Discounted Cash Flow (DCF) Analysis Unlevered

Bolloré SE (BOL.PA)

4.846 €

-0.02 (-0.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.25 | 4.846 | 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 18,325.2023,024.4024,843.4024,109.5019,769.7020,391.9121,033.7121,695.7022,378.5323,082.85
Revenue (%)
EBITDA 947.202,218.602,317.802,938.302,297.801,955.362,016.902,080.382,145.852,213.39
EBITDA (%)
EBIT 126.50925.40474.801,340.801,116727.05749.94773.54797.88823
EBIT (%)
Depreciation 820.701,293.201,8431,597.501,181.801,228.311,266.971,306.841,347.971,390.40
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 3,099.605,865.503,177.802,483.605,279.903,759.833,878.164,000.224,126.124,255.98
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,170.901,1741,358.50634.90596.20921.95950.97980.901,011.771,043.62
Inventories (%)
Accounts Payable 5,043.604,943.105,0874,940.205,608.804,825.924,977.815,134.485,296.075,462.76
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 18,325.2023,024.4024,843.4024,109.5019,769.7020,391.9121,033.7121,695.7022,378.5323,082.85
EBITDA 947.202,218.602,317.802,938.302,297.801,955.362,016.902,080.382,145.852,213.39
EBIT 126.50925.40474.801,340.801,116727.05749.94773.54797.88823
Tax Rate 48.49%85.41%82.72%81.00%-186.49%22.23%22.23%22.23%22.23%22.23%
EBIAT 65.16135.0682.04254.723,197.17565.45583.24601.60620.53640.06
Depreciation 820.701,293.201,8431,597.501,181.801,228.311,266.971,306.841,347.971,390.40
Accounts Receivable ----------
Inventories --3.10-184.50723.6038.70-325.75-29.02-29.93-30.87-31.84
Accounts Payable --100.50143.90-146.80668.60-782.88151.89156.67161.60166.68
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 -216.94302.46553.941,739.424,348.07-228.741,030.461,062.891,096.341,130.85
WACC
PV UFCF -218.38939.30925.02910.95897.10
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