Discounted Cash Flow (DCF) Analysis Unlevered
Synergie SE (SDG.PA)
28.55 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 |