Discounted Cash Flow (DCF) Analysis Levered

LNA Santé SA (LNA.PA)

32.6 €

-0.25 (-0.76%)

All numbers are in Millions, Currency in USD

Stock DCF: 29.12 | 32.6 | overvalue

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	486.67	538.76	527.86	573.89	689.49	754.21	825	902.43	987.13	1,079.78
Revenue (%)
Operating Cash Flow	60.76	48.02	118.03	146.50	79.92	122	133.45	145.97	159.68	174.66
Operating Cash Flow (%)
Capital Expenditure	-7.38	-9.55	-6.53	-13.76	-13.94	-13.49	-14.76	-16.15	-17.66	-19.32
Capital Expenditure (%)
Free Cash Flow	53.39	38.47	111.50	132.74	65.98	108.50	118.69	129.83	142.01	155.34

Weighted Average Cost Of Capital

Share price	$ 32.6
Beta	0.816
Diluted Shares Outstanding	107.49
Cost of Debt
Tax Rate	35.15
After-tax Cost of Debt	1.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.742
Total Debt	1,004.62
Total Equity	3,504.04
Total Capital	4,508.67
Debt Weighting	22.28
Equity Weighting	77.72
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	486.67	538.76	527.86	573.89	689.49	754.21	825	902.43	987.13	1,079.78
Operating Cash Flow	60.76	48.02	118.03	146.50	79.92	122	133.45	145.97	159.68	174.66
Capital Expenditure	-7.38	-9.55	-6.53	-13.76	-13.94	-13.49	-14.76	-16.15	-17.66	-19.32
Free Cash Flow	53.39	38.47	111.50	132.74	65.98	108.50	118.69	129.83	142.01	155.34
WACC
PV LFCF						102.82	106.57	110.47	114.51	118.69
SUM PV LFCF										553.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.53
Free cash flow (t + 1)	158.45
Terminal Value	4,488.66
Present Value of Terminal Value	3,429.55

Intrinsic Value

Enterprise Value	3,982.60
Net Debt	852.85
Equity Value	3,129.75
Shares Outstanding	107.49
Equity Value Per Share	29.12