Discounted Cash Flow (DCF) Analysis Unlevered

Bleecker Société Anonyme (BLEE.PA)

187 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 3,210.04 | 187 | 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	25.20	21.48	22.92	21.53	23.91	23.73	23.55	23.37	23.20	23.02
Revenue (%)
EBITDA	74.66	84.87	41.04	87.58	4.79	61.57	61.11	60.64	60.18	59.73
EBITDA (%)
EBIT	-	-	-	-	-	61.57	61.11	60.64	60.18	59.73
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	2.29	2.27	2.25	2.23	2.22
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	4.74	3.97	7.92	9.56	9.98	7.50	7.44	7.38	7.33	7.27
Accounts Payable (%)
Capital Expenditure	-7.42	-43	-4.24	-20.12	-10.48	-18.29	-18.15	-18.02	-17.88	-17.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 187
Beta	-0.140
Diluted Shares Outstanding	1.12
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	2.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.013
Total Debt	338
Total Equity	210.29
Total Capital	548.30
Debt Weighting	61.65
Equity Weighting	38.35
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	25.20	21.48	22.92	21.53	23.91	23.73	23.55	23.37	23.20	23.02
EBITDA	74.66	84.87	41.04	87.58	4.79	61.57	61.11	60.64	60.18	59.73
EBIT	-	-	-	-	-	61.57	61.11	60.64	60.18	59.73
Tax Rate	1.00%	1.06%	3.32%	-0.66%	0.00%	0.95%	0.95%	0.95%	0.95%	0.95%
EBIAT	-	-	-	-	-	60.99	60.53	60.07	59.61	59.16
Depreciation	-	-	-	-	-	-	-	-	-	-
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-0.77	3.95	1.63	0.42	-2.48	-0.06	-0.06	-0.06	-0.06
Capital Expenditure	-7.42	-43	-4.24	-20.12	-10.48	-18.29	-18.15	-18.02	-17.88	-17.74
UFCF	-	-	-	-	-	40.22	42.32	42	41.68	41.36
WACC
PV UFCF						39.06	39.91	38.47	37.07	35.73
SUM PV UFCF										190.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.97
Free cash flow (t + 1)	42.19
Terminal Value	4,349.34
Present Value of Terminal Value	3,757.24

Intrinsic Value

Enterprise Value	3,947.48
Net Debt	337.58
Equity Value	3,609.90
Shares Outstanding	1.12
Equity Value Per Share	3,210.04