Discounted Cash Flow (DCF) Analysis Unlevered

Société de Services, de Participati... (SPA.BR)

170 €

+1.00 (+0.59%)

All numbers are in Millions, Currency in USD

Stock DCF: 251.48 | 170 | undervalue

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	288.97	314.38	298.39	266.61	282.16	281.38	280.60	279.82	279.04	278.27
Revenue (%)
EBITDA	49.40	72.87	54.44	56.42	56.41	56.09	55.93	55.78	55.62	55.47
EBITDA (%)
EBIT	32.66	53.02	35.76	35.37	36.28	37.30	37.19	37.09	36.99	36.88
EBIT (%)
Depreciation	16.74	19.85	18.68	21.05	20.13	18.79	18.74	18.69	18.64	18.58
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	80.76	82.13	79.96	84.21	87.89	80.81	80.59	80.37	80.14	79.92
Total Cash (%)
Account Receivables	55.03	45.71	47.37	40.44	42.10	44.77	44.64	44.52	44.40	44.27
Account Receivables (%)
Inventories	19.92	18.22	15.09	16.74	18.16	17.14	17.10	17.05	17	16.95
Inventories (%)
Accounts Payable	47.34	36.53	36.81	34.24	46.38	39.18	39.07	38.96	38.85	38.74
Accounts Payable (%)
Capital Expenditure	-21.13	-19.72	-20.72	-20.31	-17.91	-19.41	-19.36	-19.31	-19.25	-19.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 170
Beta	0.251
Diluted Shares Outstanding	4.15
Cost of Debt
Tax Rate	26.16
After-tax Cost of Debt	0.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.799
Total Debt	34.52
Total Equity	705.50
Total Capital	740.02
Debt Weighting	4.66
Equity Weighting	95.34
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	288.97	314.38	298.39	266.61	282.16	281.38	280.60	279.82	279.04	278.27
EBITDA	49.40	72.87	54.44	56.42	56.41	56.09	55.93	55.78	55.62	55.47
EBIT	32.66	53.02	35.76	35.37	36.28	37.30	37.19	37.09	36.99	36.88
Tax Rate	16.20%	27.37%	23.33%	22.01%	26.16%	23.01%	23.01%	23.01%	23.01%	23.01%
EBIAT	27.37	38.51	27.42	27.58	26.79	28.71	28.63	28.55	28.48	28.40
Depreciation	16.74	19.85	18.68	21.05	20.13	18.79	18.74	18.69	18.64	18.58
Accounts Receivable	-	9.32	-1.66	6.93	-1.66	-2.66	0.12	0.12	0.12	0.12
Inventories	-	1.70	3.13	-1.64	-1.42	1.01	0.05	0.05	0.05	0.05
Accounts Payable	-	-10.81	0.28	-2.57	12.14	-7.20	-0.11	-0.11	-0.11	-0.11
Capital Expenditure	-21.13	-19.72	-20.72	-20.31	-17.91	-19.41	-19.36	-19.31	-19.25	-19.20
UFCF	22.97	38.85	27.12	31.04	38.06	19.24	28.08	28	27.92	27.84
WACC
PV UFCF						18.40	25.67	24.47	23.33	22.25
SUM PV UFCF										114.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.59
Free cash flow (t + 1)	28.40
Terminal Value	1,096.58
Present Value of Terminal Value	876.18

Intrinsic Value

Enterprise Value	990.30
Net Debt	-53.35
Equity Value	1,043.65
Shares Outstanding	4.15
Equity Value Per Share	251.48