Discounted Cash Flow (DCF) Analysis Levered

Jacques Bogart S.A. (JBOG.PA)

7.88 €

-0.04 (-0.51%)

All numbers are in Millions, Currency in USD

Stock DCF: 559.58 | 7.88 | 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	129.49	165.46	304.50	224.26	246.63	305.47	378.35	468.62	580.42	718.90
Revenue (%)
Operating Cash Flow	17.80	31.99	31.20	58.15	41.68	52.63	65.19	80.75	100.01	123.87
Operating Cash Flow (%)
Capital Expenditure	-2.31	-2.76	-5.44	-3.25	-10	-6.56	-8.13	-10.07	-12.47	-15.45
Capital Expenditure (%)
Free Cash Flow	15.49	29.23	25.76	54.91	31.67	46.07	57.06	70.68	87.54	108.42

Weighted Average Cost Of Capital

Share price	$ 7.88
Beta	0.935
Diluted Shares Outstanding	14.81
Cost of Debt
Tax Rate	55.85
After-tax Cost of Debt	0.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.795
Total Debt	226.63
Total Equity	116.68
Total Capital	343.31
Debt Weighting	66.01
Equity Weighting	33.99
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	129.49	165.46	304.50	224.26	246.63	305.47	378.35	468.62	580.42	718.90
Operating Cash Flow	17.80	31.99	31.20	58.15	41.68	52.63	65.19	80.75	100.01	123.87
Capital Expenditure	-2.31	-2.76	-5.44	-3.25	-10	-6.56	-8.13	-10.07	-12.47	-15.45
Free Cash Flow	15.49	29.23	25.76	54.91	31.67	46.07	57.06	70.68	87.54	108.42
WACC
PV LFCF						44.65	53.61	64.36	77.26	92.76
SUM PV LFCF										332.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.17
Free cash flow (t + 1)	110.59
Terminal Value	9,452.23
Present Value of Terminal Value	8,086.62

Intrinsic Value

Enterprise Value	8,419.26
Net Debt	133.38
Equity Value	8,285.89
Shares Outstanding	14.81
Equity Value Per Share	559.58