Discounted Cash Flow (DCF) Analysis Unlevered

Tipiak Société Anonyme (TIPI.PA)

56 €

-2.50 (-4.27%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.37 | 56 | 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 198.09192.99194.20199.14211214.45217.97221.54225.16228.85
Revenue (%)
EBITDA 13.9812.2313.9115.7318.0115.8616.1216.3916.6616.93
EBITDA (%)
EBIT 6.144.084.666.287.126.076.166.276.376.47
EBIT (%)
Depreciation 7.848.159.259.4510.899.809.9610.1210.2910.46
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 1.365.763.7312.2514.447.978.108.248.378.51
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 33.8131.8931.3132.8437.0835.9336.5237.1237.7338.34
Inventories (%)
Accounts Payable 27.8026.2125.4027.6529.1629.3429.8230.3130.8031.31
Accounts Payable (%)
Capital Expenditure -8.50-9.67-17.30-25.54-12.48-15.85-16.11-16.37-16.64-16.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 56
Beta 0.188
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 34.28
After-tax Cost of Debt 0.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.419
Total Debt 76.55
Total Equity 6,019.22
Total Capital 6,095.77
Debt Weighting 1.26
Equity Weighting 98.74
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 198.09192.99194.20199.14211214.45217.97221.54225.16228.85
EBITDA 13.9812.2313.9115.7318.0115.8616.1216.3916.6616.93
EBIT 6.144.084.666.287.126.076.166.276.376.47
Tax Rate 26.77%22.22%40.30%41.22%34.28%32.96%32.96%32.96%32.96%32.96%
EBIAT 4.503.182.783.694.684.074.134.204.274.34
Depreciation 7.848.159.259.4510.899.809.9610.1210.2910.46
Accounts Receivable ----------
Inventories -1.920.59-1.53-4.241.14-0.59-0.60-0.61-0.62
Accounts Payable --1.59-0.812.251.510.180.480.490.500.50
Capital Expenditure -8.51-9.67-17.30-25.54-12.48-15.85-16.11-16.37-16.64-16.91
UFCF 3.831.98-5.49-11.680.35-0.66-2.12-2.16-2.20-2.23
WACC
PV UFCF -0.64-1.95-1.90-1.85-1.80
SUM PV UFCF -8.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.37
Free cash flow (t + 1) -2.28
Terminal Value -96.02
Present Value of Terminal Value -77.53

Intrinsic Value

Enterprise Value -85.67
Net Debt 62.11
Equity Value -147.78
Shares Outstanding 107.49
Equity Value Per Share -1.37