Discounted Cash Flow (DCF) Analysis Unlevered

Bolloré SE (BOL.PA)

6.25 €

+0.03 (+0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.77 | 6.25 | 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 23,024.4024,843.4024,109.5019,771.5020,676.8020,239.0819,810.6219,391.2418,980.7318,578.91
Revenue (%)
EBITDA 2,937.203,331.803,411.901,599.30856.302,127.132,082.102,038.021,994.881,952.65
EBITDA (%)
EBIT 1,6441,488.801,814.40417.507.50923.17903.62884.49865.77847.44
EBIT (%)
Depreciation 1,293.201,8431,597.501,181.80848.801,203.961,178.481,153.531,129.111,105.20
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 5,865.503,177.802,483.605,279.908,044.504,621.734,523.894,428.124,334.384,242.62
Total Cash (%)
Account Receivables 5,1238,1388,033.508,3058,943.507,026.496,877.746,732.146,589.626,450.12
Account Receivables (%)
Inventories 1,1741,358.50634.90596.20605774.83758.43742.38726.66711.28
Inventories (%)
Accounts Payable 4,943.105,0874,940.205,608.805,542.604,760.634,659.854,561.204,464.644,370.13
Accounts Payable (%)
Capital Expenditure -1,022.20-1,330.50-689.60-738.20-485.60-758.47-742.41-726.69-711.31-696.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.25
Beta 0.755
Diluted Shares Outstanding 2,937.02
Cost of Debt
Tax Rate -108.25
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.849
Total Debt 6,824
Total Equity 18,356.39
Total Capital 25,180.39
Debt Weighting 27.10
Equity Weighting 72.90
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 23,024.4024,843.4024,109.5019,771.5020,676.8020,239.0819,810.6219,391.2418,980.7318,578.91
EBITDA 2,937.203,331.803,411.901,599.30856.302,127.132,082.102,038.021,994.881,952.65
EBIT 1,6441,488.801,814.40417.507.50923.17903.62884.49865.77847.44
Tax Rate 85.41%-2.52%30.23%170.58%-108.25%35.09%35.09%35.09%35.09%35.09%
EBIAT 239.941,526.291,265.94-294.6915.62599.24586.55574.13561.98550.08
Depreciation 1,293.201,8431,597.501,181.80848.801,203.961,178.481,153.531,129.111,105.20
Accounts Receivable --3,015104.50-271.50-638.501,917.01148.75145.60142.52139.50
Inventories --184.50723.6038.70-8.80-169.8316.4016.0615.7215.38
Accounts Payable -143.90-146.80668.60-66.20-781.97-100.78-98.65-96.56-94.52
Capital Expenditure -1,022.20-1,330.50-689.60-738.20-485.60-758.47-742.41-726.69-711.31-696.25
UFCF 510.94-1,016.812,855.14584.71-334.682,009.951,086.991,063.981,041.451,019.41
WACC
PV UFCF 1,880.56951.55871.45798.09730.91
SUM PV UFCF 5,232.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.88
Free cash flow (t + 1) 1,055.08
Terminal Value 31,215.52
Present Value of Terminal Value 22,381.46

Intrinsic Value

Enterprise Value 27,614.03
Net Debt -1,077.50
Equity Value 28,691.53
Shares Outstanding 2,937.02
Equity Value Per Share 9.77