Discounted Cash Flow (DCF) Analysis Levered
BCE Inc. (BCE)
$36.39
-0.24 (-0.66%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 23,468 | 23,964 | 22,883 | 23,449 | 24,174 | 24,365.45 | 24,558.41 | 24,752.91 | 24,948.94 | 25,146.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 7,384 | 7,958 | 7,754 | 8,008 | 8,365 | 8,153.25 | 8,217.82 | 8,282.90 | 8,348.50 | 8,414.62 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4,027 | -3,988 | -4,288 | -6,919 | -5,136 | -5,033.54 | -5,073.40 | -5,113.58 | -5,154.08 | -5,194.90 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,357 | 3,970 | 3,466 | 1,089 | 3,229 | 3,119.71 | 3,144.42 | 3,169.32 | 3,194.42 | 3,219.72 |
Weighted Average Cost Of Capital
| Share price | $ 36.39 |
|---|---|
| Beta | 0.492 |
| Diluted Shares Outstanding | 912 |
| Cost of Debt | |
| Tax Rate | 26.33 |
| After-tax Cost of Debt | 2.64% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.123 |
| Total Debt | 31,920 |
| Total Equity | 33,187.68 |
| Total Capital | 65,107.68 |
| Debt Weighting | 49.03 |
| Equity Weighting | 50.97 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 23,468 | 23,964 | 22,883 | 23,449 | 24,174 | 24,365.45 | 24,558.41 | 24,752.91 | 24,948.94 | 25,146.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 7,384 | 7,958 | 7,754 | 8,008 | 8,365 | 8,153.25 | 8,217.82 | 8,282.90 | 8,348.50 | 8,414.62 |
| Capital Expenditure | -4,027 | -3,988 | -4,288 | -6,919 | -5,136 | -5,033.54 | -5,073.40 | -5,113.58 | -5,154.08 | -5,194.90 |
| Free Cash Flow | 3,357 | 3,970 | 3,466 | 1,089 | 3,229 | 3,119.71 | 3,144.42 | 3,169.32 | 3,194.42 | 3,219.72 |
| WACC | ||||||||||
| PV LFCF | 2,973.14 | 2,855.89 | 2,743.26 | 2,635.08 | 2,531.16 | |||||
| SUM PV LFCF | 13,738.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.93 |
| Free cash flow (t + 1) | 3,284.11 |
| Terminal Value | 112,085.79 |
| Present Value of Terminal Value | 88,115.48 |
Intrinsic Value
| Enterprise Value | 101,854 |
|---|---|
| Net Debt | 31,771 |
| Equity Value | 70,083 |
| Shares Outstanding | 912 |
| Equity Value Per Share | 76.85 |