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	24.92	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