Discounted Cash Flow (DCF) Analysis Unlevered

Videlio SA (VDLO.PA)

2.6 €

0.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.19 | 2.6 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 234.13252.98236.76246.78201.41195.10189183.09177.36171.81
Revenue (%)
EBITDA 87.8214.1619.2112.4310.329.999.689.389.09
EBITDA (%)
EBIT 3.343.178.669.190.764.073.953.823.703.59
EBIT (%)
Depreciation 4.654.655.5010.0211.676.246.055.865.685.50
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 28.3522.0429.3037.3839.7226.5625.7324.9224.1423.39
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 9.366.338.5210.6312.368.027.777.527.297.06
Inventories (%)
Accounts Payable 41.1735.6732.2232.3926.8327.9927.1226.2725.4524.65
Accounts Payable (%)
Capital Expenditure -2.47-6.73-1.68-2.62-1.88-2.50-2.43-2.35-2.28-2.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.6
Beta 0.525
Diluted Shares Outstanding 24.50
Cost of Debt
Tax Rate -1,975.73
After-tax Cost of Debt 2.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.169
Total Debt 36.72
Total Equity 63.69
Total Capital 100.42
Debt Weighting 36.57
Equity Weighting 63.43
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 234.13252.98236.76246.78201.41195.10189183.09177.36171.81
EBITDA 87.8214.1619.2112.4310.329.999.689.389.09
EBIT 3.343.178.669.190.764.073.953.823.703.59
Tax Rate 54.47%111.64%37.37%44.51%-1,975.73%-345.55%-345.55%-345.55%-345.55%-345.55%
EBIAT 1.52-0.375.425.1015.6718.1417.5817.0316.4915.98
Depreciation 4.654.655.5010.0211.676.246.055.865.685.50
Accounts Receivable ----------
Inventories -3.03-2.19-2.11-1.734.350.250.240.240.23
Accounts Payable --5.50-3.450.17-5.561.16-0.88-0.85-0.82-0.80
Capital Expenditure -2.47-6.72-1.68-2.63-1.88-2.50-2.43-2.35-2.28-2.21
UFCF 3.70-4.913.6010.5618.1827.3920.5819.9319.3118.70
WACC
PV UFCF 26.1518.7517.3316.0314.82
SUM PV UFCF 93.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.77
Free cash flow (t + 1) 19.08
Terminal Value 688.76
Present Value of Terminal Value 545.61

Intrinsic Value

Enterprise Value 638.67
Net Debt -3
Equity Value 641.67
Shares Outstanding 24.50
Equity Value Per Share 26.19