Discounted Cash Flow (DCF) Analysis Unlevered

Vetoquinol SA (VETO.PA)

127.4 €

+1.40 (+1.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 54.88 | 127.4 | 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 352.17367.94395.99427.47521.27576636.47703.29777.12858.71
Revenue (%)
EBITDA 55.6061.1065.5282.83118.86104.97115.99128.16141.62156.49
EBITDA (%)
EBIT 43.5648.6241.4336.6887.2570.7078.1286.3295.38105.39
EBIT (%)
Depreciation 12.0312.4824.0846.1531.6134.2737.8741.8446.2451.09
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 113.02117.6384.51129.4469148.52164.11181.34200.38221.41
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 69.3877.1677.3585.53111.59117.07129.36142.94157.94174.52
Inventories (%)
Accounts Payable 24.8425.6530.4441.4746.9446.5651.4556.8562.8269.41
Accounts Payable (%)
Capital Expenditure -13.70-14.22-14.33-145.46-32.40-59.47-65.71-72.61-80.23-88.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 127.4
Beta 0.672
Diluted Shares Outstanding 11.83
Cost of Debt
Tax Rate 27.34
After-tax Cost of Debt 2.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.063
Total Debt 15.38
Total Equity 1,507.56
Total Capital 1,522.94
Debt Weighting 1.01
Equity Weighting 98.99
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 352.17367.94395.99427.47521.27576636.47703.29777.12858.71
EBITDA 55.6061.1065.5282.83118.86104.97115.99128.16141.62156.49
EBIT 43.5648.6241.4336.6887.2570.7078.1286.3295.38105.39
Tax Rate 19.59%25.36%29.72%45.98%27.34%29.60%29.60%29.60%29.60%29.60%
EBIAT 35.0336.2929.1219.8263.4049.775560.7767.1574.20
Depreciation 12.0312.4824.0846.1531.6134.2737.8741.8446.2451.09
Accounts Receivable ----------
Inventories --7.78-0.20-8.17-26.07-5.47-12.29-13.58-15.01-16.58
Accounts Payable -0.814.7911.025.47-0.374.895.405.976.60
Capital Expenditure -13.71-14.22-14.33-145.46-32.40-59.47-65.71-72.61-80.23-88.65
UFCF 33.3627.5943.46-76.654218.7319.7521.8324.1226.65
WACC
PV UFCF 17.6617.5718.3119.0819.89
SUM PV UFCF 92.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.03
Free cash flow (t + 1) 27.18
Terminal Value 674.52
Present Value of Terminal Value 503.32

Intrinsic Value

Enterprise Value 595.84
Net Debt -53.62
Equity Value 649.45
Shares Outstanding 11.83
Equity Value Per Share 54.88