Discounted Cash Flow (DCF) Analysis Unlevered

Proximus PLC (PROX.BR)

13.33 €

-0.02 (-0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 262.42 | 13.33 | 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 5,7395,7645,6385,4435,5375,488.805,441.025,393.655,346.705,300.16
Revenue (%)
EBITDA 1,7291,7571,6531,9021,8121,730.041,714.981,700.051,685.261,670.59
EBITDA (%)
EBIT 766741533786629674.65668.78662.96657.19651.47
EBIT (%)
Depreciation 9631,0161,1201,1161,1831,055.391,046.201,037.101,028.071,019.12
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 338344326313249306.14303.47300.83298.21295.61
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 123129133106131121.34120.29119.24118.20117.17
Inventories (%)
Accounts Payable 1,4151,3611,2841,2131,5151,324.871,313.341,301.911,290.571,279.34
Accounts Payable (%)
Capital Expenditure -989-1,099-1,091-1,089-1,137-1,055.96-1,046.77-1,037.66-1,028.62-1,019.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.33
Beta 0.151
Diluted Shares Outstanding 322.75
Cost of Debt
Tax Rate 23.75
After-tax Cost of Debt 1.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.505
Total Debt 3,263
Total Equity 4,302.28
Total Capital 7,565.28
Debt Weighting 43.13
Equity Weighting 56.87
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 5,7395,7645,6385,4435,5375,488.805,441.025,393.655,346.705,300.16
EBITDA 1,7291,7571,6531,9021,8121,730.041,714.981,700.051,685.261,670.59
EBIT 766741533786629674.65668.78662.96657.19651.47
Tax Rate 29.27%29.54%26.57%25.40%23.75%26.91%26.91%26.91%26.91%26.91%
EBIAT 541.80522.09391.36586.38479.60493.12488.83484.58480.36476.18
Depreciation 9631,0161,1201,1161,1831,055.391,046.201,037.101,028.071,019.12
Accounts Receivable ----------
Inventories --6-427-259.661.061.051.041.03
Accounts Payable --54-77-71302-190.13-11.53-11.43-11.33-11.23
Capital Expenditure -989-1,099-1,091-1,089-1,137-1,055.96-1,046.77-1,037.66-1,028.62-1,019.67
UFCF 515.80379.09339.36569.38802.60312.09477.79473.63469.51465.42
WACC
PV UFCF 304.51454.86439.94425.52411.57
SUM PV UFCF 2,036.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.49
Free cash flow (t + 1) 474.73
Terminal Value 96,883.61
Present Value of Terminal Value 85,672.78

Intrinsic Value

Enterprise Value 87,709.17
Net Debt 3,014
Equity Value 84,695.17
Shares Outstanding 322.75
Equity Value Per Share 262.42