Discounted Cash Flow (DCF) Analysis Unlevered
Bleecker Société Anonyme (BLEE.PA)
170 €
+3.00 (+1.80%)
All numbers are in Millions, Currency in USD
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 | 24.92 | 21.03 | 22.75 | 21.53 | 23.91 | 23.81 | 23.71 | 23.61 | 23.51 | 23.41 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 75.71 | 85.26 | 40.79 | 76.03 | 4.94 | 60.11 | 59.86 | 59.60 | 59.35 | 59.09 |
EBITDA (%) | ||||||||||
EBIT | - | - | - | - | - | 60.11 | 59.86 | 59.60 | 59.35 | 59.09 |
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 | 5.98 | 1.41 | 0.34 | 3.14 | 0.42 | 2.31 | 2.30 | 2.29 | 2.28 | 2.27 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 4.74 | 3.97 | 7.92 | 9.56 | 9.98 | 7.56 | 7.53 | 7.50 | 7.47 | 7.43 |
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 | 24.92 | 21.03 | 22.75 | 21.53 | 23.91 | 23.81 | 23.71 | 23.61 | 23.51 | 23.41 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 75.71 | 85.26 | 40.79 | 76.03 | 4.94 | 60.11 | 59.86 | 59.60 | 59.35 | 59.09 |
EBIT | - | - | - | - | - | 60.11 | 59.86 | 59.60 | 59.35 | 59.09 |
Tax Rate | 1.00% | 1.06% | 27.17% | -72.33% | 53.72% | 2.13% | 2.13% | 2.13% | 2.13% | 2.13% |
EBIAT | - | - | - | - | - | 58.84 | 58.58 | 58.33 | 58.08 | 57.83 |
Depreciation | - | - | - | - | - | - | - | - | - | - |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -0.77 | 3.95 | 1.63 | 0.42 | -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 | - | - | - | - | - | 37.84 | 40.05 | 39.88 | 39.71 | 39.54 |
WACC | ||||||||||
PV UFCF | 36.98 | 38.26 | 37.23 | 36.23 | 35.26 | |||||
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 |