Discounted Cash Flow (DCF) Analysis Unlevered

Burelle SA (BUR.PA)

460 €

+4.00 (+0.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.40 | 460 | overvalue

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 6,771.777,248.038,498.907,085.127,244.597,424.027,607.907,796.337,989.428,187.30
Revenue (%)
EBITDA 683.68860.50751.98618.92625.03715.37733.08751.24769.85788.91
EBITDA (%)
EBIT 386.34493.20256.62-139.06157.76233.77239.56245.49251.57257.80
EBIT (%)
Depreciation 297.34367.30495.36757.97467.26481.60493.52505.75518.27531.11
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 1,077.171,057.571,254.32883.09946.091,050.941,076.971,103.651,130.981,158.99
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 414.01737.11735.85656.81637.68638.68654.49670.70687.32704.34
Inventories (%)
Accounts Payable 1,144.981,442.781,367.381,278.131,191.811,297.621,329.761,362.701,396.451,431.03
Accounts Payable (%)
Capital Expenditure -496.46-645.17-539.52-383.07-309.19-478.93-490.79-502.95-515.40-528.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 460
Beta 1.802
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 57.51
After-tax Cost of Debt 0.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.333
Total Debt 1,843.32
Total Equity 49,443.56
Total Capital 51,286.88
Debt Weighting 3.59
Equity Weighting 96.41
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 6,771.777,248.038,498.907,085.127,244.597,424.027,607.907,796.337,989.428,187.30
EBITDA 683.68860.50751.98618.92625.03715.37733.08751.24769.85788.91
EBIT 386.34493.20256.62-139.06157.76233.77239.56245.49251.57257.80
Tax Rate 51.24%51.25%57.16%53.40%57.51%54.11%54.11%54.11%54.11%54.11%
EBIAT 188.37240.43109.93-64.8067.04107.27109.93112.65115.44118.30
Depreciation 297.34367.30495.36757.97467.26481.60493.52505.75518.27531.11
Accounts Receivable ----------
Inventories --323.091.2679.0319.13-1-15.82-16.21-16.61-17.02
Accounts Payable -297.80-75.40-89.25-86.32105.8132.1432.9333.7534.59
Capital Expenditure -496.46-645.16-539.52-383.07-309.19-478.93-490.79-502.95-515.40-528.17
UFCF -10.76-62.73-8.36299.88157.93214.75128.98132.18135.45138.80
WACC
PV UFCF 191.91103.0194.3386.3979.11
SUM PV UFCF 554.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.90
Free cash flow (t + 1) 141.58
Terminal Value 1,430.11
Present Value of Terminal Value 815.12

Intrinsic Value

Enterprise Value 1,369.87
Net Debt 897.23
Equity Value 472.65
Shares Outstanding 107.49
Equity Value Per Share 4.40