Discounted Cash Flow (DCF) Analysis Levered

Dermapharm Holding SE (DMP.DE)

47.22 €

+0.18 (+0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 74.44 | 47.22 | 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 467.12572.42700.88793.83942.911,124.491,341.021,599.261,907.232,274.49
Revenue (%)
Operating Cash Flow 86.74159.13100.61131.10250.37233.42278.37331.97395.90472.14
Operating Cash Flow (%)
Capital Expenditure -74.71-25.97-46.44-40.80-61.20-87.23-104.03-124.07-147.96-176.45
Capital Expenditure (%)
Free Cash Flow 12.02133.1554.1790.30189.16146.19174.34207.91247.94295.69

Weighted Average Cost Of Capital

Share price $ 47.22
Beta 1.187
Diluted Shares Outstanding 53.84
Cost of Debt
Tax Rate 28.46
After-tax Cost of Debt 1.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.302
Total Debt 580.30
Total Equity 2,542.32
Total Capital 3,122.63
Debt Weighting 18.58
Equity Weighting 81.42
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 467.12572.42700.88793.83942.911,124.491,341.021,599.261,907.232,274.49
Operating Cash Flow 86.74159.13100.61131.10250.37233.42278.37331.97395.90472.14
Capital Expenditure -74.71-25.97-46.44-40.80-61.20-87.23-104.03-124.07-147.96-176.45
Free Cash Flow 12.02133.1554.1790.30189.16146.19174.34207.91247.94295.69
WACC
PV LFCF 135.63150.08166.06183.74203.30
SUM PV LFCF 838.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.78
Free cash flow (t + 1) 301.60
Terminal Value 5,218.08
Present Value of Terminal Value 3,587.73

Intrinsic Value

Enterprise Value 4,426.54
Net Debt 418.87
Equity Value 4,007.67
Shares Outstanding 53.84
Equity Value Per Share 74.44