Discounted Cash Flow (DCF) Analysis Unlevered

Bolloré SE (BOL.PA)

5.4 €

+0.15 (+2.96%)

All numbers are in Millions, Currency in USD

Stock DCF: 7.53 | 5.4 | 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	23,024.40	24,843.40	24,109.50	19,771.50	20,676.80	20,239.08	19,810.62	19,391.24	18,980.73	18,578.91
Revenue (%)
EBITDA	2,937.20	3,331.80	3,411.90	1,599.30	856.30	2,127.13	2,082.10	2,038.02	1,994.88	1,952.65
EBITDA (%)
EBIT	1,644	1,488.80	1,814.40	417.50	7.50	923.17	903.62	884.49	865.77	847.44
EBIT (%)
Depreciation	1,293.20	1,843	1,597.50	1,181.80	848.80	1,203.96	1,178.48	1,153.53	1,129.11	1,105.20
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	5,865.50	3,177.80	2,483.60	5,279.90	8,044.50	4,621.73	4,523.89	4,428.12	4,334.38	4,242.62
Total Cash (%)
Account Receivables	5,123	8,138	8,033.50	8,305	8,943.50	7,026.49	6,877.74	6,732.14	6,589.62	6,450.12
Account Receivables (%)
Inventories	1,174	1,358.50	634.90	596.20	605	774.83	758.43	742.38	726.66	711.28
Inventories (%)
Accounts Payable	4,943.10	5,087	4,940.20	5,608.80	5,542.60	4,760.63	4,659.85	4,561.20	4,464.64	4,370.13
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	$ 5.4
Beta	0.786
Diluted Shares Outstanding	2,937.02
Cost of Debt
Tax Rate	-108.25
After-tax Cost of Debt	4.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.866
Total Debt	6,824
Total Equity	15,859.92
Total Capital	22,683.92
Debt Weighting	30.08
Equity Weighting	69.92
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	23,024.40	24,843.40	24,109.50	19,771.50	20,676.80	20,239.08	19,810.62	19,391.24	18,980.73	18,578.91
EBITDA	2,937.20	3,331.80	3,411.90	1,599.30	856.30	2,127.13	2,082.10	2,038.02	1,994.88	1,952.65
EBIT	1,644	1,488.80	1,814.40	417.50	7.50	923.17	903.62	884.49	865.77	847.44
Tax Rate	85.41%	-2.52%	30.23%	170.58%	-108.25%	35.09%	35.09%	35.09%	35.09%	35.09%
EBIAT	239.94	1,526.29	1,265.94	-294.69	15.62	599.24	586.55	574.13	561.98	550.08
Depreciation	1,293.20	1,843	1,597.50	1,181.80	848.80	1,203.96	1,178.48	1,153.53	1,129.11	1,105.20
Accounts Receivable	-	-3,015	104.50	-271.50	-638.50	1,917.01	148.75	145.60	142.52	139.50
Inventories	-	-184.50	723.60	38.70	-8.80	-169.83	16.40	16.06	15.72	15.38
Accounts Payable	-	143.90	-146.80	668.60	-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	-1,016.81	2,855.14	584.71	-334.68	2,009.95	1,086.99	1,063.98	1,041.45	1,019.41
WACC
PV UFCF						1,882.85	953.87	874.64	801.99	735.37
SUM PV UFCF										5,248.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.75
Free cash flow (t + 1)	1,039.79
Terminal Value	21,890.39
Present Value of Terminal Value	15,791.16

Intrinsic Value

Enterprise Value	21,039.88
Net Debt	-1,077.50
Equity Value	22,117.38
Shares Outstanding	2,937.02
Equity Value Per Share	7.53