Discounted Cash Flow (DCF) Analysis Unlevered

Synergie SE (SDG.PA)

29.35 €

+0.05 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 59.79 | 29.35 | undervalue

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 2,551.092,642.342,190.342,696.592,916.023,045.213,180.123,3213,468.133,621.78
Revenue (%)
EBITDA 132.28136.39107.43145.35159.57159.05166.09173.45181.14189.16
EBITDA (%)
EBIT 118.25122.3987.97132.35147.29141.56147.83154.38161.22168.36
EBIT (%)
Depreciation 14.031419.471312.2817.4918.2719.0719.9220.80
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 85.32162.17256.75309.19373.34276.95289.22302.03315.41329.38
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 20.1626.1224.3625.8227.5429.1930.4931.8433.2534.72
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 2,551.092,642.342,190.342,696.592,916.023,045.213,180.123,3213,468.133,621.78
EBITDA 132.28136.39107.43145.35159.57159.05166.09173.45181.14189.16
EBIT 118.25122.3987.97132.35147.29141.56147.83154.38161.22168.36
Tax Rate 32.59%46.63%48.58%38.58%35.71%40.42%40.42%40.42%40.42%40.42%
EBIAT 79.7265.3245.2381.3094.7084.3488.0891.9896.06100.31
Depreciation 14.031419.471312.2817.4918.2719.0719.9220.80
Accounts Receivable ----------
Inventories ----------
Accounts Payable -5.96-1.771.461.731.651.291.351.411.47
Capital Expenditure -15.57-17.63-4.34-11.10-5.84-12.71-13.28-13.86-14.48-15.12
UFCF 78.1767.6558.5984.66102.8690.7794.3698.54102.91107.47
WACC
PV UFCF 82.3477.6673.5769.7066.04
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