Discounted Cash Flow (DCF) Analysis Levered
L'Oréal S.A. (OR.PA)
436.15 €
+5.10 (+1.18%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 26,937.40 | 29,873.60 | 27,992.10 | 32,287.60 | 38,260.60 | 41,938.08 | 45,969.03 | 50,387.41 | 55,230.48 | 60,539.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 5,291.90 | 6,262.80 | 6,453.30 | 6,728.40 | 6,278.30 | 8,464.09 | 9,277.63 | 10,169.37 | 11,146.81 | 12,218.21 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,416.10 | -1,231 | -972.40 | -1,075.20 | -1,343.20 | -1,651.71 | -1,810.47 | -1,984.49 | -2,175.23 | -2,384.30 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 3,875.80 | 5,031.80 | 5,480.90 | 5,653.20 | 4,935.10 | 6,812.38 | 7,467.16 | 8,184.88 | 8,971.59 | 9,833.90 |
Weighted Average Cost Of Capital
| Share price | $ 436.15 |
|---|---|
| Beta | 0.704 |
| Diluted Shares Outstanding | 537.66 |
| Cost of Debt | |
| Tax Rate | 25.02 |
| After-tax Cost of Debt | 3.12% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.479 |
| Total Debt | 5,650.80 |
| Total Equity | 234,499.34 |
| Total Capital | 240,150.14 |
| Debt Weighting | 2.35 |
| Equity Weighting | 97.65 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 26,937.40 | 29,873.60 | 27,992.10 | 32,287.60 | 38,260.60 | 41,938.08 | 45,969.03 | 50,387.41 | 55,230.48 | 60,539.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5,291.90 | 6,262.80 | 6,453.30 | 6,728.40 | 6,278.30 | 8,464.09 | 9,277.63 | 10,169.37 | 11,146.81 | 12,218.21 |
| Capital Expenditure | -1,416.10 | -1,231 | -972.40 | -1,075.20 | -1,343.20 | -1,651.71 | -1,810.47 | -1,984.49 | -2,175.23 | -2,384.30 |
| Free Cash Flow | 3,875.80 | 5,031.80 | 5,480.90 | 5,653.20 | 4,935.10 | 6,812.38 | 7,467.16 | 8,184.88 | 8,971.59 | 9,833.90 |
| WACC | ||||||||||
| PV LFCF | 6,344.18 | 6,476.03 | 6,610.62 | 6,748.01 | 6,888.25 | |||||
| SUM PV LFCF | 33,067.09 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.38 |
| Free cash flow (t + 1) | 10,030.58 |
| Terminal Value | 186,442.04 |
| Present Value of Terminal Value | 130,595.09 |
Intrinsic Value
| Enterprise Value | 163,662.18 |
|---|---|
| Net Debt | 3,033.10 |
| Equity Value | 160,629.08 |
| Shares Outstanding | 537.66 |
| Equity Value Per Share | 298.76 |