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	572.42	700.88	793.83	942.91	1,024.78	1,186.60	1,373.98	1,590.95	1,842.18	2,133.08
Revenue (%)
Operating Cash Flow	159.13	100.61	131.10	250.37	288.53	269.07	311.56	360.75	417.72	483.69
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	133.15	54.17	90.30	189.16	249.52	205.94	238.46	276.11	319.72	370.20

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	572.42	700.88	793.83	942.91	1,024.78	1,186.60	1,373.98	1,590.95	1,842.18	2,133.08
Operating Cash Flow	159.13	100.61	131.10	250.37	288.53	269.07	311.56	360.75	417.72	483.69
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	133.15	54.17	90.30	189.16	249.52	205.94	238.46	276.11	319.72	370.20
WACC
PV LFCF						190.16	203.31	217.37	232.41	248.48
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