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
Stock DCF: 236.58 | 72.04 | 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 5,306.805,591.205,474.206,264.807,347.407,990.118,689.039,449.0910,275.6411,174.49
Revenue (%)
Operating Cash Flow 1,484.90914.301,0641,229.901,041.201,559.241,695.631,843.962,005.252,180.66
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 1,124.50523.70661.30869.50587.601,030.931,121.111,219.181,325.831,441.80

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 5,306.805,591.205,474.206,264.807,347.407,990.118,689.039,449.0910,275.6411,174.49
Operating Cash Flow 1,484.90914.301,0641,229.901,041.201,559.241,695.631,843.962,005.252,180.66
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 1,124.50523.70661.30869.50587.601,030.931,121.111,219.181,325.831,441.80
WACC
PV LFCF 982.221,017.661,054.381,092.431,131.84
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