Discounted Cash Flow (DCF) Analysis Unlevered
Proximus PLC (PROX.BR)
8.834 €
-0.07 (-0.74%)
All numbers are in Millions, Currency in USD
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 | 5,764 | 5,638 | 5,443 | 5,537 | 5,853 | 5,879.18 | 5,905.48 | 5,931.90 | 5,958.44 | 5,985.09 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1,766 | 1,659 | 1,949 | 1,814 | 1,808 | 1,875.73 | 1,884.12 | 1,892.55 | 1,901.01 | 1,909.52 |
EBITDA (%) | ||||||||||
EBIT | 750 | 539 | 833 | 631 | 629 | 705.72 | 708.88 | 712.05 | 715.24 | 718.43 |
EBIT (%) | ||||||||||
Depreciation | 1,016 | 1,120 | 1,116 | 1,183 | 1,179 | 1,170.01 | 1,175.24 | 1,180.50 | 1,185.78 | 1,191.08 |
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 | 344 | 326 | 313 | 249 | 298 | 318.52 | 319.95 | 321.38 | 322.82 | 324.26 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,125 | 1,357 | 1,102 | 1,306 | 1,199 | 1,268.78 | 1,274.46 | 1,280.16 | 1,285.89 | 1,291.64 |
Account Receivables (%) | ||||||||||
Inventories | 129 | 133 | 106 | 131 | 187 | 142.34 | 142.98 | 143.62 | 144.26 | 144.90 |
Inventories (%) | ||||||||||
Accounts Payable | 1,361 | 1,284 | 1,213 | 1,515 | 1,620 | 1,454.64 | 1,461.15 | 1,467.68 | 1,474.25 | 1,480.85 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1,099 | -1,091 | -1,089 | -1,137 | -1,441 | -1,217.92 | -1,223.37 | -1,228.84 | -1,234.34 | -1,239.86 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 8.834 |
---|---|
Beta | 0.268 |
Diluted Shares Outstanding | 322.55 |
Cost of Debt | |
Tax Rate | 22.15 |
After-tax Cost of Debt | 3.31% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 5.520 |
Total Debt | 3,536 |
Total Equity | 2,849.43 |
Total Capital | 6,385.43 |
Debt Weighting | 55.38 |
Equity Weighting | 44.62 |
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 | 5,764 | 5,638 | 5,443 | 5,537 | 5,853 | 5,879.18 | 5,905.48 | 5,931.90 | 5,958.44 | 5,985.09 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1,766 | 1,659 | 1,949 | 1,814 | 1,808 | 1,875.73 | 1,884.12 | 1,892.55 | 1,901.01 | 1,909.52 |
EBIT | 750 | 539 | 833 | 631 | 629 | 705.72 | 708.88 | 712.05 | 715.24 | 718.43 |
Tax Rate | 29.54% | 26.57% | 25.40% | 23.75% | 22.15% | 25.48% | 25.48% | 25.48% | 25.48% | 25.48% |
EBIAT | 528.43 | 395.76 | 621.44 | 481.12 | 489.71 | 525.89 | 528.24 | 530.60 | 532.98 | 535.36 |
Depreciation | 1,016 | 1,120 | 1,116 | 1,183 | 1,179 | 1,170.01 | 1,175.24 | 1,180.50 | 1,185.78 | 1,191.08 |
Accounts Receivable | - | -232 | 255 | -204 | 107 | -69.78 | -5.68 | -5.70 | -5.73 | -5.75 |
Inventories | - | -4 | 27 | -25 | -56 | 44.66 | -0.64 | -0.64 | -0.64 | -0.65 |
Accounts Payable | - | -77 | -71 | 302 | 105 | -165.36 | 6.51 | 6.54 | 6.57 | 6.60 |
Capital Expenditure | -1,099 | -1,091 | -1,089 | -1,137 | -1,441 | -1,217.92 | -1,223.37 | -1,228.84 | -1,234.34 | -1,239.86 |
UFCF | 445.43 | 111.76 | 859.44 | 600.12 | 383.71 | 287.49 | 480.30 | 482.45 | 484.61 | 486.78 |
WACC | ||||||||||
PV UFCF | 275.64 | 441.52 | 425.21 | 409.50 | 394.38 | |||||
SUM PV UFCF | 1,946.24 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.30 |
Free cash flow (t + 1) | 496.51 |
Terminal Value | 21,587.57 |
Present Value of Terminal Value | 17,489.69 |
Intrinsic Value
Enterprise Value | 19,435.93 |
---|---|
Net Debt | 3,238 |
Equity Value | 16,197.93 |
Shares Outstanding | 322.55 |
Equity Value Per Share | 50.22 |