Discounted Cash Flow (DCF) Analysis Unlevered

Atrys Health, S.A. (ATRY.MC)

6.18 €

+0.06 (+0.98%)
All numbers are in Millions, Currency in USD
Stock DCF: -271.04 | 6.18 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 6.047.2914.8431.40121.01278.736421,478.723,405.947,844.89
Revenue (%)
EBITDA 1.661.953.174.786.8853.82123.97285.54657.691,514.85
EBITDA (%)
EBIT 0.360.671.270.95-12.529.1321.0248.43111.54256.91
EBIT (%)
Depreciation 1.301.281.913.8219.4044.70102.95237.12546.151,257.95
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 9.419.918.7717.6040.57245.58565.651,302.863,000.886,911.93
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.210.260.270.650.796.4514.8534.2178.78181.46
Inventories (%)
Accounts Payable 0.970.8024.2510.3734.9080.38185.14426.44982.21
Accounts Payable (%)
Capital Expenditure -2.45-2.29-4.80-5.29-36.68-84.48-194.59-448.20-1,032.34-2,377.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.18
Beta 0.404
Diluted Shares Outstanding 53.52
Cost of Debt
Tax Rate 6.54
After-tax Cost of Debt 5.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.425
Total Debt 204.51
Total Equity 330.75
Total Capital 535.26
Debt Weighting 38.21
Equity Weighting 61.79
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 6.047.2914.8431.40121.01278.736421,478.723,405.947,844.89
EBITDA 1.661.953.174.786.8853.82123.97285.54657.691,514.85
EBIT 0.360.671.270.95-12.529.1321.0248.43111.54256.91
Tax Rate 114.98%81.17%150.71%-54.00%6.54%59.88%59.88%59.88%59.88%59.88%
EBIAT -0.050.13-0.641.47-11.703.668.4419.4344.75103.07
Depreciation 1.301.281.913.8219.4044.70102.95237.12546.151,257.95
Accounts Receivable ----------
Inventories --0.05-0.01-0.38-0.14-5.65-8.40-19.35-44.58-102.68
Accounts Payable --0.171.202.256.1124.5345.48104.76241.29555.77
Capital Expenditure -2.45-2.29-4.80-5.29-36.68-84.48-194.59-448.20-1,032.34-2,377.79
UFCF -1.20-1.11-2.351.87-23.01-17.25-46.13-106.25-244.72-563.67
WACC
PV UFCF -16.38-41.62-91.05-199.20-435.81
SUM PV UFCF -784.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.28
Free cash flow (t + 1) -574.95
Terminal Value -17,528.87
Present Value of Terminal Value -13,552.66

Intrinsic Value

Enterprise Value -14,336.73
Net Debt 169.39
Equity Value -14,506.12
Shares Outstanding 53.52
Equity Value Per Share -271.04