Discounted Cash Flow (DCF) Analysis Unlevered

Veolia Environnement S.A. (VIE.PA)

25.57 €

+0.31 (+1.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 176.59 | 25.57 | 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 25,124.6025,911.1027,188.7026,009.9028,508.1029,458.1530,439.8731,454.3032,502.5333,585.70
Revenue (%)
EBITDA 2,633.402,488.503,4542,766.503,285.903,237.553,345.443,456.933,572.143,691.18
EBITDA (%)
EBIT 1,117.401,082.701,425.20692.701,164.901,214.691,255.171,2971,340.231,384.89
EBIT (%)
Depreciation 1,5161,405.802,028.802,073.802,1212,022.862,090.272,159.932,231.912,306.29
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 6,636.804,846.106,667.806,840.7011,958.208,123.948,394.688,674.448,963.529,262.23
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 721.60818792797.70816.30876.22905.42935.60966.78998.99
Inventories (%)
Accounts Payable 4,218.704,748.2011,753.604,504.505,457.106,763.976,989.397,222.317,4637,711.71
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.57
Beta 0.977
Diluted Shares Outstanding 601.45
Cost of Debt
Tax Rate 55.11
After-tax Cost of Debt 1.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.460
Total Debt 12,965.40
Total Equity 15,379.05
Total Capital 28,344.45
Debt Weighting 45.74
Equity Weighting 54.26
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 25,124.6025,911.1027,188.7026,009.9028,508.1029,458.1530,439.8731,454.3032,502.5333,585.70
EBITDA 2,633.402,488.503,4542,766.503,285.903,237.553,345.443,456.933,572.143,691.18
EBIT 1,117.401,082.701,425.20692.701,164.901,214.691,255.171,2971,340.231,384.89
Tax Rate 45.05%48.80%46.64%75.70%55.11%54.26%54.26%54.26%54.26%54.26%
EBIAT 613.97554.35760.55168.34522.89555.60574.12593.25613.02633.45
Depreciation 1,5161,405.802,028.802,073.802,1212,022.862,090.272,159.932,231.912,306.29
Accounts Receivable ----------
Inventories --96.4026-5.70-18.60-59.92-29.20-30.17-31.18-32.22
Accounts Payable -529.507,005.40-7,249.10952.601,306.87225.41232.93240.69248.71
Capital Expenditure ----------
UFCF -----3,825.412,860.602,955.933,054.443,156.23
WACC
PV UFCF 3,653.692,609.542,575.462,541.822,508.63
SUM PV UFCF 13,889.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.70
Free cash flow (t + 1) 3,219.36
Terminal Value 119,235.50
Present Value of Terminal Value 94,770.28

Intrinsic Value

Enterprise Value 108,659.42
Net Debt 2,446.70
Equity Value 106,212.72
Shares Outstanding 601.45
Equity Value Per Share 176.59