Discounted Cash Flow (DCF) Analysis Levered
Groupe Bruxelles Lambert SA (GBLB.BR)
72.04 €
-1.62 (-2.20%)
All numbers are in Millions, Currency in USD
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 | 5,306.80 | 5,591.20 | 5,474.20 | 6,264.80 | 7,347.40 | 7,990.11 | 8,689.03 | 9,449.09 | 10,275.64 | 11,174.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,484.90 | 914.30 | 1,064 | 1,229.90 | 1,041.20 | 1,559.24 | 1,695.63 | 1,843.96 | 2,005.25 | 2,180.66 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -360.40 | -390.60 | -402.70 | -360.40 | -453.60 | -528.31 | -574.52 | -624.77 | -679.43 | -738.86 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,124.50 | 523.70 | 661.30 | 869.50 | 587.60 | 1,030.93 | 1,121.11 | 1,219.18 | 1,325.83 | 1,441.80 |
Weighted Average Cost Of Capital
| Share price | $ 72.04 |
|---|---|
| Beta | 0.877 |
| Diluted Shares Outstanding | 156.47 |
| Cost of Debt | |
| Tax Rate | 46.77 |
| After-tax Cost of Debt | 0.94% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.023 |
| Total Debt | 8,596.30 |
| Total Equity | 11,271.75 |
| Total Capital | 19,868.05 |
| Debt Weighting | 43.27 |
| Equity Weighting | 56.73 |
| 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 | 5,306.80 | 5,591.20 | 5,474.20 | 6,264.80 | 7,347.40 | 7,990.11 | 8,689.03 | 9,449.09 | 10,275.64 | 11,174.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,484.90 | 914.30 | 1,064 | 1,229.90 | 1,041.20 | 1,559.24 | 1,695.63 | 1,843.96 | 2,005.25 | 2,180.66 |
| Capital Expenditure | -360.40 | -390.60 | -402.70 | -360.40 | -453.60 | -528.31 | -574.52 | -624.77 | -679.43 | -738.86 |
| Free Cash Flow | 1,124.50 | 523.70 | 661.30 | 869.50 | 587.60 | 1,030.93 | 1,121.11 | 1,219.18 | 1,325.83 | 1,441.80 |
| WACC | ||||||||||
| PV LFCF | 982.22 | 1,017.66 | 1,054.38 | 1,092.43 | 1,131.84 | |||||
| SUM PV LFCF | 5,278.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.96 |
| Free cash flow (t + 1) | 1,470.64 |
| Terminal Value | 49,683.76 |
| Present Value of Terminal Value | 39,002.76 |
Intrinsic Value
| Enterprise Value | 44,281.28 |
|---|---|
| Net Debt | 7,264.70 |
| Equity Value | 37,016.58 |
| Shares Outstanding | 156.47 |
| Equity Value Per Share | 236.58 |