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	3,135.17	3,336.48	3,612.50	3,874.01	4,310.85	4,668.75	5,056.36	5,476.15	5,930.79	6,423.18
Revenue (%)
Operating Cash Flow	385.18	377.27	736.13	794.93	853.87	787.13	852.48	923.25	999.90	1,082.92
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	196.50	112.68	425.53	274.82	315.24	334.57	362.35	392.43	425.01	460.30

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	3,135.17	3,336.48	3,612.50	3,874.01	4,310.85	4,668.75	5,056.36	5,476.15	5,930.79	6,423.18
Operating Cash Flow	385.18	377.27	736.13	794.93	853.87	787.13	852.48	923.25	999.90	1,082.92
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	196.50	112.68	425.53	274.82	315.24	334.57	362.35	392.43	425.01	460.30
WACC
PV LFCF						327.05	346.24	366.55	388.06	410.83
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