Discounted Cash Flow (DCF) Analysis Unlevered
Société Française de Casinos Sociét... (SFCA.PA)
1.99 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 15.87 | 13.06 | 10.52 | 7.66 | 13.42 | 13.78 | 14.15 | 14.53 | 14.93 | 15.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2 | 6.85 | 2.29 | 1.34 | 2.51 | 3.39 | 3.48 | 3.57 | 3.67 | 3.77 |
| EBITDA (%) | ||||||||||
| EBIT | -1.14 | 6.78 | -14.38 | -0.58 | 1.73 | -2.39 | -2.45 | -2.52 | -2.59 | -2.66 |
| EBIT (%) | ||||||||||
| Depreciation | 3.14 | 0.07 | 16.67 | 1.91 | 0.78 | 5.77 | 5.93 | 6.09 | 6.26 | 6.42 |
| 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 | 0.90 | 3.90 | 5.32 | 4.86 | 5.42 | 5.23 | 5.38 | 5.52 | 5.67 | 5.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.16 | 0.14 | 0.14 | 0.06 | 0.06 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.51 | 0.77 | 0.62 | 0.91 | 0.42 | 1 | 1.03 | 1.05 | 1.08 | 1.11 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.27 | -1.27 | -0.94 | -0.49 | -1.03 | -1.30 | -1.33 | -1.37 | -1.40 | -1.44 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.99 |
|---|---|
| Beta | 0.487 |
| Diluted Shares Outstanding | 5.09 |
| Cost of Debt | |
| Tax Rate | -2.65 |
| After-tax Cost of Debt | 1.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.681 |
| Total Debt | 6.16 |
| Total Equity | 10.13 |
| Total Capital | 16.30 |
| Debt Weighting | 37.81 |
| Equity Weighting | 62.19 |
| 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 | 15.87 | 13.06 | 10.52 | 7.66 | 13.42 | 13.78 | 14.15 | 14.53 | 14.93 | 15.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2 | 6.85 | 2.29 | 1.34 | 2.51 | 3.39 | 3.48 | 3.57 | 3.67 | 3.77 |
| EBIT | -1.14 | 6.78 | -14.38 | -0.58 | 1.73 | -2.39 | -2.45 | -2.52 | -2.59 | -2.66 |
| Tax Rate | -12.95% | 13.82% | 0.80% | -2.97% | -2.65% | -0.79% | -0.79% | -0.79% | -0.79% | -0.79% |
| EBIAT | -1.28 | 5.84 | -14.27 | -0.59 | 1.77 | -2.41 | -2.47 | -2.54 | -2.61 | -2.68 |
| Depreciation | 3.14 | 0.07 | 16.67 | 1.91 | 0.78 | 5.77 | 5.93 | 6.09 | 6.26 | 6.42 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.02 | -0 | 0.08 | -0 | -0.06 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | -0.75 | -0.15 | 0.29 | -0.48 | 0.58 | 0.03 | 0.03 | 0.03 | 0.03 |
| Capital Expenditure | -2.27 | -1.27 | -0.94 | -0.49 | -1.03 | -1.30 | -1.33 | -1.37 | -1.40 | -1.44 |
| UFCF | -0.42 | 3.91 | 1.31 | 1.21 | 1.03 | 2.59 | 2.15 | 2.21 | 2.27 | 2.33 |
| WACC | ||||||||||
| PV UFCF | 2.49 | 1.99 | 1.97 | 1.95 | 1.92 | |||||
| SUM PV UFCF | 10.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.95 |
| Free cash flow (t + 1) | 2.38 |
| Terminal Value | 122.04 |
| Present Value of Terminal Value | 100.55 |
Intrinsic Value
| Enterprise Value | 110.87 |
|---|---|
| Net Debt | 0.74 |
| Equity Value | 110.13 |
| Shares Outstanding | 5.09 |
| Equity Value Per Share | 21.63 |