NB : donnes saisies en bleu

NB : valorisation au 01/01/2003

Taux des OAT*

Prime de risque
Beta dsendett
Levier financier
Beta endett
Cot des capitaux propres

7.2%
3.0%
1.0
Err:522
Err:522
Err:522

En M
CA
Taux de croissance

2003
1,000.00

2004
1,300.00
30.0%

2005
1,500.00
15.4%

2006
1,700.00
13.3%

2007
1,907.78
12.2%

2008
2,119.75
11.1%

2009
2,331.73
10%

EBITDA
Taux de marge d'EBITDA

1,000.00
100%

1,260.00
97%

1,430.00
95%

1,610.00
95%

1,806.78
95%

2,007.53
95%

2,208.28
95%

(Dotations)
En % du CA

EBIT
Taux de marge d'EBIT

Cot de la dette avant IS

Cot de la dette aprs IS
Cot du capital (CMPC)

Taux de croissance l'infini

200.00 -20%
800.00
80%

220.00 -17%

1,865.38
80%

390.24 32.52%

443.04 32.58%

497.89 32.62%

553.85 32.66%

609.82
32.69%

200.00 -20%

50.00 -4%

(Variation du BFR)

30.00 -

90.00 -

300.00
30%

342.90
-15%

1,695.80
80%

(Investissements)
En % du CA

BFR
En % du CA

311.73 -15%

1,526.22
80%

337.44 32.45%

Err:522

280.56 -15%

1,360.00
80%

258.24 32.28%

Free cash flow actualis

250.00 -15%

Err:522
Err:522
10
Err:522
(300)
Err:522

1,200.00
80%

511.76

10%

Somme des FCF actuamss

Valeur terminale actualise
Autres actifs
VE
(Dette nette)
Valeur des capitaux propres

1,040.00
80%

IS
Taux d'IS

Free Cash Flow

230.00 -15%

5.50%
3.72%
Err:522

782.56
Err:522
390.00
30%

50.00
-3%
60.00 929.76
Err:522
450.00
30%

-
0%
60.00 -

-
0%
62.33 -

-
0%
63.59 -

-
0%
63.59

1,106.96

1,246.55

1,390.08

1,534.88

Err:522

Err:522

Err:522

Err:522

510.00
30%

572.33
30%

635.93
30%

699.52
30%

En jours de CA

110

110

* obligation assimilable du trsor

Investissement initial :

300

110

110

110

110

110

En M
CA
(Dotations)
EBIT
(Investissements)

2003
1,000
(200)
150
(220)

2004
1,100
(220)
160
(230)

2005
1,200
(230)
170
(240)

2006
1,300
(250)
180
(260)

Date de publication :13/11/2015

Code Srie

QS.D.IFRTIF1M

QS.D.IFRTIF3M

QS.D.IFRTIF6M

taux indicatifs des

taux indicatifs des bons du
taux indicatifs des bons du
bons du trsor 6
Titre
trsor 1 mois
trsor 3 mois
mois
Mise jour s
11/13/2015
11/13/2015
11/13/2015
Unit
PC
PC
PC
9/16/2015
-0.2077
-0.1941
-0.1893
9/17/2015
-0.2113
-0.1925
-0.1931
9/18/2015
-0.2127
-0.1926
-0.1957
9/21/2015
-0.2057
-0.1928
-0.1872
9/22/2015
-0.216
-0.1994
-0.1946
9/23/2015
-0.2179
-0.2019
-0.1972
9/24/2015
-0.225
-0.2095
-0.2039
9/25/2015
-0.24
-0.2214
-0.2054
9/28/2015
-0.27
-0.2196
-0.1978
9/29/2015
-0.24
-0.1959
-0.198
9/30/2015
-0.2492
-0.1981
-0.202
10/1/2015
-0.2504
-0.2029
-0.2118
10/2/2015
-0.2372
-0.2032
-0.2174
10/5/2015
-0.2057
-0.1949
-0.2177
10/6/2015
-0.207
-0.2016
-0.2057
10/7/2015
-0.2179
-0.1975
-0.2047
10/8/2015
-0.2137
-0.1959
-0.2075
10/9/2015
-0.216
-0.1961
-0.2065
10/12/2015
-0.2057
-0.1939
-0.2009
10/13/2015
-0.2133
-0.1959
-0.1963
10/14/2015
-0.2077
-0.2001
-0.1976
10/15/2015
-0.2035
-0.2029
-0.204
10/16/2015
-0.2127
-0.2032
-0.2054
10/19/2015
-0.2057
-0.1992
-0.2031
10/20/2015
-0.207
-0.1973
-0.1996
10/21/2015
-0.2084
-0.2041
-0.2022
10/22/2015
-0.2137
-0.2232
-0.2318
10/23/2015
-0.228
-0.2514
-0.2538
10/26/2015
-0.2443
-0.257
-0.2453
10/27/2015
-0.2266
-0.2598
-0.2523
10/28/2015
-0.2492
-0.2668
-0.2593
10/29/2015
-0.2347
-0.2677
-0.2584
10/30/2015
-0.2454
-0.2667
-0.2644
11/2/2015
-0.24
-0.257
-0.2596
11/3/2015
-0.234
-0.2601
-0.2551
11/4/2015
-0.2273
-0.2567
-0.2589
11/5/2015
-0.2362
-0.255
-0.2662
11/6/2015
-0.228
-0.2514
-0.2517
11/9/2015
-0.2186
-0.2593
-0.258
11/10/2015
-0.24
-0.2598
-0.2609

