Discounted Cash Flow (DCF) Analysis Unlevered

Worldline SA (WLN.PA)

42.45 €

+0.15 (+0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 50.30 | 42.45 | 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 1,593.801,720.302,381.602,747.803,689.404,575.065,673.327,035.228,724.0510,818.29
Revenue (%)
EBITDA 254.30288.40634.20529.60-395.70621.27770.41955.351,184.681,469.07
EBITDA (%)
EBIT 149.60172.60415.50240.50-637.80259.23321.46398.63494.32612.98
EBIT (%)
Depreciation 104.70115.80218.70289.10242.10362.04448.95556.72690.36856.09
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 356.20213.20500.901,383.601,1351,252.571,553.251,926.122,388.492,961.86
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 19.703541.20131.4042.1099.95123.95153.70190.60236.35
Inventories (%)
Accounts Payable 264.10363.80318.40678.20646.20853.561,058.461,312.541,627.622,018.34
Accounts Payable (%)
Capital Expenditure -107-105.50-113.90-155.30-225.60-268.97-333.54-413.60-512.89-636.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.45
Beta 1.288
Diluted Shares Outstanding 207.88
Cost of Debt
Tax Rate 382.27
After-tax Cost of Debt -3.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.841
Total Debt 4,561.90
Total Equity 8,824.54
Total Capital 13,386.44
Debt Weighting 34.08
Equity Weighting 65.92
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 1,593.801,720.302,381.602,747.803,689.404,575.065,673.327,035.228,724.0510,818.29
EBITDA 254.30288.40634.20529.60-395.70621.27770.41955.351,184.681,469.07
EBIT 149.60172.60415.50240.50-637.80259.23321.46398.63494.32612.98
Tax Rate 40.53%45.82%25.19%24.53%382.27%103.67%103.67%103.67%103.67%103.67%
EBIAT 88.9793.51310.83181.511,800.31-9.51-11.79-14.62-18.13-22.49
Depreciation 104.70115.80218.70289.10242.10362.04448.95556.72690.36856.09
Accounts Receivable ----------
Inventories --15.30-6.20-90.2089.30-57.85-23.99-29.75-36.90-45.75
Accounts Payable -99.70-45.40359.80-32207.36204.90254.09315.08390.72
Capital Expenditure -107-105.50-113.90-155.30-225.60-268.97-333.54-413.60-512.89-636.01
UFCF 86.67188.21364.03584.911,874.11233.06284.53352.83437.52542.55
WACC
PV UFCF 221.04255.92300.99353.98416.31
SUM PV UFCF 1,548.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.44
Free cash flow (t + 1) 553.40
Terminal Value 16,087.35
Present Value of Terminal Value 12,344.04

Intrinsic Value

Enterprise Value 13,892.28
Net Debt 3,435.60
Equity Value 10,456.68
Shares Outstanding 207.88
Equity Value Per Share 50.30