Discounted Cash Flow (DCF) Analysis Unlevered

Vranken-Pommery Monopole Société An... (VRAP.PA)

16.75 €

+0.05 (+0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -212.61 | 16.75 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 300.42274.63244.01301.25334.46346.79359.58372.84386.59400.84
Revenue (%)
EBITDA 35.5335.9533.8845.3948.6647.4649.2151.0252.9054.85
EBITDA (%)
EBIT 25.0521.4617.8329.3234.1230.1031.2132.3633.5534.79
EBIT (%)
Depreciation 10.4814.4916.0516.0714.5417.361818.6619.3520.06
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 22.796.5417.4715.258.5217.1617.7918.4519.1319.83
Total Cash (%)
Account Receivables 86.5790.2599.6775.07105.46110.26114.33118.55122.92127.45
Account Receivables (%)
Inventories 696.48685.80672.46645.39645.77807.66837.44868.32900.34933.54
Inventories (%)
Accounts Payable 129.1894.20107.1187.38122.18129.52134.29139.25144.38149.70
Accounts Payable (%)
Capital Expenditure -13.49-16.89-14.25-14.29-12.24-17.26-17.90-18.56-19.24-19.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.75
Beta 0.571
Diluted Shares Outstanding 8.88
Cost of Debt
Tax Rate 34.98
After-tax Cost of Debt 1.78%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.237
Total Debt 657.03
Total Equity 148.73
Total Capital 805.76
Debt Weighting 81.54
Equity Weighting 18.46
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 300.42274.63244.01301.25334.46346.79359.58372.84386.59400.84
EBITDA 35.5335.9533.8845.3948.6647.4649.2151.0252.9054.85
EBIT 25.0521.4617.8329.3234.1230.1031.2132.3633.5534.79
Tax Rate 7.69%76.84%27.98%25.11%34.98%34.52%34.52%34.52%34.52%34.52%
EBIAT 23.124.9712.8421.9622.1919.7120.4421.1921.9722.78
Depreciation 10.4814.4916.0516.0714.5417.361818.6619.3520.06
Accounts Receivable --3.68-9.4224.59-30.39-4.80-4.07-4.22-4.37-4.53
Inventories -10.6813.3427.07-0.38-161.88-29.78-30.88-32.02-33.20
Accounts Payable --34.9812.91-19.7334.797.344.784.955.135.32
Capital Expenditure -13.49-16.89-14.25-14.29-12.24-17.26-17.90-18.56-19.24-19.95
UFCF 20.11-25.4131.4755.6828.50-139.54-8.54-8.85-9.18-9.52
WACC
PV UFCF -135.75-8.08-8.15-8.22-8.29
SUM PV UFCF -168.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.79
Free cash flow (t + 1) -9.71
Terminal Value -1,228.83
Present Value of Terminal Value -1,070.87

Intrinsic Value

Enterprise Value -1,239.38
Net Debt 648.50
Equity Value -1,887.88
Shares Outstanding 8.88
Equity Value Per Share -212.61