Discounted Cash Flow (DCF) Analysis Unlevered

Bonduelle SCA (BON.PA)

13.32 €

-0.04 (-0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 240.26 | 13.32 | 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 $ 13.32
Beta 0.665
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 5.936
Total Debt 813.91
Total Equity 427.49
Total Capital 1,241.40
Debt Weighting 65.56
Equity Weighting 34.44
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 122.5872.6174.3076.0277.79
SUM PV UFCF 423.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.98
Free cash flow (t + 1) 91.90
Terminal Value 9,377.14
Present Value of Terminal Value 8,096.66

Intrinsic Value

Enterprise Value 8,519.96
Net Debt 809.01
Equity Value 7,710.95
Shares Outstanding 32.09
Equity Value Per Share 240.26