Discounted Cash Flow (DCF) Analysis Unlevered

Union Financière de France Banque S... (UFF.PA)

13.9 €

-0.10 (-0.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.27 | 13.9 | undervalue

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 284.37266.16245.82220.84247.60240.12232.86225.82219212.38
Revenue (%)
EBITDA 54.38122.7940.9018.0829.2548.9347.4546.0244.6343.28
EBITDA (%)
EBIT 51.40119.0733.288.9517.5542.0240.7539.5238.3237.16
EBIT (%)
Depreciation 2.983.717.629.1311.706.926.716.506.316.12
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 0.800.800.7936.0821.0312.3611.9911.6211.2710.93
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 28.1020.8341.8879.16113.945654.3152.6751.0749.53
Accounts Payable (%)
Capital Expenditure -4.99-7.70-6.50-5.02-1.85-4.95-4.80-4.66-4.52-4.38
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.9
Beta 0.476
Diluted Shares Outstanding 31.43
Cost of Debt
Tax Rate 31.89
After-tax Cost of Debt 2.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.945
Total Debt 12.70
Total Equity 436.84
Total Capital 449.54
Debt Weighting 2.82
Equity Weighting 97.18
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 284.37266.16245.82220.84247.60240.12232.86225.82219212.38
EBITDA 54.38122.7940.9018.0829.2548.9347.4546.0244.6343.28
EBIT 51.40119.0733.288.9517.5542.0240.7539.5238.3237.16
Tax Rate 28.80%12.36%36.62%35.97%31.89%29.13%29.13%29.13%29.13%29.13%
EBIAT 36.60104.3621.095.7311.9529.7828.8828.0127.1626.34
Depreciation 2.983.717.629.1311.706.926.716.506.316.12
Accounts Receivable ----------
Inventories ----------
Accounts Payable --7.2721.0437.2934.77-57.94-1.69-1.64-1.59-1.54
Capital Expenditure -4.99-7.70-6.50-5.02-1.85-4.95-4.80-4.66-4.52-4.38
UFCF 34.5993.1143.2547.1356.58-26.2029.0928.2127.3626.53
WACC
PV UFCF -24.7525.9723.7921.8019.98
SUM PV UFCF 66.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.84
Free cash flow (t + 1) 27.06
Terminal Value 704.74
Present Value of Terminal Value 530.62

Intrinsic Value

Enterprise Value 597.41
Net Debt -8.33
Equity Value 605.74
Shares Outstanding 31.43
Equity Value Per Share 19.27