Discounted Cash Flow (DCF) Analysis Levered

Groupe Bruxelles Lambert SA (GBLB.BR)

81.22 €

-0.22 (-0.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 281.48 | 81.22 | 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 $ 81.22
Beta 0.881
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 7.009
Total Debt 8,596.30
Total Equity 12,708.10
Total Capital 21,304.40
Debt Weighting 40.35
Equity Weighting 59.65
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 985.971,025.461,066.531,109.241,153.66
SUM PV LFCF 5,340.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.56
Free cash flow (t + 1) 1,470.64
Terminal Value 57,446.84
Present Value of Terminal Value 45,966.17

Intrinsic Value

Enterprise Value 51,307.03
Net Debt 7,264.70
Equity Value 44,042.33
Shares Outstanding 156.47
Equity Value Per Share 281.48