Discounted Cash Flow (DCF) Analysis Levered

Proximus PLC (PROX.BR)

13.51 €

+0.07 (+0.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 236.73 | 13.51 | 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 5,7395,7645,6385,4435,5375,488.805,441.025,393.655,346.705,300.16
Revenue (%)
Operating Cash Flow 1,4701,5581,6551,5151,6211,527.071,513.781,500.601,487.541,474.59
Operating Cash Flow (%)
Capital Expenditure -989-1,099-1,091-1,089-1,137-1,055.96-1,046.77-1,037.66-1,028.62-1,019.67
Capital Expenditure (%)
Free Cash Flow 481459564426484471.11467.01462.95458.92454.92

Weighted Average Cost Of Capital

Share price $ 13.51
Beta 0.151
Diluted Shares Outstanding 322.75
Cost of Debt
Tax Rate 23.75
After-tax Cost of Debt 1.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.565
Total Debt 3,263
Total Equity 4,360.38
Total Capital 7,623.38
Debt Weighting 42.80
Equity Weighting 57.20
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 5,7395,7645,6385,4435,5375,488.805,441.025,393.655,346.705,300.16
Operating Cash Flow 1,4701,5581,6551,5151,6211,527.071,513.781,500.601,487.541,474.59
Capital Expenditure -989-1,099-1,091-1,089-1,137-1,055.96-1,046.77-1,037.66-1,028.62-1,019.67
Free Cash Flow 481459564426484471.11467.01462.95458.92454.92
WACC
PV LFCF 459.49444.25429.51415.27401.50
SUM PV LFCF 2,150.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.53
Free cash flow (t + 1) 464.02
Terminal Value 87,550.80
Present Value of Terminal Value 77,269.01

Intrinsic Value

Enterprise Value 79,419.02
Net Debt 3,014
Equity Value 76,405.02
Shares Outstanding 322.75
Equity Value Per Share 236.73