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	2,323.25	2,551.09	2,642.34	2,190.34	2,696.59	2,827.31	2,964.37	3,108.07	3,258.74	3,416.71
Revenue (%)
EBITDA	129.95	129.05	124.41	92.71	125.24	137.05	143.70	150.66	157.97	165.62
EBITDA (%)
EBIT	113.99	115.02	110.41	73.24	112.24	119.31	125.09	131.16	137.52	144.18
EBIT (%)
Depreciation	15.96	14.03	14	19.47	13	17.74	18.60	19.50	20.45	21.44
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	78.28	85.32	162.17	256.75	309.19	203.79	213.67	224.02	234.88	246.27
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	17.72	20.16	26.12	24.36	25.82	26.07	27.34	28.66	30.05	31.51
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	2,323.25	2,551.09	2,642.34	2,190.34	2,696.59	2,827.31	2,964.37	3,108.07	3,258.74	3,416.71
EBITDA	129.95	129.05	124.41	92.71	125.24	137.05	143.70	150.66	157.97	165.62
EBIT	113.99	115.02	110.41	73.24	112.24	119.31	125.09	131.16	137.52	144.18
Tax Rate	30.63%	32.59%	46.63%	48.58%	38.58%	39.40%	39.40%	39.40%	39.40%	39.40%
EBIAT	79.07	77.54	58.92	37.66	68.94	72.30	75.81	79.48	83.33	87.37
Depreciation	15.96	14.03	14	19.47	13	17.74	18.60	19.50	20.45	21.44
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	2.44	5.96	-1.77	1.46	0.26	1.26	1.33	1.39	1.46
Capital Expenditure	-22.95	-15.57	-17.63	-4.34	-11.10	-16.26	-17.05	-17.87	-18.74	-19.65
UFCF	72.08	78.44	61.25	51.02	72.30	74.04	78.63	82.44	86.43	90.62
WACC
PV UFCF						67.29	64.94	61.89	58.97	56.19
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