Discounted Cash Flow (DCF) Analysis Unlevered

Vivendi SE (VIV.PA)

7.972 €

+0.20 (+2.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 55.42 | 7.972 | 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 12,44413,93215,89816,0909,5729,255.348,949.158,653.098,366.828,090.03
Revenue (%)
EBITDA 1,4421,0212,3002,92825,7945,942.945,746.335,556.235,372.415,194.68
EBITDA (%)
EBIT 9815681,5562,11024,9855,476.995,295.805,120.604,951.204,787.40
EBIT (%)
Depreciation 461453744818809465.94450.53435.62421.21407.28
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 2,0854,8672,3771,1084,4582,223.142,149.592,078.472,009.711,943.23
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 177206277366256177.56171.69166.01160.52155.21
Inventories (%)
Accounts Payable 4,9094,9385,0574,4985,1043,479.613,364.503,253.193,145.573,041.51
Accounts Payable (%)
Capital Expenditure -261-351-413-438-460-272.89-263.86-255.14-246.70-238.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.972
Beta 0.901
Diluted Shares Outstanding 1,140.70
Cost of Debt
Tax Rate 7,816.25
After-tax Cost of Debt -116.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.058
Total Debt 4,979
Total Equity 9,093.66
Total Capital 14,072.66
Debt Weighting 35.38
Equity Weighting 64.62
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 12,44413,93215,89816,0909,5729,255.348,949.158,653.098,366.828,090.03
EBITDA 1,4421,0212,3002,92825,7945,942.945,746.335,556.235,372.415,194.68
EBIT 9815681,5562,11024,9855,476.995,295.805,120.604,951.204,787.40
Tax Rate -34.65%75.29%-7.18%34.01%7,816.25%1,576.74%1,576.74%1,576.74%1,576.74%1,576.74%
EBIAT 1,320.91140.341,667.671,392.48-1,927,905.06-80,881.21-78,205.46-75,618.24-73,116.60-70,697.73
Depreciation 461453744818809465.94450.53435.62421.21407.28
Accounts Receivable ----------
Inventories --29-71-8911078.445.875.685.495.31
Accounts Payable -29119-559606-1,624.39-115.11-111.31-107.62-104.06
Capital Expenditure -261-351-413-438-460-272.89-263.86-255.14-246.70-238.53
UFCF 1,520.91242.342,046.671,124.48-1,926,840.06-82,234.11-78,128.04-75,543.37-73,044.22-70,627.74
WACC
PV UFCF -128,530.96-190,861.55-288,445.44-435,922.11-658,800.80
SUM PV UFCF -1,702,560.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -36.02
Free cash flow (t + 1) -72,040.29
Terminal Value 189,479.99
Present Value of Terminal Value 1,767,429.81

Intrinsic Value

Enterprise Value 64,868.95
Net Debt 1,651
Equity Value 63,217.95
Shares Outstanding 1,140.70
Equity Value Per Share 55.42