Discounted Cash Flow (DCF) Analysis Unlevered
Vranken-Pommery Monopole Société An... (VRAP.PA)
19 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 300.24 | 300.42 | 274.63 | 244.01 | 301.25 | 304.10 | 306.98 | 309.88 | 312.81 | 315.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 31.22 | 31.89 | 33.50 | 33.25 | 43.81 | 37.33 | 37.69 | 38.04 | 38.40 | 38.77 |
| EBITDA (%) | ||||||||||
| EBIT | 21.15 | 21.41 | 19.01 | 17.20 | 27.74 | 22.72 | 22.93 | 23.15 | 23.37 | 23.59 |
| EBIT (%) | ||||||||||
| Depreciation | 10.07 | 10.48 | 14.49 | 16.05 | 16.07 | 14.62 | 14.75 | 14.89 | 15.03 | 15.18 |
| 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 | 48.82 | 22.79 | 6.54 | 17.47 | 15.25 | 23.39 | 23.61 | 23.83 | 24.06 | 24.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 670.78 | 696.48 | 685.80 | 672.46 | 645.39 | 726.68 | 733.55 | 740.49 | 747.50 | 754.57 |
| Inventories (%) | ||||||||||
| Accounts Payable | 114.74 | 129.18 | 94.20 | 107.11 | 87.38 | 114.60 | 115.68 | 116.78 | 117.88 | 119 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -17.74 | -13.49 | -16.89 | -14.25 | -14.29 | -16.50 | -16.66 | -16.82 | -16.98 | -17.14 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 19 |
|---|---|
| Beta | 0.602 |
| Diluted Shares Outstanding | 79.87 |
| Cost of Debt | |
| Tax Rate | 25.11 |
| After-tax Cost of Debt | 1.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.653 |
| Total Debt | 669.86 |
| Total Equity | 1,517.48 |
| Total Capital | 2,187.34 |
| Debt Weighting | 30.62 |
| Equity Weighting | 69.38 |
| 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 | 300.24 | 300.42 | 274.63 | 244.01 | 301.25 | 304.10 | 306.98 | 309.88 | 312.81 | 315.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 31.22 | 31.89 | 33.50 | 33.25 | 43.81 | 37.33 | 37.69 | 38.04 | 38.40 | 38.77 |
| EBIT | 21.15 | 21.41 | 19.01 | 17.20 | 27.74 | 22.72 | 22.93 | 23.15 | 23.37 | 23.59 |
| Tax Rate | -158.96% | 7.69% | 92.76% | 62.64% | 25.11% | 5.85% | 5.85% | 5.85% | 5.85% | 5.85% |
| EBIAT | 54.77 | 19.76 | 1.38 | 6.43 | 20.77 | 21.39 | 21.59 | 21.79 | 22 | 22.21 |
| Depreciation | 10.07 | 10.48 | 14.49 | 16.05 | 16.07 | 14.62 | 14.75 | 14.89 | 15.03 | 15.18 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -25.70 | 10.68 | 13.34 | 27.07 | -81.29 | -6.87 | -6.94 | -7 | -7.07 |
| Accounts Payable | - | 14.45 | -34.98 | 12.91 | -19.73 | 27.21 | 1.08 | 1.09 | 1.10 | 1.12 |
| Capital Expenditure | -17.74 | -13.49 | -16.89 | -14.25 | -14.29 | -16.50 | -16.66 | -16.82 | -16.98 | -17.14 |
| UFCF | 47.10 | 5.51 | -25.33 | 34.47 | 29.90 | -34.58 | 13.89 | 14.03 | 14.16 | 14.29 |
| WACC | ||||||||||
| PV UFCF | -32.87 | 12.55 | 12.05 | 11.56 | 11.09 | |||||
| SUM PV UFCF | 14.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.20 |
| Free cash flow (t + 1) | 14.58 |
| Terminal Value | 455.55 |
| Present Value of Terminal Value | 353.56 |
Intrinsic Value
| Enterprise Value | 367.94 |
|---|---|
| Net Debt | 654.61 |
| Equity Value | -286.67 |
| Shares Outstanding | 79.87 |
| Equity Value Per Share | -3.59 |