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 289.05338.40382.71444.07468.30528.78597.06674.17761.23859.54
Revenue (%)
EBITDA 46.1654.2174.4678.9789.2393.36105.42119.03134.40151.76
EBITDA (%)
EBIT 16.3516.9227.1328.1829.8132.2136.3741.0746.3752.36
EBIT (%)
Depreciation 29.8037.2947.3250.8059.4261.1569.0577.9688.0399.40
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 28.6821.3535.4233.7422.1339.9945.1550.9857.5765
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 32.2731.2154.8242.8948.4757.8765.3473.7883.3194.07
Inventories (%)
Accounts Payable 46.0648.9458.3464.9963.7978.1588.2499.64112.50127.03
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 289.05338.40382.71444.07468.30528.78597.06674.17761.23859.54
EBITDA 46.1654.2174.4678.9789.2393.36105.42119.03134.40151.76
EBIT 16.3516.9227.1328.1829.8132.2136.3741.0746.3752.36
Tax Rate 38.06%59.56%42.81%33.30%34.90%41.73%41.73%41.73%41.73%41.73%
EBIAT 10.136.8415.5218.7919.4118.7721.1923.9327.0230.51
Depreciation 29.8037.2947.3250.8059.4261.1569.0577.9688.0399.40
Accounts Receivable ----------
Inventories -1.06-23.6111.94-5.58-9.41-7.47-8.44-9.53-10.76
Accounts Payable -2.889.406.65-1.1914.3510.0911.4012.8714.53
Capital Expenditure -38.28-34.37-39.79-46.51-53.27-58.85-66.45-75.03-84.72-95.66
UFCF 1.6513.718.8441.6618.7826.0226.4129.8233.6838.03
WACC
PV UFCF 24.9824.3526.3928.6131.01
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