Discounted Cash Flow (DCF) Analysis Unlevered

Synergie SE (SDG.PA)

28.55 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.12 | 28.55 | overvalue

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 2,323.252,551.092,642.342,190.342,696.592,827.312,964.373,108.073,258.743,416.71
Revenue (%)
EBITDA 129.95129.05124.4192.71125.24137.05143.70150.66157.97165.62
EBITDA (%)
EBIT 113.99115.02110.4173.24112.24119.31125.09131.16137.52144.18
EBIT (%)
Depreciation 15.9614.031419.471317.7418.6019.5020.4521.44
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 78.2885.32162.17256.75309.19203.79213.67224.02234.88246.27
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 17.7220.1626.1224.3625.8226.0727.3428.6630.0531.51
Accounts Payable (%)
Capital Expenditure -22.95-15.57-17.63-4.34-11.10-16.26-17.05-17.87-18.74-19.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.55
Beta 1.602
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 38.58
After-tax Cost of Debt 0.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.442
Total Debt 137.28
Total Equity 3,068.73
Total Capital 3,206.01
Debt Weighting 4.28
Equity Weighting 95.72
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 2,323.252,551.092,642.342,190.342,696.592,827.312,964.373,108.073,258.743,416.71
EBITDA 129.95129.05124.4192.71125.24137.05143.70150.66157.97165.62
EBIT 113.99115.02110.4173.24112.24119.31125.09131.16137.52144.18
Tax Rate 30.63%32.59%46.63%48.58%38.58%39.40%39.40%39.40%39.40%39.40%
EBIAT 79.0777.5458.9237.6668.9472.3075.8179.4883.3387.37
Depreciation 15.9614.031419.471317.7418.6019.5020.4521.44
Accounts Receivable ----------
Inventories ----------
Accounts Payable -2.445.96-1.771.460.261.261.331.391.46
Capital Expenditure -22.95-15.57-17.63-4.34-11.10-16.26-17.05-17.87-18.74-19.65
UFCF 72.0878.4461.2551.0272.3074.0478.6382.4486.4390.62
WACC
PV UFCF 67.2964.9461.8958.9756.19
SUM PV UFCF 309.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.03
Free cash flow (t + 1) 92.44
Terminal Value 1,151.14
Present Value of Terminal Value 713.79

Intrinsic Value

Enterprise Value 1,023.08
Net Debt -171.91
Equity Value 1,194.99
Shares Outstanding 107.49
Equity Value Per Share 11.12