Discounted Cash Flow (DCF) Analysis Unlevered

Bleecker Société Anonyme (BLEE.PA)

170 €

+3.00 (+1.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 9,856.33 | 170 | 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 24.9221.0322.7521.5323.9123.8123.7123.6123.5123.41
Revenue (%)
EBITDA 75.7185.2640.7976.034.9460.1159.8659.6059.3559.09
EBITDA (%)
EBIT -----60.1159.8659.6059.3559.09
EBIT (%)
Depreciation ----------
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 5.981.410.343.140.422.312.302.292.282.27
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.743.977.929.569.987.567.537.507.477.43
Accounts Payable (%)
Capital Expenditure -7.42-43-4.24-20.12-10.48-18.58-18.50-18.42-18.34-18.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 170
Beta -0.126
Diluted Shares Outstanding 1.12
Cost of Debt
Tax Rate 53.72
After-tax Cost of Debt 1.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.003
Total Debt 338
Total Equity 191.18
Total Capital 529.18
Debt Weighting 63.87
Equity Weighting 36.13
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 24.9221.0322.7521.5323.9123.8123.7123.6123.5123.41
EBITDA 75.7185.2640.7976.034.9460.1159.8659.6059.3559.09
EBIT -----60.1159.8659.6059.3559.09
Tax Rate 1.00%1.06%27.17%-72.33%53.72%2.13%2.13%2.13%2.13%2.13%
EBIAT -----58.8458.5858.3358.0857.83
Depreciation ----------
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.773.951.630.42-2.42-0.03-0.03-0.03-0.03
Capital Expenditure -7.42-43-4.24-20.12-10.48-18.58-18.50-18.42-18.34-18.26
UFCF -----37.8440.0539.8839.7139.54
WACC
PV UFCF 36.9838.2637.2336.2335.26
SUM PV UFCF 183.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.32
Free cash flow (t + 1) 40.33
Terminal Value 12,603.19
Present Value of Terminal Value 11,237.71

Intrinsic Value

Enterprise Value 11,421.66
Net Debt 337.58
Equity Value 11,084.08
Shares Outstanding 1.12
Equity Value Per Share 9,856.33