QS.D.IFRTIF9M
taux indicatifs des
bons du trsor 9
mois
11/13/2015
PC
-0.2042
-0.1994
-0.2024
-0.204
-0.2099
-0.2086
-0.2082
-0.2083
-0.2054
-0.2096
-0.2076
-0.2141
-0.2095
-0.2075
-0.2076
-0.207
-0.2095
-0.2082
-0.2061
-0.2062
-0.2063
-0.2096
-0.2155
-0.2113
-0.2048
-0.2076
-0.2414
-0.255
-0.2607
-0.2712
-0.2776
-0.2705
-0.2715
-0.2719
-0.273
-0.2733
-0.2751
-0.2578
-0.2745
-0.2813

11/11/2015

-0.2492

-0.2587

-0.2661

-0.286

QS.D.IFRTIA1A

QS.D.IFRTIA2A

QS.D.IFRTIA5A

taux indicatifs des

bons du trsor
taux indicatifs des taux indicatifs des
12 mois
OAT 2 ans
OAT 5 ans
11/13/2015
11/13/2015
11/13/2015
PC
PC
PC
-0.1872
-0.185
0.217
-0.1851
-0.176
0.232
-0.1905
-0.189
0.154
-0.1884
-0.185
0.16
-0.1966
-0.196
0.117
-0.1978
-0.192
0.126
-0.1985
-0.169
0.223
-0.1974
-0.163
0.233
-0.1936
-0.176
0.217
-0.1895
-0.174
0.228
-0.1915
-0.178
0.218
-0.1984
-0.201
0.173
-0.1969
-0.2
0.153
-0.1943
-0.192
0.172
-0.1949
-0.189
0.195
-0.1976
-0.19
0.197
-0.1988
-0.191
0.197
-0.1962
-0.188
0.214
-0.1941
-0.194
0.191
-0.1963
-0.19
0.192
-0.2012
-0.204
0.156
-0.2057
-0.201
0.166
-0.2074
-0.208
0.158
-0.2091
-0.209
0.154
-0.1973
-0.188
0.201
-0.2024
-0.203
0.161
-0.2398
-0.264
0.082
-0.2542
-0.262
0.08
-0.2539
-0.266
0.078
-0.2639
-0.28
0.047
-0.2708
-0.289
0.033
-0.2576
-0.278
0.092
-0.2615
-0.277
0.09
-0.2565
-0.255
0.124
-0.2567
-0.261
0.119
-0.2606
-0.257
0.116
-0.2661
-0.25
0.12
-0.2542
-0.222
0.169
-0.2667
-0.264
0.116
-0.276
-0.284
0.083

QS.D.IFRPHF10

QS.D.IFRPHF30

Emprunt Phare
10 ans (taux
d'intrt annuel)
11/13/2015
PCT
1.098
1.095
0.967
0.98
0.903
0.901
0.904
0.966
0.927
0.917
0.902
0.853
0.813
0.862
0.898
0.886
0.878
0.907
0.871
0.877
0.834
0.846
0.835
0.851
1.008
0.934
0.857
0.85
0.846
0.794
0.787
0.878
0.87
0.929
0.934
0.962
0.951
1.024
0.996
0.956

Taux de l'emprunt
phare franais 30
ans fermeture
11/13/2015
PC
2.096
2.085
1.944
1.975
1.898
1.9
1.883
1.966
1.921
1.895
1.891
1.852
1.801
1.873
1.923
1.906
1.887
1.914
1.878
1.888
1.849
1.86
1.845
1.874
1.933
1.859
1.778
1.779
1.778
1.709
1.703
1.783
1.765
1.834
1.86
1.895
1.923
2.004
2.04
1.987

-0.2784

-0.289

0.072

0.933

1.965