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	18,325.20	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