Discounted Cash Flow (DCF) Analysis Unlevered

Groupe Bruxelles Lambert SA (GBLB.BR)

71.88 €

+1.28 (+1.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 298.03 | 71.88 | 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 5,306.805,591.205,474.206,264.807,347.407,990.118,689.039,449.0910,275.6411,174.49
Revenue (%)
EBITDA 1,258.101,172.101,313.301,159.401,087.201,629.421,771.951,926.952,095.512,278.81
EBITDA (%)
EBIT 960.70854.20880.20620.40519.801,061.681,154.551,255.551,365.371,484.81
EBIT (%)
Depreciation 297.40317.90433.10539567.40567.74617.40671.41730.14794.01
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 1,1101,440.402,710.801,761.203,432.402,733.042,972.113,232.093,514.823,822.27
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 852.70901.90846.107041,103.801,181.181,284.501,396.871,519.051,651.93
Inventories (%)
Accounts Payable 540597.80667.10603.80865.80870.53946.681,029.491,119.541,217.47
Accounts Payable (%)
Capital Expenditure -360.40-390.60-402.70-360.40-453.60-528.31-574.52-624.77-679.43-738.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 71.88
Beta 0.913
Diluted Shares Outstanding 156.47
Cost of Debt
Tax Rate 46.77
After-tax Cost of Debt 0.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.112
Total Debt 8,596.30
Total Equity 11,246.71
Total Capital 19,843.01
Debt Weighting 43.32
Equity Weighting 56.68
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 5,306.805,591.205,474.206,264.807,347.407,990.118,689.039,449.0910,275.6411,174.49
EBITDA 1,258.101,172.101,313.301,159.401,087.201,629.421,771.951,926.952,095.512,278.81
EBIT 960.70854.20880.20620.40519.801,061.681,154.551,255.551,365.371,484.81
Tax Rate 32.16%-212.57%15.51%23.35%46.77%-18.96%-18.96%-18.96%-18.96%-18.96%
EBIAT 651.742,669.98743.65475.55276.671,262.931,373.401,493.541,624.181,766.26
Depreciation 297.40317.90433.10539567.40567.74617.40671.41730.14794.01
Accounts Receivable ----------
Inventories --49.2055.80142.10-399.80-77.38-103.32-112.36-122.19-132.88
Accounts Payable -57.8069.30-63.302624.7376.1582.8190.0597.93
Capital Expenditure -360.40-390.60-402.70-360.40-453.60-528.31-574.52-624.77-679.43-738.86
UFCF 588.742,605.88899.15732.95252.671,229.711,389.111,510.621,642.761,786.46
WACC
PV UFCF 1,171.041,259.721,304.561,350.991,399.07
SUM PV UFCF 6,485.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.01
Free cash flow (t + 1) 1,822.19
Terminal Value 60,537.74
Present Value of Terminal Value 47,410.33

Intrinsic Value

Enterprise Value 53,895.70
Net Debt 7,264.70
Equity Value 46,631
Shares Outstanding 156.47
Equity Value Per Share 298.03