Discounted Cash Flow (DCF) Analysis Unlevered
Bolloré SE (BOL.PA)
5.4 €
+0.15 (+2.96%)
All numbers are in Millions, Currency in USD
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 |