Discounted Cash Flow (DCF) Analysis Levered

bpost NV/SA (BPOST.BR)

4.096 €

+0.06 (+1.54%)

All numbers are in Millions, Currency in USD

Stock DCF: 95.01 | 4.096 | 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	2,972.20	3,774.30	3,779.30	4,115.10	4,282.40	4,711.39	5,183.35	5,702.59	6,273.85	6,902.33
Revenue (%)
Operating Cash Flow	266.10	362	424.20	571.30	398.20	498.94	548.92	603.90	664.40	730.96
Operating Cash Flow (%)
Capital Expenditure	-121.40	-115.40	-162.20	-147.70	-172.10	-179.43	-197.40	-217.18	-238.93	-262.87
Capital Expenditure (%)
Free Cash Flow	144.70	246.60	262	423.60	226.10	319.51	351.52	386.73	425.47	468.09

Weighted Average Cost Of Capital

Share price	$ 4.096
Beta	1.187
Diluted Shares Outstanding	200
Cost of Debt
Tax Rate	24.81
After-tax Cost of Debt	1.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.301
Total Debt	1,377.60
Total Equity	819.20
Total Capital	2,196.80
Debt Weighting	62.71
Equity Weighting	37.29
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	2,972.20	3,774.30	3,779.30	4,115.10	4,282.40	4,711.39	5,183.35	5,702.59	6,273.85	6,902.33
Operating Cash Flow	266.10	362	424.20	571.30	398.20	498.94	548.92	603.90	664.40	730.96
Capital Expenditure	-121.40	-115.40	-162.20	-147.70	-172.10	-179.43	-197.40	-217.18	-238.93	-262.87
Free Cash Flow	144.70	246.60	262	423.60	226.10	319.51	351.52	386.73	425.47	468.09
WACC
PV LFCF						294.33	310.79	328.17	346.53	365.91
SUM PV LFCF										1,714.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.19
Free cash flow (t + 1)	477.45
Terminal Value	21,801.49
Present Value of Terminal Value	17,756.45

Intrinsic Value

Enterprise Value	19,471.13
Net Debt	470.10
Equity Value	19,001.03
Shares Outstanding	200
Equity Value Per Share	95.01