Discounted Cash Flow (DCF) Analysis Levered

Vivendi SE (VIV.PA)

8.336 €

+0.05 (+0.55%)

All numbers are in Millions, Currency in USD

Stock DCF: 9.04 | 8.336 | undervalue

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	13,932	15,898	16,090	9,572	9,595	8,996.51	8,435.34	7,909.18	7,415.84	6,953.28
Revenue (%)
Operating Cash Flow	1,187	1,268	1,226	1,637	748	881.89	826.89	775.31	726.95	681.60
Operating Cash Flow (%)
Capital Expenditure	-351	-413	-438	-460	-385	-299.72	-281.02	-263.50	-247.06	-231.65
Capital Expenditure (%)
Free Cash Flow	836	855	788	1,177	363	582.17	545.86	511.81	479.89	449.95

Weighted Average Cost Of Capital

Share price	$ 8.336
Beta	0.858
Diluted Shares Outstanding	1,034.20
Cost of Debt
Tax Rate	-84.31
After-tax Cost of Debt	1.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.656
Total Debt	4,133
Total Equity	8,621.09
Total Capital	12,754.09
Debt Weighting	32.41
Equity Weighting	67.59
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	13,932	15,898	16,090	9,572	9,595	8,996.51	8,435.34	7,909.18	7,415.84	6,953.28
Operating Cash Flow	1,187	1,268	1,226	1,637	748	881.89	826.89	775.31	726.95	681.60
Capital Expenditure	-351	-413	-438	-460	-385	-299.72	-281.02	-263.50	-247.06	-231.65
Free Cash Flow	836	855	788	1,177	363	582.17	545.86	511.81	479.89	449.95
WACC
PV LFCF						550.73	488.48	433.27	384.30	340.87
SUM PV LFCF										2,197.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.71
Free cash flow (t + 1)	458.95
Terminal Value	12,370.71
Present Value of Terminal Value	9,371.61

Intrinsic Value

Enterprise Value	11,569.27
Net Debt	2,225
Equity Value	9,344.27
Shares Outstanding	1,034.20
Equity Value Per Share	9.04