Discounted Cash Flow (DCF) Analysis Unlevered

Burelle SA (BUR.PA)

400 €

+4.00 (+1.01%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,638.44 | 400 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 7,248.038,498.907,085.127,244.598,548.688,994.819,464.239,958.1410,477.8311,024.64
Revenue (%)
EBITDA 1,175.29924.91823.01706.69756.381,031.101,084.911,141.531,201.111,263.79
EBITDA (%)
EBIT 807.99429.5465.03239.43262.08422.58444.63467.84492.25517.94
EBIT (%)
Depreciation 367.30495.36757.97467.26494.30608.52640.28673.70708.85745.85
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 1,057.571,254.32883.09946.09620.121,117.641,175.971,237.341,301.911,369.86
Total Cash (%)
Account Receivables 8151,192.441,106.951,074.451,495.481,317.261,3861,458.331,534.441,614.52
Account Receivables (%)
Inventories 737.11735.85656.81637.68856.59844.08888.13934.48983.251,034.56
Inventories (%)
Accounts Payable 1,442.781,367.381,278.131,191.811,563.721,597.071,680.421,768.121,860.391,957.48
Accounts Payable (%)
Capital Expenditure -645.17-539.52-383.07-309.19-374.80-527.24-554.76-583.71-614.17-646.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 400
Beta 1.364
Diluted Shares Outstanding 1.75
Cost of Debt
Tax Rate 23.38
After-tax Cost of Debt 3.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.597
Total Debt 2,403.40
Total Equity 701.17
Total Capital 3,104.56
Debt Weighting 77.41
Equity Weighting 22.59
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 7,248.038,498.907,085.127,244.598,548.688,994.819,464.239,958.1410,477.8311,024.64
EBITDA 1,175.29924.91823.01706.69756.381,031.101,084.911,141.531,201.111,263.79
EBIT 807.99429.5465.03239.43262.08422.58444.63467.84492.25517.94
Tax Rate 51.25%24.40%12.15%29.28%23.38%28.09%28.09%28.09%28.09%28.09%
EBIAT 393.89324.7157.13169.32200.80303.86319.72336.41353.96372.43
Depreciation 367.30495.36757.97467.26494.30608.52640.28673.70708.85745.85
Accounts Receivable --377.4485.4932.50-421.03178.22-68.74-72.33-76.11-80.08
Inventories -1.2679.0319.13-218.9112.51-44.05-46.35-48.77-51.31
Accounts Payable --75.40-89.25-86.32371.9133.3583.3587.7092.2797.09
Capital Expenditure -645.16-539.52-383.07-309.19-374.80-527.24-554.76-583.71-614.17-646.23
UFCF 116.03-171.02507.30292.7252.27609.22375.79395.40416.04437.75
WACC
PV UFCF 580.99341.77342.94344.11345.29
SUM PV UFCF 1,955.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.86
Free cash flow (t + 1) 439.94
Terminal Value 10,090.38
Present Value of Terminal Value 7,959

Intrinsic Value

Enterprise Value 9,914.08
Net Debt 1,783.28
Equity Value 8,130.81
Shares Outstanding 1.75
Equity Value Per Share 4,638.44