Discounted Cash Flow (DCF) Analysis Unlevered
Jacques Bogart S.A. (JBOG.PA)
7.9 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 129.49 | 165.46 | 304.50 | 224.26 | 246.63 | 305.47 | 378.35 | 468.62 | 580.42 | 718.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 17.23 | 20.30 | 42.11 | 39.25 | 37.17 | 43.97 | 54.46 | 67.46 | 83.55 | 103.48 |
| EBITDA (%) | ||||||||||
| EBIT | 14.81 | 16.65 | 17.86 | 8.75 | 5.78 | 20.54 | 25.43 | 31.50 | 39.02 | 48.33 |
| EBIT (%) | ||||||||||
| Depreciation | 2.42 | 3.64 | 24.25 | 30.50 | 31.39 | 23.44 | 29.03 | 35.95 | 44.53 | 55.16 |
| 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 | 39.96 | 58.60 | 57.74 | 88.26 | 93.25 | 99.22 | 122.89 | 152.21 | 188.53 | 233.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 47.65 | 95.52 | 100.66 | 86.88 | 102.62 | 127.03 | 157.34 | 194.88 | 241.38 | 298.97 |
| Inventories (%) | ||||||||||
| Accounts Payable | 16.43 | 68.77 | 68.27 | 49.99 | 73.97 | 78.78 | 97.58 | 120.86 | 149.69 | 185.40 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.31 | -2.76 | -5.44 | -3.25 | -10 | -6.56 | -8.13 | -10.07 | -12.47 | -15.45 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.9 |
|---|---|
| Beta | 0.935 |
| Diluted Shares Outstanding | 14.81 |
| Cost of Debt | |
| Tax Rate | 55.85 |
| After-tax Cost of Debt | 0.79% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.896 |
| Total Debt | 226.63 |
| Total Equity | 116.98 |
| Total Capital | 343.61 |
| Debt Weighting | 65.96 |
| Equity Weighting | 34.04 |
| 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 | 129.49 | 165.46 | 304.50 | 224.26 | 246.63 | 305.47 | 378.35 | 468.62 | 580.42 | 718.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 17.23 | 20.30 | 42.11 | 39.25 | 37.17 | 43.97 | 54.46 | 67.46 | 83.55 | 103.48 |
| EBIT | 14.81 | 16.65 | 17.86 | 8.75 | 5.78 | 20.54 | 25.43 | 31.50 | 39.02 | 48.33 |
| Tax Rate | 29.14% | 9.90% | 21.03% | 45.37% | 55.85% | 32.26% | 32.26% | 32.26% | 32.26% | 32.26% |
| EBIAT | 10.50 | 15 | 14.11 | 4.78 | 2.55 | 13.91 | 17.23 | 21.34 | 26.43 | 32.74 |
| Depreciation | 2.42 | 3.64 | 24.25 | 30.50 | 31.39 | 23.44 | 29.03 | 35.95 | 44.53 | 55.16 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -47.86 | -5.14 | 13.78 | -15.74 | -24.41 | -30.31 | -37.54 | -46.50 | -57.59 |
| Accounts Payable | - | 52.34 | -0.50 | -18.28 | 23.97 | 4.81 | 18.80 | 23.28 | 28.83 | 35.71 |
| Capital Expenditure | -2.31 | -2.76 | -5.44 | -3.25 | -10 | -6.56 | -8.13 | -10.07 | -12.47 | -15.45 |
| UFCF | 10.60 | 20.36 | 27.28 | 27.54 | 32.17 | 11.19 | 26.62 | 32.97 | 40.83 | 50.57 |
| WACC | ||||||||||
| PV UFCF | 10.84 | 24.99 | 29.98 | 35.98 | 43.18 | |||||
| SUM PV UFCF | 144.97 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.21 |
| Free cash flow (t + 1) | 51.58 |
| Terminal Value | 4,263.04 |
| Present Value of Terminal Value | 3,640.08 |
Intrinsic Value
| Enterprise Value | 3,785.05 |
|---|---|
| Net Debt | 133.38 |
| Equity Value | 3,651.67 |
| Shares Outstanding | 14.81 |
| Equity Value Per Share | 246.61 |