Discounted Cash Flow (DCF) Analysis Unlevered
Proximus PLC (PROX.BR)
13.33 €
-0.02 (-0.15%)
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 | 5,739 | 5,764 | 5,638 | 5,443 | 5,537 | 5,488.80 | 5,441.02 | 5,393.65 | 5,346.70 | 5,300.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,729 | 1,757 | 1,653 | 1,902 | 1,812 | 1,730.04 | 1,714.98 | 1,700.05 | 1,685.26 | 1,670.59 |
| EBITDA (%) | ||||||||||
| EBIT | 766 | 741 | 533 | 786 | 629 | 674.65 | 668.78 | 662.96 | 657.19 | 651.47 |
| EBIT (%) | ||||||||||
| Depreciation | 963 | 1,016 | 1,120 | 1,116 | 1,183 | 1,055.39 | 1,046.20 | 1,037.10 | 1,028.07 | 1,019.12 |
| 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 | 338 | 344 | 326 | 313 | 249 | 306.14 | 303.47 | 300.83 | 298.21 | 295.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 123 | 129 | 133 | 106 | 131 | 121.34 | 120.29 | 119.24 | 118.20 | 117.17 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1,415 | 1,361 | 1,284 | 1,213 | 1,515 | 1,324.87 | 1,313.34 | 1,301.91 | 1,290.57 | 1,279.34 |
| 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 | 5,739 | 5,764 | 5,638 | 5,443 | 5,537 | 5,488.80 | 5,441.02 | 5,393.65 | 5,346.70 | 5,300.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,729 | 1,757 | 1,653 | 1,902 | 1,812 | 1,730.04 | 1,714.98 | 1,700.05 | 1,685.26 | 1,670.59 |
| EBIT | 766 | 741 | 533 | 786 | 629 | 674.65 | 668.78 | 662.96 | 657.19 | 651.47 |
| Tax Rate | 29.27% | 29.54% | 26.57% | 25.40% | 23.75% | 26.91% | 26.91% | 26.91% | 26.91% | 26.91% |
| EBIAT | 541.80 | 522.09 | 391.36 | 586.38 | 479.60 | 493.12 | 488.83 | 484.58 | 480.36 | 476.18 |
| Depreciation | 963 | 1,016 | 1,120 | 1,116 | 1,183 | 1,055.39 | 1,046.20 | 1,037.10 | 1,028.07 | 1,019.12 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -6 | -4 | 27 | -25 | 9.66 | 1.06 | 1.05 | 1.04 | 1.03 |
| Accounts Payable | - | -54 | -77 | -71 | 302 | -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 | 515.80 | 379.09 | 339.36 | 569.38 | 802.60 | 312.09 | 477.79 | 473.63 | 469.51 | 465.42 |
| WACC | ||||||||||
| PV UFCF | 304.51 | 454.86 | 439.94 | 425.52 | 411.57 | |||||
| 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 |