Discounted Cash Flow (DCF) Analysis Levered

Clínica Baviera, S.A. (CBAV.MC)

18.2 €

-0.75 (-3.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 84.18 | 18.2 | 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 99.88109.29124.33122.63172.73199.79231.10267.31309.19357.63
Revenue (%)
Operating Cash Flow 15.8316.8125.4031.4646.8641.7348.2755.8464.5974.70
Operating Cash Flow (%)
Capital Expenditure -8.90-9.41-9.19-7.82-10.58-14.95-17.29-20-23.13-26.76
Capital Expenditure (%)
Free Cash Flow 6.937.4116.2123.6436.2826.7930.9835.8441.4547.95

Weighted Average Cost Of Capital

Share price $ 18.2
Beta 0.449
Diluted Shares Outstanding 16.30
Cost of Debt
Tax Rate 29.59
After-tax Cost of Debt 0.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.809
Total Debt 51.56
Total Equity 296.71
Total Capital 348.27
Debt Weighting 14.80
Equity Weighting 85.20
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 99.88109.29124.33122.63172.73199.79231.10267.31309.19357.63
Operating Cash Flow 15.8316.8125.4031.4646.8641.7348.2755.8464.5974.70
Capital Expenditure -8.90-9.41-9.19-7.82-10.58-14.95-17.29-20-23.13-26.76
Free Cash Flow 6.937.4116.2123.6436.2826.7930.9835.8441.4547.95
WACC
PV LFCF 25.5028.0830.9234.0537.50
SUM PV LFCF 156.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.04
Free cash flow (t + 1) 48.90
Terminal Value 1,608.71
Present Value of Terminal Value 1,258.07

Intrinsic Value

Enterprise Value 1,414.12
Net Debt 41.75
Equity Value 1,372.36
Shares Outstanding 16.30
Equity Value Per Share 84.18