Discounted Cash Flow (DCF) Analysis Unlevered
Selectirente (SELER.PA)
99.5 €
+1.50 (+1.53%)
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 | 15.44 | 15.09 | 16.59 | 18.81 | 24.16 | 27.14 | 30.50 | 34.27 | 38.51 | 43.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.70 | 12.39 | 15.75 | 22.49 | 29.31 | 27.51 | 30.91 | 34.73 | 39.03 | 43.86 |
| EBITDA (%) | ||||||||||
| EBIT | 8.70 | 6.69 | 11.07 | 13.44 | 23.82 | 18.32 | 20.59 | 23.14 | 26 | 29.22 |
| EBIT (%) | ||||||||||
| Depreciation | 5 | 5.70 | 4.68 | 9.04 | 5.49 | 9.18 | 10.32 | 11.60 | 13.03 | 14.64 |
| 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 | 6.62 | 5.56 | 198.14 | 99.31 | 23.36 | 103.08 | 115.83 | 130.16 | 146.26 | 164.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.47 | 0.34 | 0.82 | 0.79 | 0.22 | 0.83 | 0.93 | 1.05 | 1.18 | 1.33 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.87 | -12.06 | -76.87 | -102.69 | -109.57 | -85.12 | -95.65 | -107.48 | -120.77 | -135.71 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 99.5 |
|---|---|
| Beta | 0.105 |
| Diluted Shares Outstanding | 4.17 |
| Cost of Debt | |
| Tax Rate | 1.40 |
| After-tax Cost of Debt | 1.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.095 |
| Total Debt | 160.16 |
| Total Equity | 414.73 |
| Total Capital | 574.89 |
| Debt Weighting | 27.86 |
| Equity Weighting | 72.14 |
| 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 | 15.44 | 15.09 | 16.59 | 18.81 | 24.16 | 27.14 | 30.50 | 34.27 | 38.51 | 43.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.70 | 12.39 | 15.75 | 22.49 | 29.31 | 27.51 | 30.91 | 34.73 | 39.03 | 43.86 |
| EBIT | 8.70 | 6.69 | 11.07 | 13.44 | 23.82 | 18.32 | 20.59 | 23.14 | 26 | 29.22 |
| Tax Rate | 0.83% | 0.27% | 0.48% | 0.42% | 1.40% | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
| EBIAT | 8.63 | 6.67 | 11.02 | 13.39 | 23.49 | 18.20 | 20.45 | 22.98 | 25.82 | 29.02 |
| Depreciation | 5 | 5.70 | 4.68 | 9.04 | 5.49 | 9.18 | 10.32 | 11.60 | 13.03 | 14.64 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.13 | 0.48 | -0.03 | -0.58 | 0.62 | 0.10 | 0.12 | 0.13 | 0.15 |
| Capital Expenditure | -3.87 | -12.06 | -76.87 | -102.69 | -109.57 | -85.12 | -95.65 | -107.48 | -120.77 | -135.71 |
| UFCF | 9.76 | 0.18 | -60.69 | -80.29 | -81.17 | -57.12 | -64.77 | -72.78 | -81.79 | -91.90 |
| WACC | ||||||||||
| PV UFCF | -55.25 | -60.61 | -65.88 | -71.60 | -77.83 | |||||
| SUM PV UFCF | -331.17 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.38 |
| Free cash flow (t + 1) | -93.74 |
| Terminal Value | -6,792.93 |
| Present Value of Terminal Value | -5,752.74 |
Intrinsic Value
| Enterprise Value | -6,083.91 |
|---|---|
| Net Debt | 136.80 |
| Equity Value | -6,220.71 |
| Shares Outstanding | 4.17 |
| Equity Value Per Share | -1,492.46 |