Discounted Cash Flow (DCF) Analysis Unlevered
Tipiak Société Anonyme (TIPI.PA)
56 €
-2.50 (-4.27%)
All numbers are in Millions, Currency in USD
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 | 198.09 | 192.99 | 194.20 | 199.14 | 211 | 214.45 | 217.97 | 221.54 | 225.16 | 228.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.98 | 12.23 | 13.91 | 15.73 | 18.01 | 15.86 | 16.12 | 16.39 | 16.66 | 16.93 |
| EBITDA (%) | ||||||||||
| EBIT | 6.14 | 4.08 | 4.66 | 6.28 | 7.12 | 6.07 | 6.16 | 6.27 | 6.37 | 6.47 |
| EBIT (%) | ||||||||||
| Depreciation | 7.84 | 8.15 | 9.25 | 9.45 | 10.89 | 9.80 | 9.96 | 10.12 | 10.29 | 10.46 |
| 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 | 1.36 | 5.76 | 3.73 | 12.25 | 14.44 | 7.97 | 8.10 | 8.24 | 8.37 | 8.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 33.81 | 31.89 | 31.31 | 32.84 | 37.08 | 35.93 | 36.52 | 37.12 | 37.73 | 38.34 |
| Inventories (%) | ||||||||||
| Accounts Payable | 27.80 | 26.21 | 25.40 | 27.65 | 29.16 | 29.34 | 29.82 | 30.31 | 30.80 | 31.31 |
| 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 | 198.09 | 192.99 | 194.20 | 199.14 | 211 | 214.45 | 217.97 | 221.54 | 225.16 | 228.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.98 | 12.23 | 13.91 | 15.73 | 18.01 | 15.86 | 16.12 | 16.39 | 16.66 | 16.93 |
| EBIT | 6.14 | 4.08 | 4.66 | 6.28 | 7.12 | 6.07 | 6.16 | 6.27 | 6.37 | 6.47 |
| Tax Rate | 26.77% | 22.22% | 40.30% | 41.22% | 34.28% | 32.96% | 32.96% | 32.96% | 32.96% | 32.96% |
| EBIAT | 4.50 | 3.18 | 2.78 | 3.69 | 4.68 | 4.07 | 4.13 | 4.20 | 4.27 | 4.34 |
| Depreciation | 7.84 | 8.15 | 9.25 | 9.45 | 10.89 | 9.80 | 9.96 | 10.12 | 10.29 | 10.46 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 1.92 | 0.59 | -1.53 | -4.24 | 1.14 | -0.59 | -0.60 | -0.61 | -0.62 |
| Accounts Payable | - | -1.59 | -0.81 | 2.25 | 1.51 | 0.18 | 0.48 | 0.49 | 0.50 | 0.50 |
| Capital Expenditure | -8.51 | -9.67 | -17.30 | -25.54 | -12.48 | -15.85 | -16.11 | -16.37 | -16.64 | -16.91 |
| UFCF | 3.83 | 1.98 | -5.49 | -11.68 | 0.35 | -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 |