Discounted Cash Flow (DCF) Analysis Unlevered

Bonduelle SCA (BON.PA)

11.42 €

-0.04 (-0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 207.18 | 11.42 | 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 2,288.122,776.642,777.122,854.882,778.602,927.923,085.273,251.073,425.783,609.87
Revenue (%)
EBITDA 175.07196.71203.42211.29205.61215.85227.45239.68252.56266.13
EBITDA (%)
EBIT 101.68116.84115.1796.6995.52114.91121.09127.59134.45141.68
EBIT (%)
Depreciation 73.3879.8788.25114.60110.09100.94106.37112.08118.11124.45
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 19.7023.8916.696.644.8915.9916.8517.7618.7119.72
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 573.05576.50627.43627.13677.06671.86707.97746.01786.10828.35
Inventories (%)
Accounts Payable 468.28455.18436.86435.08454.05492.89519.37547.28576.69607.68
Accounts Payable (%)
Capital Expenditure -64.80-97.72-118.43-97.60-104.75-104.26-109.86-115.76-121.98-128.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.42
Beta 0.657
Diluted Shares Outstanding 32.09
Cost of Debt
Tax Rate 27.98
After-tax Cost of Debt 1.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.868
Total Debt 813.91
Total Equity 366.51
Total Capital 1,180.42
Debt Weighting 68.95
Equity Weighting 31.05
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 2,288.122,776.642,777.122,854.882,778.602,927.923,085.273,251.073,425.783,609.87
EBITDA 175.07196.71203.42211.29205.61215.85227.45239.68252.56266.13
EBIT 101.68116.84115.1796.6995.52114.91121.09127.59134.45141.68
Tax Rate 27.09%22.72%22.02%28.08%27.98%25.58%25.58%25.58%25.58%25.58%
EBIAT 74.1390.3089.8069.5368.7985.5290.1194.96100.06105.44
Depreciation 73.3879.8788.25114.60110.09100.94106.37112.08118.11124.45
Accounts Receivable ----------
Inventories --3.45-50.930.30-49.935.20-36.11-38.05-40.09-42.24
Accounts Payable --13.10-18.32-1.7818.9738.8426.4927.9129.4130.99
Capital Expenditure -64.80-97.72-118.43-97.60-104.75-104.26-109.86-115.76-121.98-128.54
UFCF 82.7255.89-9.6285.0643.18126.237781.1485.5090.09
WACC
PV UFCF 122.4172.4173.9975.6177.26
SUM PV UFCF 421.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.12
Free cash flow (t + 1) 91.90
Terminal Value 8,204.99
Present Value of Terminal Value 7,036.61

Intrinsic Value

Enterprise Value 7,458.31
Net Debt 809.01
Equity Value 6,649.30
Shares Outstanding 32.09
Equity Value Per Share 207.18