Discounted Cash Flow (DCF) Analysis Unlevered

Proximus PLC (PROX.BR)

8.834 €

-0.07 (-0.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 50.22 | 8.834 | 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 5,7645,6385,4435,5375,8535,879.185,905.485,931.905,958.445,985.09
Revenue (%)
EBITDA 1,7661,6591,9491,8141,8081,875.731,884.121,892.551,901.011,909.52
EBITDA (%)
EBIT 750539833631629705.72708.88712.05715.24718.43
EBIT (%)
Depreciation 1,0161,1201,1161,1831,1791,170.011,175.241,180.501,185.781,191.08
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 344326313249298318.52319.95321.38322.82324.26
Total Cash (%)
Account Receivables 1,1251,3571,1021,3061,1991,268.781,274.461,280.161,285.891,291.64
Account Receivables (%)
Inventories 129133106131187142.34142.98143.62144.26144.90
Inventories (%)
Accounts Payable 1,3611,2841,2131,5151,6201,454.641,461.151,467.681,474.251,480.85
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 5,7645,6385,4435,5375,8535,879.185,905.485,931.905,958.445,985.09
EBITDA 1,7661,6591,9491,8141,8081,875.731,884.121,892.551,901.011,909.52
EBIT 750539833631629705.72708.88712.05715.24718.43
Tax Rate 29.54%26.57%25.40%23.75%22.15%25.48%25.48%25.48%25.48%25.48%
EBIAT 528.43395.76621.44481.12489.71525.89528.24530.60532.98535.36
Depreciation 1,0161,1201,1161,1831,1791,170.011,175.241,180.501,185.781,191.08
Accounts Receivable --232255-204107-69.78-5.68-5.70-5.73-5.75
Inventories --427-25-5644.66-0.64-0.64-0.64-0.65
Accounts Payable --77-71302105-165.366.516.546.576.60
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 445.43111.76859.44600.12383.71287.49480.30482.45484.61486.78
WACC
PV UFCF 275.64441.52425.21409.50394.38
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