Discounted Cash Flow (DCF) Analysis Levered

bioMérieux S.A. (BIM.PA)

100.1 €

-0.40 (-0.40%)

All numbers are in Millions, Currency in USD

Stock DCF: 434.50 | 100.1 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	2,288.20	2,386.50	2,634.10	3,067.60	3,376.20	3,723.85	4,107.30	4,530.23	4,996.71	5,511.22
Revenue (%)
Operating Cash Flow	357.50	386.90	407.90	582.80	811.10	672.85	742.14	818.55	902.84	995.81
Operating Cash Flow (%)
Capital Expenditure	-183.50	-226.80	-272.50	-277.50	-290.10	-338.92	-373.82	-412.31	-454.77	-501.59
Capital Expenditure (%)
Free Cash Flow	174	160.10	135.40	305.30	521	333.93	368.32	406.24	448.07	494.21

Weighted Average Cost Of Capital

Share price	$ 100.1
Beta	-0.005
Diluted Shares Outstanding	118.15
Cost of Debt
Tax Rate	22.30
After-tax Cost of Debt	1.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity	2.957
Total Debt	462.50
Total Equity	11,826.47
Total Capital	12,288.97
Debt Weighting	3.76
Equity Weighting	96.24
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	2,288.20	2,386.50	2,634.10	3,067.60	3,376.20	3,723.85	4,107.30	4,530.23	4,996.71	5,511.22
Operating Cash Flow	357.50	386.90	407.90	582.80	811.10	672.85	742.14	818.55	902.84	995.81
Capital Expenditure	-183.50	-226.80	-272.50	-277.50	-290.10	-338.92	-373.82	-412.31	-454.77	-501.59
Free Cash Flow	174	160.10	135.40	305.30	521	333.93	368.32	406.24	448.07	494.21
WACC
PV LFCF						306.58	328.65	352.31	377.67	404.86
SUM PV LFCF										1,873.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.89
Free cash flow (t + 1)	504.10
Terminal Value	56,640.18
Present Value of Terminal Value	49,120.05

Intrinsic Value

Enterprise Value	50,993.89
Net Debt	-341
Equity Value	51,334.89
Shares Outstanding	118.15
Equity Value Per Share	434.50