Discounted Cash Flow (DCF) Analysis Unlevered

BNP Paribas SA (BNP.PA)

43.605 €

+1.07 (+2.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,169.86 | 43.605 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 78,32751,94455,00554,77956,35552,787.1549,445.1846,314.7943,382.5940,636.02
Revenue (%)
EBITDA 34,42329,53433,29228,07630,13328,088.4426,310.1524,644.4523,084.2021,622.73
EBITDA (%)
EBIT 29,87324,39027,18421,75123,35222,767.9821,326.5319,976.3418,711.6317,526.99
EBIT (%)
Depreciation 4,5505,1446,1086,3256,7815,320.464,983.624,668.114,372.574,095.74
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 237,935250,476230,901412,579484,267297,533.94278,696.97261,052.58244,525.27229,044.30
Total Cash (%)
Account Receivables 30,89837,98937,76937,02842,73934,277.9432,107.8030,075.0428,170.9826,387.47
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -1,347-1,827-1,998-773-1,664-1,397.09-1,308.64-1,225.79-1,148.18-1,075.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 43.605
Beta 1.848
Diluted Shares Outstanding 1,247.82
Cost of Debt
Tax Rate 25.55
After-tax Cost of Debt 1.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.528
Total Debt 399,346
Total Equity 54,411.27
Total Capital 453,757.27
Debt Weighting 88.01
Equity Weighting 11.99
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 78,32751,94455,00554,77956,35552,787.1549,445.1846,314.7943,382.5940,636.02
EBITDA 34,42329,53433,29228,07630,13328,088.4426,310.1524,644.4523,084.2021,622.73
EBIT 29,87324,39027,18421,75123,35222,767.9821,326.5319,976.3418,711.6317,526.99
Tax Rate 31.40%26.27%28.27%28.05%25.55%27.91%27.91%27.91%27.91%27.91%
EBIAT 20,493.7817,981.8919,499.2815,65017,385.7316,413.9715,374.7914,401.4113,489.6512,635.62
Depreciation 4,5505,1446,1086,3256,7815,320.464,983.624,668.114,372.574,095.74
Accounts Receivable --7,091220741-5,7118,461.062,170.152,032.751,904.061,783.51
Inventories ----------
Accounts Payable ----------
Capital Expenditure -1,347-1,827-1,998-773-1,664-1,397.09-1,308.64-1,225.79-1,148.18-1,075.49
UFCF 23,696.7814,207.8923,829.2821,94316,791.7328,798.4021,219.9319,876.4918,618.1017,439.38
WACC
PV UFCF 27,908.1319,928.2318,089.5116,420.4514,905.38
SUM PV UFCF 97,251.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.19
Free cash flow (t + 1) 17,788.17
Terminal Value 1,494,804.37
Present Value of Terminal Value 1,277,604.10

Intrinsic Value

Enterprise Value 1,374,855.80
Net Debt -84,921
Equity Value 1,459,776.80
Shares Outstanding 1,247.82
Equity Value Per Share 1,169.86