Discounted Cash Flow (DCF) Analysis Unlevered

CS Communication & Systemes SA (SX.PA)

11.2 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.73 | 11.2 | 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 178.28201.66230.07209.40237.63256.46276.78298.71322.38347.93
Revenue (%)
EBITDA 8.6516.57186.9615.9515.8617.1218.4719.9421.52
EBITDA (%)
EBIT 7.7713.259.87-1.424.578.459.129.8410.6211.46
EBIT (%)
Depreciation 0.883.318.138.3711.377.4288.649.3210.06
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 28.8835.5542.8582.9776.5463.7568.8074.2580.1486.49
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1.411.731.922.852.912.602.813.033.273.53
Inventories (%)
Accounts Payable 20.2725.0837.3027.2227.2233.0735.6938.5241.5744.86
Accounts Payable (%)
Capital Expenditure -4.43-5.62-5.06-3.18-5.07-5.70-6.16-6.64-7.17-7.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.2
Beta 1.088
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 165.81
After-tax Cost of Debt -1.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.663
Total Debt 133.77
Total Equity 894.51
Total Capital 1,028.28
Debt Weighting 13.01
Equity Weighting 86.99
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 178.28201.66230.07209.40237.63256.46276.78298.71322.38347.93
EBITDA 8.6516.57186.9615.9515.8617.1218.4719.9421.52
EBIT 7.7713.259.87-1.424.578.459.129.8410.6211.46
Tax Rate 44.94%25.86%44.18%-39.31%165.81%48.30%48.30%48.30%48.30%48.30%
EBIAT 4.289.835.51-1.97-3.014.374.715.095.495.92
Depreciation 0.883.318.138.3711.377.4288.649.3210.06
Accounts Receivable ----------
Inventories --0.32-0.19-0.93-0.060.31-0.21-0.22-0.24-0.26
Accounts Payable -4.8112.21-10.08-05.852.622.833.053.29
Capital Expenditure -4.43-5.62-5.06-3.18-5.07-5.70-6.16-6.64-7.17-7.74
UFCF 0.731220.61-7.783.2312.248.979.6810.4511.28
WACC
PV UFCF 11.417.797.847.887.93
SUM PV UFCF 42.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.30
Free cash flow (t + 1) 11.51
Terminal Value 217.09
Present Value of Terminal Value 152.63

Intrinsic Value

Enterprise Value 195.49
Net Debt 57.23
Equity Value 138.26
Shares Outstanding 79.87
Equity Value Per Share 1.73