Discounted Cash Flow (DCF) Analysis Unlevered

SES-imagotag Société Anonyme (SESL.PA)

86.7 €

-1.50 (-1.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -14.80 | 86.7 | 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 153187.86247.59290.26422.87547.08707.79915.701,184.681,532.68
Revenue (%)
EBITDA -17.575.710.5814.2135.555.577.219.3312.0715.61
EBITDA (%)
EBIT -23.89-6.87-13.97-4.897.20-27.25-35.25-45.60-59-76.33
EBIT (%)
Depreciation 6.3212.5814.5519.1028.3532.8242.4654.9371.0791.94
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 38.4830.1873.1188.6092.98134.86174.48225.73292.04377.83
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 65.2781.8868.08106.01137.50199.99258.74334.74433.07560.28
Inventories (%)
Accounts Payable 57.8372.7177.4047.9881.45157.07203.21262.90340.13440.04
Accounts Payable (%)
Capital Expenditure -12.08-13.13-38.83-32.47-34.82-54.70-70.77-91.56-118.45-153.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 86.7
Beta 1.231
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 30.86
After-tax Cost of Debt 1.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.505
Total Debt 88.66
Total Equity 9,319.04
Total Capital 9,407.70
Debt Weighting 0.94
Equity Weighting 99.06
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 153187.86247.59290.26422.87547.08707.79915.701,184.681,532.68
EBITDA -17.575.710.5814.2135.555.577.219.3312.0715.61
EBIT -23.89-6.87-13.97-4.897.20-27.25-35.25-45.60-59-76.33
Tax Rate 17.31%31.63%26.18%21.97%30.86%25.59%25.59%25.59%25.59%25.59%
EBIAT -19.76-4.70-10.31-3.824.98-20.27-26.23-33.93-43.90-56.80
Depreciation 6.3212.5814.5519.1028.3532.8242.4654.9371.0791.94
Accounts Receivable ----------
Inventories --16.6213.81-37.93-31.50-62.49-58.75-76-98.33-127.21
Accounts Payable -14.884.69-29.4233.4775.6246.1459.6977.2399.91
Capital Expenditure -12.08-13.13-38.83-32.47-34.83-54.70-70.77-91.56-118.45-153.25
UFCF -25.52-6.98-16.09-84.530.47-29.02-67.15-86.87-112.39-145.40
WACC
PV UFCF -26.52-56.07-66.29-78.37-92.66
SUM PV UFCF -319.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.43
Free cash flow (t + 1) -148.31
Terminal Value -1,996.07
Present Value of Terminal Value -1,272.02

Intrinsic Value

Enterprise Value -1,591.93
Net Debt -1.10
Equity Value -1,590.84
Shares Outstanding 107.49
Equity Value Per Share -14.80