Discounted Cash Flow (DCF) Analysis Unlevered

Sodexo S.A. (SW.PA)

82.06 €

+3.98 (+5.10%)
All numbers are in Millions, Currency in USD
Stock DCF: 56.30 | 82.06 | 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 20,69820,40721,95419,32217,42816,747.6016,093.7715,465.4614,861.6814,281.47
Revenue (%)
EBITDA 1,4481,3301,434829953998.28959.31921.86885.87851.28
EBITDA (%)
EBIT 1,1671,0131,069-67352574.26551.84530.29509.59489.70
EBIT (%)
Depreciation 281317365896601424.02407.47391.56376.28361.59
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 2,0501,7021,8392,0673,5941,940.741,864.971,792.161,722.201,654.96
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 257280294259256226.50217.66209.16201193.15
Inventories (%)
Accounts Payable 2,1122,2262,5171,8992,1791,839.151,767.351,698.351,632.051,568.33
Accounts Payable (%)
Capital Expenditure -309-329-400-398-296-290.92-279.56-268.65-258.16-248.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 82.06
Beta 1.010
Diluted Shares Outstanding 145.78
Cost of Debt
Tax Rate 41.35
After-tax Cost of Debt 0.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.381
Total Debt 7,029
Total Equity 11,962.62
Total Capital 18,991.62
Debt Weighting 37.01
Equity Weighting 62.99
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 20,69820,40721,95419,32217,42816,747.6016,093.7715,465.4614,861.6814,281.47
EBITDA 1,4481,3301,434829953998.28959.31921.86885.87851.28
EBIT 1,1671,0131,069-67352574.26551.84530.29509.59489.70
Tax Rate 33.55%28.38%30.94%-42.53%41.35%18.34%18.34%18.34%18.34%18.34%
EBIAT 775.50725.48738.20-95.50206.45468.95450.64433.05416.14399.89
Depreciation 281317365896601424.02407.47391.56376.28361.59
Accounts Receivable ----------
Inventories --23-1435329.508.848.508.177.85
Accounts Payable -114291-618280-339.85-71.80-69-66.30-63.72
Capital Expenditure -309-329-400-398-296-290.92-279.56-268.65-258.16-248.08
UFCF 747.50804.48980.20-180.50794.45291.70515.59495.46476.12457.53
WACC
PV UFCF 276.18462.18420.51382.59348.09
SUM PV UFCF 1,889.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.62
Free cash flow (t + 1) 466.68
Terminal Value 12,891.79
Present Value of Terminal Value 9,808.04

Intrinsic Value

Enterprise Value 11,697.59
Net Debt 3,490
Equity Value 8,207.59
Shares Outstanding 145.78
Equity Value Per Share 56.30