Discounted Cash Flow (DCF) Analysis Levered
Grifols, S.A. (GRFS)
$6.74
+0.30 (+4.66%)
All numbers are in Millions, Currency in USD
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 | 4,318.07 | 4,486.72 | 5,098.69 | 5,340.04 | 4,933.12 | 5,113.90 | 5,301.30 | 5,495.58 | 5,696.97 | 5,905.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 841.75 | 737.43 | 568.93 | 1,110.34 | 596.98 | 818.04 | 848.02 | 879.09 | 911.31 | 944.70 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -322.97 | -307.72 | -412.30 | -362.56 | -315.09 | -364.12 | -377.47 | -391.30 | -405.64 | -420.50 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 518.77 | 429.71 | 156.63 | 747.78 | 281.89 | 453.92 | 470.55 | 487.79 | 505.67 | 524.20 |
Weighted Average Cost Of Capital
| Share price | $ 6.74 |
|---|---|
| Beta | 0.190 |
| Diluted Shares Outstanding | 681.56 |
| Cost of Debt | |
| Tax Rate | 47.84 |
| After-tax Cost of Debt | 1.31% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.509 |
| Total Debt | 9,324.31 |
| Total Equity | 4,593.69 |
| Total Capital | 13,918 |
| Debt Weighting | 66.99 |
| Equity Weighting | 33.01 |
| 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 | 4,318.07 | 4,486.72 | 5,098.69 | 5,340.04 | 4,933.12 | 5,113.90 | 5,301.30 | 5,495.58 | 5,696.97 | 5,905.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 841.75 | 737.43 | 568.93 | 1,110.34 | 596.98 | 818.04 | 848.02 | 879.09 | 911.31 | 944.70 |
| Capital Expenditure | -322.97 | -307.72 | -412.30 | -362.56 | -315.09 | -364.12 | -377.47 | -391.30 | -405.64 | -420.50 |
| Free Cash Flow | 518.77 | 429.71 | 156.63 | 747.78 | 281.89 | 453.92 | 470.55 | 487.79 | 505.67 | 524.20 |
| WACC | ||||||||||
| PV LFCF | 443.41 | 449.01 | 454.69 | 460.44 | 466.27 | |||||
| SUM PV LFCF | 2,273.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.37 |
| Free cash flow (t + 1) | 534.68 |
| Terminal Value | 144,509.34 |
| Present Value of Terminal Value | 128,538.25 |
Intrinsic Value
| Enterprise Value | 130,812.08 |
|---|---|
| Net Debt | 8,668.81 |
| Equity Value | 122,143.26 |
| Shares Outstanding | 681.56 |
| Equity Value Per Share | 179.21 |