.34 | 2,696.59 | 2,916.02 | 3,045.21 | 3,180.12 | 3,321 | 3,468.13 | 3,621.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 132.28 | 136.39 | 107.43 | 145.35 | 159.57 | 159.05 | 166.09 | 173.45 | 181.14 | 189.16 |
| EBIT | 118.25 | 122.39 | 87.97 | 132.35 | 147.29 | 141.56 | 147.83 | 154.38 | 161.22 | 168.36 |
| Tax Rate | 32.59% | 46.63% | 48.58% | 38.58% | 35.71% | 40.42% | 40.42% | 40.42% | 40.42% | 40.42% |
| EBIAT | 79.72 | 65.32 | 45.23 | 81.30 | 94.70 | 84.34 | 88.08 | 91.98 | 96.06 | 100.31 |
| Depreciation | 14.03 | 14 | 19.47 | 13 | 12.28 | 17.49 | 18.27 | 19.07 | 19.92 | 20.80 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 5.96 | -1.77 | 1.46 | 1.73 | 1.65 | 1.29 | 1.35 | 1.41 | 1.47 |
| Capital Expenditure | -15.57 | -17.63 | -4.34 | -11.10 | -5.84 | -12.71 | -13.28 | -13.86 | -14.48 | -15.12 |
| UFCF | 78.17 | 67.65 | 58.59 | 84.66 | 102.86 | 90.77 | 94.36 | 98.54 | 102.91 | 107.47 |
| WACC | ||||||||||
| PV UFCF | 82.34 | 77.66 | 73.57 | 69.70 | 66.04 | |||||
| SUM PV UFCF | 369.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.23 |
| Free cash flow (t + 1) | 109.62 |
| Terminal Value | 1,331.91 |
| Present Value of Terminal Value | 818.42 |
Intrinsic Value
| Enterprise Value | 1,187.74 |
|---|---|
| Net Debt | -239.78 |
| Equity Value | 1,427.52 |
| Shares Outstanding | 23.88 |
| Equity Value Per Share | 59.79 |