Discounted Cash Flow (DCF) Analysis Levered

Dermapharm Holding SE (DMP.DE)

38.78 €

+0.32 (+0.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 88.19 | 38.78 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 572.42700.88793.83942.911,024.781,186.601,373.981,590.951,842.182,133.08
Revenue (%)
Operating Cash Flow 159.13100.61131.10250.37288.53269.07311.56360.75417.72483.69
Operating Cash Flow (%)
Capital Expenditure -25.97-46.44-40.80-61.20-39.01-63.13-73.10-84.64-98.01-113.48
Capital Expenditure (%)
Free Cash Flow 133.1554.1790.30189.16249.52205.94238.46276.11319.72370.20

Weighted Average Cost Of Capital

Share price $ 38.78
Beta 1.136
Diluted Shares Outstanding 53.84
Cost of Debt
Tax Rate 37.94
After-tax Cost of Debt 1.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.987
Total Debt 516.45
Total Equity 2,087.92
Total Capital 2,604.36
Debt Weighting 19.83
Equity Weighting 80.17
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 572.42700.88793.83942.911,024.781,186.601,373.981,590.951,842.182,133.08
Operating Cash Flow 159.13100.61131.10250.37288.53269.07311.56360.75417.72483.69
Capital Expenditure -25.97-46.44-40.80-61.20-39.01-63.13-73.10-84.64-98.01-113.48
Free Cash Flow 133.1554.1790.30189.16249.52205.94238.46276.11319.72370.20
WACC
PV LFCF 190.16203.31217.37232.41248.48
SUM PV LFCF 1,091.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.30
Free cash flow (t + 1) 377.61
Terminal Value 5,993.76
Present Value of Terminal Value 4,023.06

Intrinsic Value

Enterprise Value 5,114.79
Net Debt 366.53
Equity Value 4,748.26
Shares Outstanding 53.84
Equity Value Per Share 88.19