Discounted Cash Flow (DCF) Analysis Unlevered

Bastide Le Confort Médical SA (BLC.PA)

32.55 €

+0.15 (+0.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 163.13 | 32.55 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	289.05	338.40	382.71	444.07	468.30	528.78	597.06	674.17	761.23	859.54
Revenue (%)
EBITDA	46.16	54.21	74.46	78.97	89.23	93.36	105.42	119.03	134.40	151.76
EBITDA (%)
EBIT	16.35	16.92	27.13	28.18	29.81	32.21	36.37	41.07	46.37	52.36
EBIT (%)
Depreciation	29.80	37.29	47.32	50.80	59.42	61.15	69.05	77.96	88.03	99.40
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	28.68	21.35	35.42	33.74	22.13	39.99	45.15	50.98	57.57	65
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	32.27	31.21	54.82	42.89	48.47	57.87	65.34	73.78	83.31	94.07
Inventories (%)
Accounts Payable	46.06	48.94	58.34	64.99	63.79	78.15	88.24	99.64	112.50	127.03
Accounts Payable (%)
Capital Expenditure	-38.28	-34.37	-39.79	-46.51	-53.27	-58.85	-66.45	-75.03	-84.72	-95.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 32.55
Beta	1.089
Diluted Shares Outstanding	7.37
Cost of Debt
Tax Rate	34.90
After-tax Cost of Debt	1.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.656
Total Debt	419.23
Total Equity	240.01
Total Capital	659.24
Debt Weighting	63.59
Equity Weighting	36.41
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	289.05	338.40	382.71	444.07	468.30	528.78	597.06	674.17	761.23	859.54
EBITDA	46.16	54.21	74.46	78.97	89.23	93.36	105.42	119.03	134.40	151.76
EBIT	16.35	16.92	27.13	28.18	29.81	32.21	36.37	41.07	46.37	52.36
Tax Rate	38.06%	59.56%	42.81%	33.30%	34.90%	41.73%	41.73%	41.73%	41.73%	41.73%
EBIAT	10.13	6.84	15.52	18.79	19.41	18.77	21.19	23.93	27.02	30.51
Depreciation	29.80	37.29	47.32	50.80	59.42	61.15	69.05	77.96	88.03	99.40
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	1.06	-23.61	11.94	-5.58	-9.41	-7.47	-8.44	-9.53	-10.76
Accounts Payable	-	2.88	9.40	6.65	-1.19	14.35	10.09	11.40	12.87	14.53
Capital Expenditure	-38.28	-34.37	-39.79	-46.51	-53.27	-58.85	-66.45	-75.03	-84.72	-95.66
UFCF	1.65	13.71	8.84	41.66	18.78	26.02	26.41	29.82	33.68	38.03
WACC
PV UFCF						24.98	24.35	26.39	28.61	31.01
SUM PV UFCF										135.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.16
Free cash flow (t + 1)	38.79
Terminal Value	1,795.64
Present Value of Terminal Value	1,464.59

Intrinsic Value

Enterprise Value	1,599.93
Net Debt	397.10
Equity Value	1,202.83
Shares Outstanding	7.37
Equity Value Per Share	163.13