Discounted Cash Flow (DCF) Analysis Unlevered

Technicolor SA (TCH.PA)

2.948 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -11.17 | 2.948 | 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 4,2313,9883,8003,0062,8982,644.822,413.762,202.892,010.441,834.80
Revenue (%)
EBITDA 233269172147234157.33143.59131.04119.59109.15
EBITDA (%)
EBIT -735-150-11612-35.34-32.25-29.43-26.86-24.51
EBIT (%)
Depreciation 240234322263222192.67175.83160.47146.45133.66
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 32129365330196181.89166151.50138.26126.18
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 238268243195335194.59177.59162.07147.92134.99
Inventories (%)
Accounts Payable 9471,135825710671631.20576.05525.73479.80437.88
Accounts Payable (%)
Capital Expenditure -147-162-169-108-97-100.10-91.36-83.37-76.09-69.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.948
Beta 1.462
Diluted Shares Outstanding 73.68
Cost of Debt
Tax Rate -47.37
After-tax Cost of Debt 10.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.704
Total Debt 1,235
Total Equity 217.21
Total Capital 1,452.21
Debt Weighting 85.04
Equity Weighting 14.96
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 4,2313,9883,8003,0062,8982,644.822,413.762,202.892,010.441,834.80
EBITDA 233269172147234157.33143.59131.04119.59109.15
EBIT -735-150-11612-35.34-32.25-29.43-26.86-24.51
Tax Rate -60.75%60.00%-12.20%-10.70%-47.37%-14.20%-14.20%-14.20%-14.20%-14.20%
EBIAT -11.2514-168.29-128.4117.68-40.35-36.83-33.61-30.67-27.99
Depreciation 240234322263222192.67175.83160.47146.45133.66
Accounts Receivable ----------
Inventories --302548-140140.411715.5114.1612.92
Accounts Payable -188-310-115-39-39.80-55.14-50.33-45.93-41.92
Capital Expenditure -147-162-169-108-97-100.10-91.36-83.37-76.09-69.44
UFCF 81.75244-300.29-40.41-36.32152.829.518.687.927.23
WACC
PV UFCF 138.417.806.455.334.41
SUM PV UFCF 162.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.41
Free cash flow (t + 1) 7.37
Terminal Value 87.66
Present Value of Terminal Value 53.43

Intrinsic Value

Enterprise Value 215.82
Net Debt 1,039
Equity Value -823.18
Shares Outstanding 73.68
Equity Value Per Share -11.17