Discounted Cash Flow (DCF) Analysis Unlevered

Thermador Groupe SA (THEP.PA)

93.1 €

+0.30 (+0.32%)

All numbers are in Millions, Currency in USD

Stock DCF: 74.97 | 93.1 | 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	311.19	368.84	395.50	486.50	553.86	640.55	740.81	856.76	990.86	1,145.95
Revenue (%)
EBITDA	48.03	53.38	58.09	80.47	88.48	98.79	114.25	132.13	152.81	176.73
EBITDA (%)
EBIT	44.04	47.82	51.41	73.20	79.63	89.09	103.03	119.16	137.81	159.37
EBIT (%)
Depreciation	3.99	5.57	6.68	7.27	8.85	9.70	11.22	12.97	15.01	17.35
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	24.07	32.49	40.33	27.38	16.03	45.17	52.25	60.42	69.88	80.82
Total Cash (%)
Account Receivables	58.12	63.93	73.14	81.50	98.66	114.11	131.97	152.62	176.51	204.14
Account Receivables (%)
Inventories	122.78	123.05	119.54	171.22	190.36	221.12	255.74	295.76	342.06	395.59
Inventories (%)
Accounts Payable	44.27	52.25	52.76	74.78	71.46	89.68	103.72	119.96	138.73	160.44
Accounts Payable (%)
Capital Expenditure	-5.46	-8.59	-10.61	-12.22	-11.04	-14.44	-16.70	-19.31	-22.34	-25.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 93.1
Beta	0.809
Diluted Shares Outstanding	9.70
Cost of Debt
Tax Rate	25.49
After-tax Cost of Debt	0.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.509
Total Debt	53.09
Total Equity	902.87
Total Capital	955.96
Debt Weighting	5.55
Equity Weighting	94.45
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	311.19	368.84	395.50	486.50	553.86	640.55	740.81	856.76	990.86	1,145.95
EBITDA	48.03	53.38	58.09	80.47	88.48	98.79	114.25	132.13	152.81	176.73
EBIT	44.04	47.82	51.41	73.20	79.63	89.09	103.03	119.16	137.81	159.37
Tax Rate	33.66%	31.97%	29.09%	27.52%	25.49%	29.54%	29.54%	29.54%	29.54%	29.54%
EBIAT	29.22	32.53	36.46	53.06	59.33	62.77	72.59	83.95	97.09	112.29
Depreciation	3.99	5.57	6.68	7.27	8.85	9.70	11.22	12.97	15.01	17.35
Accounts Receivable	-	-5.81	-9.21	-8.36	-17.16	-15.44	-17.86	-20.66	-23.89	-27.63
Inventories	-	-0.26	3.50	-51.68	-19.14	-30.76	-34.61	-40.03	-46.29	-53.54
Accounts Payable	-	7.99	0.51	22.02	-3.33	18.23	14.04	16.23	18.78	21.71
Capital Expenditure	-5.46	-8.59	-10.61	-12.22	-11.04	-14.44	-16.70	-19.31	-22.34	-25.83
UFCF	27.75	31.42	27.33	10.09	17.51	30.05	28.68	33.17	38.36	44.36
WACC
PV UFCF						28.05	24.98	26.97	29.11	31.42
SUM PV UFCF										140.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.14
Free cash flow (t + 1)	45.25
Terminal Value	880.31
Present Value of Terminal Value	623.56

Intrinsic Value

Enterprise Value	764.09
Net Debt	37.06
Equity Value	727.03
Shares Outstanding	9.70
Equity Value Per Share	74.97