Discounted Cash Flow (DCF) Analysis Unlevered
Bolloré SE (BOL.PA)
4.846 €
-0.02 (-0.49%)
All numbers are in Millions, Currency in USD
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 | 18,325.20 | 23,024.40 | 24,843.40 | 24,109.50 | 19,769.70 | 20,391.91 | 21,033.71 | 21,695.70 | 22,378.53 | 23,082.85 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 947.20 | 2,218.60 | 2,317.80 | 2,938.30 | 2,297.80 | 1,955.36 | 2,016.90 | 2,080.38 | 2,145.85 | 2,213.39 |
EBITDA (%) | ||||||||||
EBIT | 126.50 | 925.40 | 474.80 | 1,340.80 | 1,116 | 727.05 | 749.94 | 773.54 | 797.88 | 823 |
EBIT (%) | ||||||||||
Depreciation | 820.70 | 1,293.20 | 1,843 | 1,597.50 | 1,181.80 | 1,228.31 | 1,266.97 | 1,306.84 | 1,347.97 | 1,390.40 |
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 | 3,099.60 | 5,865.50 | 3,177.80 | 2,483.60 | 5,279.90 | 3,759.83 | 3,878.16 | 4,000.22 | 4,126.12 | 4,255.98 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | 1,170.90 | 1,174 | 1,358.50 | 634.90 | 596.20 | 921.95 | 950.97 | 980.90 | 1,011.77 | 1,043.62 |
Inventories (%) | ||||||||||
Accounts Payable | 5,043.60 | 4,943.10 | 5,087 | 4,940.20 | 5,608.80 | 4,825.92 | 4,977.81 | 5,134.48 | 5,296.07 | 5,462.76 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1,102.80 | -1,022.20 | -1,330.50 | -689.60 | -738.20 | -913.86 | -942.62 | -972.29 | -1,002.89 | -1,034.45 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 4.846 |
---|---|
Beta | 0.865 |
Diluted Shares Outstanding | 2,933.78 |
Cost of Debt | |
Tax Rate | -186.49 |
After-tax Cost of Debt | 1.18% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.872 |
Total Debt | 8,491.60 |
Total Equity | 14,217.10 |
Total Capital | 22,708.70 |
Debt Weighting | 37.39 |
Equity Weighting | 62.61 |
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 | 18,325.20 | 23,024.40 | 24,843.40 | 24,109.50 | 19,769.70 | 20,391.91 | 21,033.71 | 21,695.70 | 22,378.53 | 23,082.85 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 947.20 | 2,218.60 | 2,317.80 | 2,938.30 | 2,297.80 | 1,955.36 | 2,016.90 | 2,080.38 | 2,145.85 | 2,213.39 |
EBIT | 126.50 | 925.40 | 474.80 | 1,340.80 | 1,116 | 727.05 | 749.94 | 773.54 | 797.88 | 823 |
Tax Rate | 48.49% | 85.41% | 82.72% | 81.00% | -186.49% | 22.23% | 22.23% | 22.23% | 22.23% | 22.23% |
EBIAT | 65.16 | 135.06 | 82.04 | 254.72 | 3,197.17 | 565.45 | 583.24 | 601.60 | 620.53 | 640.06 |
Depreciation | 820.70 | 1,293.20 | 1,843 | 1,597.50 | 1,181.80 | 1,228.31 | 1,266.97 | 1,306.84 | 1,347.97 | 1,390.40 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | -3.10 | -184.50 | 723.60 | 38.70 | -325.75 | -29.02 | -29.93 | -30.87 | -31.84 |
Accounts Payable | - | -100.50 | 143.90 | -146.80 | 668.60 | -782.88 | 151.89 | 156.67 | 161.60 | 166.68 |
Capital Expenditure | -1,102.80 | -1,022.20 | -1,330.50 | -689.60 | -738.20 | -913.86 | -942.62 | -972.29 | -1,002.89 | -1,034.45 |
UFCF | -216.94 | 302.46 | 553.94 | 1,739.42 | 4,348.07 | -228.74 | 1,030.46 | 1,062.89 | 1,096.34 | 1,130.85 |
WACC | ||||||||||
PV UFCF | -218.38 | 939.30 | 925.02 | 910.95 | 897.10 | |||||
SUM PV UFCF | 3,453.99 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.74 |
Free cash flow (t + 1) | 1,153.46 |
Terminal Value | 42,097.21 |
Present Value of Terminal Value | 33,395.69 |
Intrinsic Value
Enterprise Value | 36,849.68 |
---|---|
Net Debt | 3,839.20 |
Equity Value | 33,010.48 |
Shares Outstanding | 2,933.78 |
Equity Value Per Share | 11.25 |