Discounted Cash Flow (DCF) Analysis Unlevered

Sofina Société Anonyme (SOF.BR)

215 €

+0.20 (+0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: -462.88 | 215 | overvalue

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 898.751,238.321,421.942,651.51-1,827.82-1,691.40-1,565.17-1,448.36-1,340.27-1,240.24
Revenue (%)
EBITDA 860.301,199.821,378.962,592.58-1,864.90-1,655.53-1,531.98-1,417.64-1,311.84-1,213.94
EBITDA (%)
EBIT ------1,655.53-1,531.98-1,417.64-1,311.84-1,213.94
EBIT (%)
Depreciation ----------
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 336.98266.93232.35140.74385.49-201.65-186.60-172.67-159.78-147.86
Total Cash (%)
Account Receivables 384.64818.28776.32799.25828.73-501.59-464.15-429.51-397.46-367.80
Account Receivables (%)
Inventories 736.521,108.931,090.571,464.571,650.12-721.06-667.24-617.44-571.36-528.72
Inventories (%)
Accounts Payable 17.2337.0923.120.601.37-21.94-20.30-18.79-17.38-16.09
Accounts Payable (%)
Capital Expenditure -0.08-0.97-0.42-0.49-0.130.430.400.370.340.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 215
Beta 1.070
Diluted Shares Outstanding 33.83
Cost of Debt
Tax Rate 0.08
After-tax Cost of Debt 4.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.335
Total Debt 871.14
Total Equity 7,274.21
Total Capital 8,145.35
Debt Weighting 10.69
Equity Weighting 89.31
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 898.751,238.321,421.942,651.51-1,827.82-1,691.40-1,565.17-1,448.36-1,340.27-1,240.24
EBITDA 860.301,199.821,378.962,592.58-1,864.90-1,655.53-1,531.98-1,417.64-1,311.84-1,213.94
EBIT ------1,655.53-1,531.98-1,417.64-1,311.84-1,213.94
Tax Rate -0.10%-0.00%-0.01%-0.03%0.08%-0.01%-0.01%-0.01%-0.01%-0.01%
EBIAT ------1,655.73-1,532.16-1,417.81-1,312-1,214.08
Depreciation ----------
Accounts Receivable --433.6441.96-22.93-29.481,330.31-37.43-34.64-32.06-29.66
Inventories --372.4118.36-374-185.552,371.18-53.81-49.80-46.08-42.64
Accounts Payable -19.86-13.97-22.520.77-23.311.641.521.401.30
Capital Expenditure -0.07-0.97-0.42-0.49-0.130.430.400.370.340.32
UFCF -----2,022.88-1,621.37-1,500.37-1,388.39-1,284.77
WACC
PV UFCF 1,859.44-1,369.95-1,165.28-991.19-843.10
SUM PV UFCF -2,510.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.79
Free cash flow (t + 1) -1,310.47
Terminal Value -19,299.96
Present Value of Terminal Value -12,665.19

Intrinsic Value

Enterprise Value -15,175.27
Net Debt 485.65
Equity Value -15,660.93
Shares Outstanding 33.83
Equity Value Per Share -462.88