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
Stock DCF: -3.59 | 19 | 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 300.24300.42274.63244.01301.25304.10306.98309.88312.81315.77
Revenue (%)
EBITDA 31.2231.8933.5033.2543.8137.3337.6938.0438.4038.77
EBITDA (%)
EBIT 21.1521.4119.0117.2027.7422.7222.9323.1523.3723.59
EBIT (%)
Depreciation 10.0710.4814.4916.0516.0714.6214.7514.8915.0315.18
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 48.8222.796.5417.4715.2523.3923.6123.8324.0624.28
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 670.78696.48685.80672.46645.39726.68733.55740.49747.50754.57
Inventories (%)
Accounts Payable 114.74129.1894.20107.1187.38114.60115.68116.78117.88119
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 300.24300.42274.63244.01301.25304.10306.98309.88312.81315.77
EBITDA 31.2231.8933.5033.2543.8137.3337.6938.0438.4038.77
EBIT 21.1521.4119.0117.2027.7422.7222.9323.1523.3723.59
Tax Rate -158.96%7.69%92.76%62.64%25.11%5.85%5.85%5.85%5.85%5.85%
EBIAT 54.7719.761.386.4320.7721.3921.5921.792222.21
Depreciation 10.0710.4814.4916.0516.0714.6214.7514.8915.0315.18
Accounts Receivable ----------
Inventories --25.7010.6813.3427.07-81.29-6.87-6.94-7-7.07
Accounts Payable -14.45-34.9812.91-19.7327.211.081.091.101.12
Capital Expenditure -17.74-13.49-16.89-14.25-14.29-16.50-16.66-16.82-16.98-17.14
UFCF 47.105.51-25.3334.4729.90-34.5813.8914.0314.1614.29
WACC
PV UFCF -32.8712.5512.0511.5611.09
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