Discounted Cash Flow (DCF) Analysis Unlevered

Worldline SA (WLN.PA)

10.835 €

+0.14 (+1.26%)
All numbers are in Millions, Currency in USD
Stock DCF: -24.02 | 10.835 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,381.602,747.803,689.404,364.104,610.405,458.426,462.437,651.129,058.4410,724.63
Revenue (%)
EBITDA 716.70649.80852.501,0041,0681,342.981,5901,882.462,228.722,638.66
EBITDA (%)
EBIT 498360.70610.40747.30486.60854.351,011.501,197.551,417.831,678.62
EBIT (%)
Depreciation 218.70289.10242.10256.70581.40488.62578.50684.91810.89960.04
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 500.901,383.601,1351,599.501,954.101,977.972,341.792,772.533,282.503,886.28
Total Cash (%)
Account Receivables 644.101,232.304,0181,054.506,646.503,811.344,512.395,342.386,325.057,488.46
Account Receivables (%)
Inventories 41.20131.4042.1067.6097.70123.59146.32173.24205.10242.83
Inventories (%)
Accounts Payable 318.40678.20646.20717.70756965.151,142.671,352.861,601.701,896.31
Accounts Payable (%)
Capital Expenditure -113.90-155.30-225.60-324.90-332.90-340.76-403.44-477.65-565.51-669.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.835
Beta 1.337
Diluted Shares Outstanding 282.11
Cost of Debt
Tax Rate 10.98
After-tax Cost of Debt 3.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.521
Total Debt 4,051.60
Total Equity 3,056.67
Total Capital 7,108.27
Debt Weighting 57.00
Equity Weighting 43.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,381.602,747.803,689.404,364.104,610.405,458.426,462.437,651.129,058.4410,724.63
EBITDA 716.70649.80852.501,0041,0681,342.981,5901,882.462,228.722,638.66
EBIT 498360.70610.40747.30486.60854.351,011.501,197.551,417.831,678.62
Tax Rate 25.19%24.53%382.27%-1.73%10.98%88.25%88.25%88.25%88.25%88.25%
EBIAT 372.54272.23-1,722.97760.26433.18100.42118.89140.75166.64197.30
Depreciation 218.70289.10242.10256.70581.40488.62578.50684.91810.89960.04
Accounts Receivable --588.20-2,785.702,963.50-5,5922,835.16-701.05-830-982.66-1,163.41
Inventories --90.2089.30-25.50-30.10-25.89-22.73-26.91-31.87-37.73
Accounts Payable -359.80-3271.5038.30209.15177.53210.18248.84294.61
Capital Expenditure -113.90-155.30-225.60-324.90-332.90-340.76-403.44-477.65-565.51-669.53
UFCF 477.3487.43-4,434.873,701.56-4,902.123,266.69-252.31-298.72-353.67-418.72
WACC
PV UFCF 3,062.72-221.78-246.18-273.27-303.33
SUM PV UFCF 2,018.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.66
Free cash flow (t + 1) -427.09
Terminal Value -9,165.06
Present Value of Terminal Value -6,639.38

Intrinsic Value

Enterprise Value -4,621.22
Net Debt 2,155.60
Equity Value -6,776.82
Shares Outstanding 282.11
Equity Value Per Share -24.02