Discounted Cash Flow (DCF) Analysis Levered

Fagron NV (FAGR.BR)

16.36 €

-0.34 (-2.04%)

All numbers are in Millions, Currency in USD

Stock DCF: 38.82 | 16.36 | 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	436.93	471.68	534.69	555.97	573.81	614.69	658.49	705.40	755.66	809.50
Revenue (%)
Operating Cash Flow	84.25	73.28	77.17	92.95	78.42	97.90	104.88	112.35	120.36	128.93
Operating Cash Flow (%)
Capital Expenditure	-10.03	-15.69	-22.17	-18.42	-20.73	-20.53	-21.99	-23.56	-25.23	-27.03
Capital Expenditure (%)
Free Cash Flow	74.22	57.58	55	74.53	57.69	77.38	82.89	88.80	95.12	101.90

Weighted Average Cost Of Capital

Share price	$ 16.36
Beta	0.446
Diluted Shares Outstanding	72.72
Cost of Debt
Tax Rate	20.59
After-tax Cost of Debt	1.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.889
Total Debt	335.59
Total Equity	1,189.62
Total Capital	1,525.21
Debt Weighting	22.00
Equity Weighting	78.00
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	436.93	471.68	534.69	555.97	573.81	614.69	658.49	705.40	755.66	809.50
Operating Cash Flow	84.25	73.28	77.17	92.95	78.42	97.90	104.88	112.35	120.36	128.93
Capital Expenditure	-10.03	-15.69	-22.17	-18.42	-20.73	-20.53	-21.99	-23.56	-25.23	-27.03
Free Cash Flow	74.22	57.58	55	74.53	57.69	77.38	82.89	88.80	95.12	101.90
WACC
PV LFCF						73.68	75.17	76.68	78.23	79.80
SUM PV LFCF										383.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.01
Free cash flow (t + 1)	103.94
Terminal Value	3,453.05
Present Value of Terminal Value	2,704.27

Intrinsic Value

Enterprise Value	3,087.84
Net Debt	264.94
Equity Value	2,822.90
Shares Outstanding	72.72
Equity Value Per Share	38.82