Discounted Cash Flow (DCF) Analysis Levered

Grifols, S.A. (GRFS)

$8.82

-0.14 (-1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 494.71 | 8.82 | 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 4,318.074,486.725,098.695,340.044,933.125,113.905,301.305,495.585,696.975,905.74
Revenue (%)
Operating Cash Flow 841.75737.43568.931,110.34596.98818.04848.02879.09911.31944.70
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 518.77429.71156.63747.78281.89453.92470.55487.79505.67524.20

Weighted Average Cost Of Capital

Share price $ 8.82
Beta 0.136
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 3.438
Total Debt 9,324.31
Total Equity 6,011.33
Total Capital 15,335.64
Debt Weighting 60.80
Equity Weighting 39.20
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 4,318.074,486.725,098.695,340.044,933.125,113.905,301.305,495.585,696.975,905.74
Operating Cash Flow 841.75737.43568.931,110.34596.98818.04848.02879.09911.31944.70
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 518.77429.71156.63747.78281.89453.92470.55487.79505.67524.20
WACC
PV LFCF 444.41451.04457.77464.60471.54
SUM PV LFCF 2,289.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.14
Free cash flow (t + 1) 534.68
Terminal Value 381,917.54
Present Value of Terminal Value 343,550.30

Intrinsic Value

Enterprise Value 345,839.66
Net Debt 8,668.81
Equity Value 337,170.85
Shares Outstanding 681.56
Equity Value Per Share 494.71