Discounted Cash Flow (DCF) Analysis Levered

Korian (KORI.PA)

8.915 €

+0.09 (+0.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,460.02 | 8.915 | 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 3,135.173,336.483,612.503,874.014,310.854,668.755,056.365,476.155,930.796,423.18
Revenue (%)
Operating Cash Flow 385.18377.27736.13794.93853.87787.13852.48923.25999.901,082.92
Operating Cash Flow (%)
Capital Expenditure -188.68-264.60-310.60-520.10-538.62-452.56-490.13-530.82-574.89-622.62
Capital Expenditure (%)
Free Cash Flow 196.50112.68425.53274.82315.24334.57362.35392.43425.01460.30

Weighted Average Cost Of Capital

Share price $ 8.915
Beta 1.046
Diluted Shares Outstanding 92.13
Cost of Debt
Tax Rate 28.26
After-tax Cost of Debt 1.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.571
Total Debt 8,227.57
Total Equity 821.31
Total Capital 9,048.88
Debt Weighting 90.92
Equity Weighting 9.08
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 3,135.173,336.483,612.503,874.014,310.854,668.755,056.365,476.155,930.796,423.18
Operating Cash Flow 385.18377.27736.13794.93853.87787.13852.48923.25999.901,082.92
Capital Expenditure -188.68-264.60-310.60-520.10-538.62-452.56-490.13-530.82-574.89-622.62
Free Cash Flow 196.50112.68425.53274.82315.24334.57362.35392.43425.01460.30
WACC
PV LFCF 327.05346.24366.55388.06410.83
SUM PV LFCF 1,838.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.30
Free cash flow (t + 1) 469.50
Terminal Value 156,500.96
Present Value of Terminal Value 139,681.49

Intrinsic Value

Enterprise Value 141,520.21
Net Debt 7,013
Equity Value 134,507.21
Shares Outstanding 92.13
Equity Value Per Share 1,460.02