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	467.12	572.42	700.88	793.83	942.91	1,124.49	1,341.02	1,599.26	1,907.23	2,274.49
Revenue (%)
Operating Cash Flow	86.74	159.13	100.61	131.10	250.37	233.42	278.37	331.97	395.90	472.14
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	12.02	133.15	54.17	90.30	189.16	146.19	174.34	207.91	247.94	295.69

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	467.12	572.42	700.88	793.83	942.91	1,124.49	1,341.02	1,599.26	1,907.23	2,274.49
Operating Cash Flow	86.74	159.13	100.61	131.10	250.37	233.42	278.37	331.97	395.90	472.14
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	12.02	133.15	54.17	90.30	189.16	146.19	174.34	207.91	247.94	295.69
WACC
PV LFCF						135.63	150.08	166.06	183.74	203.30
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