Discounted Cash Flow (DCF) Analysis Unlevered

Trigano S.A. (TRI.PA)

152.7 €

+1.50 (+0.99%)
All numbers are in Millions, Currency in USD
Stock DCF: 201.97 | 152.7 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,328.162,184.022,933.603,177.203,480.203,880.174,326.104,823.295,377.615,995.64
Revenue (%)
EBITDA 236.05212.34388.30385.80465.70454.92507.21565.50630.49702.95
EBITDA (%)
EBIT 210.39180.41352.50332409.10399.79445.74496.97554.08617.76
EBIT (%)
Depreciation 25.6631.9335.8053.8056.6055.1361.4768.5376.4085.19
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 206.91330.32597.50447.40359533.73595.07663.46739.71824.72
Total Cash (%)
Account Receivables 212.98206198.50236.60278.10316.50352.87393.43438.64489.06
Account Receivables (%)
Inventories 453.37401.17504.20596804.60752.03838.46934.821,042.261,162.04
Inventories (%)
Accounts Payable 328.22329.24524.20401.60474.50568.96634.35707.25788.53879.15
Accounts Payable (%)
Capital Expenditure -42.70-47.26-39.70-61.20-53.60-68.43-76.29-85.06-94.84-105.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 152.7
Beta 1.314
Diluted Shares Outstanding 19.32
Cost of Debt
Tax Rate 25.58
After-tax Cost of Debt 3.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.475
Total Debt 164.20
Total Equity 2,949.81
Total Capital 3,114.01
Debt Weighting 5.27
Equity Weighting 94.73
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,328.162,184.022,933.603,177.203,480.203,880.174,326.104,823.295,377.615,995.64
EBITDA 236.05212.34388.30385.80465.70454.92507.21565.50630.49702.95
EBIT 210.39180.41352.50332409.10399.79445.74496.97554.08617.76
Tax Rate 23.03%22.93%20.80%23.07%25.58%23.08%23.08%23.08%23.08%23.08%
EBIAT 161.94139.04279.17255.40304.45307.51342.85382.25426.19475.17
Depreciation 25.6631.9335.8053.8056.6055.1361.4768.5376.4085.19
Accounts Receivable -6.997.50-38.10-41.50-38.40-36.37-40.55-45.22-50.41
Inventories -52.20-103.03-91.80-208.6052.57-86.43-96.36-107.44-119.78
Accounts Payable -1.03194.96-122.6072.9094.4665.3972.9081.2890.62
Capital Expenditure -42.70-47.26-39.70-61.20-53.60-68.43-76.29-85.06-94.84-105.74
UFCF 144.90183.92374.69-4.50130.25402.84270.61301.71336.38375.04
WACC
PV UFCF 365.92223.28226.12229231.92
SUM PV UFCF 1,276.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.09
Free cash flow (t + 1) 376.92
Terminal Value 3,930.32
Present Value of Terminal Value 2,430.46

Intrinsic Value

Enterprise Value 3,706.70
Net Debt -194.80
Equity Value 3,901.50
Shares Outstanding 19.32
Equity Value Per Share 201.97