Discounted Cash Flow (DCF) Analysis Levered

Bolloré SE (BOL.PA)

4.6 €

-0.05 (-1.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.52 | 4.6 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 18,325.2023,024.4024,843.4024,109.5019,769.7020,391.9121,033.7121,695.7022,378.5323,082.85
Revenue (%)
Operating Cash Flow 2,0671,998.602,580.602,232.801,925.402,012.582,075.932,141.262,208.652,278.17
Operating Cash Flow (%)
Capital Expenditure -1,102.80-1,022.20-1,330.50-689.60-738.20-913.86-942.62-972.29-1,002.89-1,034.45
Capital Expenditure (%)
Free Cash Flow 964.20976.401,250.101,543.201,187.201,098.721,133.301,168.971,205.761,243.71

Weighted Average Cost Of Capital

Share price $ 4.6
Beta 0.861
Diluted Shares Outstanding 2,933.78
Cost of Debt
Tax Rate -186.49
After-tax Cost of Debt 1.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.896
Total Debt 8,491.60
Total Equity 13,495.39
Total Capital 21,986.99
Debt Weighting 38.62
Equity Weighting 61.38
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 18,325.2023,024.4024,843.4024,109.5019,769.7020,391.9121,033.7121,695.7022,378.5323,082.85
Operating Cash Flow 2,0671,998.602,580.602,232.801,925.402,012.582,075.932,141.262,208.652,278.17
Capital Expenditure -1,102.80-1,022.20-1,330.50-689.60-738.20-913.86-942.62-972.29-1,002.89-1,034.45
Free Cash Flow 964.20976.401,250.101,543.201,187.201,098.721,133.301,168.971,205.761,243.71
WACC
PV LFCF 1,043.421,022.091,001.20980.73960.68
SUM PV LFCF 5,008.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.30
Free cash flow (t + 1) 1,268.59
Terminal Value 38,442.03
Present Value of Terminal Value 29,693.71

Intrinsic Value

Enterprise Value 34,701.83
Net Debt 3,839.20
Equity Value 30,862.63
Shares Outstanding 2,933.78
Equity Value Per Share 10.52