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La méthode DCF1.   Definition du Business Plan : Hypotheses•    Croissance 2013e-2016e = 8%/an•    Croissance 2017e-2021e=...
2. Calcul du WACCCoût moyen de la dette                       4.53%Coût des fonds propres                       8.53%Vcp (...
Le bêta de Pernod Ricard
3. Discounted Cash Flows
4. Valeur d’une action Pernod RicardVE = 1 422 + 1 671 +1 564 +1 623 +1 691 +1 706 +1 721 +1 736 +1 875 +1 892 + 34 665VE ...
4. Valeur d’une action Pernod RicardVE = 1 422 + 1 671 +1 564 +1 623 +1 691 +1 706 +1 721 +1 736 +1 875 +1 892 + 34 665VE ...
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Méthode DCF Analyse Pernod Ricard by Larisa Bocaneala

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Méthode DCF Analyse Pernod Ricard by Larisa Bocaneala

  1. 1. La méthode DCF1. Definition du Business Plan : Hypotheses• Croissance 2013e-2016e = 8%/an• Croissance 2017e-2021e= 4%/an• Croissance à l’infini = 1.5%• DAP = 13% EBIT• CAPEX = 3% CA• BFR = 34% CA• Taux IS Normatif = 24%
  2. 2. 2. Calcul du WACCCoût moyen de la dette 4.53%Coût des fonds propres 8.53%Vcp ( capi boursiere) 23013Vd (valeur comptable) 9550Taux IS 24%WACC 7,040% Kcp = R0 + β * (RM - R0) R0=taux sans risque (OAT 10 ans) 2.50% β = 0.812 RM - R0=Prime de risque 7.50%
  3. 3. Le bêta de Pernod Ricard
  4. 4. 3. Discounted Cash Flows
  5. 5. 4. Valeur d’une action Pernod RicardVE = 1 422 + 1 671 +1 564 +1 623 +1 691 +1 706 +1 721 +1 736 +1 875 +1 892 + 34 665VE = 42 635 M€VCP = VE – VD – Provisions – IM +Immo. FinancièresVCP = 42 635 - 9550 - 2332 - 48 + 312VCP = 31 017 M€Nombre dactions après dilution : 265,15 millionsValeur d’une action = 117 €
  6. 6. 4. Valeur d’une action Pernod RicardVE = 1 422 + 1 671 +1 564 +1 623 +1 691 +1 706 +1 721 +1 736 +1 875 +1 892 + 34 665VE = 42 635 M€VCP = VE – VD – Provisions – IM +Immo. FinancièresVCP = 42 635 - 9550 - 2332 - 48 + 312VCP = 31 017 M€Nombre dactions après dilution : 265,15 millionsValeur d’une action = 117 €

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