Discounted Cash Flow (DCF) Analysis Unlevered

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

6.46 €

+0.46 (+7.67%)
All numbers are in Millions, Currency in USD
Stock DCF: -35.38 | 6.46 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 4.566.047.2914.8431.4052.4587.62146.36244.50408.45
Revenue (%)
EBITDA 1.731.661.953.174.7813.5022.5537.6762.93105.13
EBITDA (%)
EBIT 0.540.360.671.270.954.056.7611.3018.8731.53
EBIT (%)
Depreciation 1.181.301.281.913.829.4515.7926.3844.0673.60
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 3.039.419.918.7717.6049.6682.96138.58231.51386.74
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.180.210.260.270.651.562.614.367.2812.15
Inventories (%)
Accounts Payable 0.630.970.8024.257.1111.8819.8433.1455.36
Accounts Payable (%)
Capital Expenditure -1.59-2.45-2.29-4.80-5.29-16.36-27.34-45.67-76.29-127.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.46
Beta 0.327
Diluted Shares Outstanding 30.99
Cost of Debt
Tax Rate -54.00
After-tax Cost of Debt 3.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.234
Total Debt 71.46
Total Equity 200.17
Total Capital 271.62
Debt Weighting 26.31
Equity Weighting 73.69
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 4.566.047.2914.8431.4052.4587.62146.36244.50408.45
EBITDA 1.731.661.953.174.7813.5022.5537.6762.93105.13
EBIT 0.540.360.671.270.954.056.7611.3018.8731.53
Tax Rate 143.57%114.98%81.17%150.71%-54.00%87.29%87.29%87.29%87.29%87.29%
EBIAT -0.24-0.050.13-0.641.470.510.861.442.404.01
Depreciation 1.181.301.281.913.829.4515.7926.3844.0673.60
Accounts Receivable ----------
Inventories --0.03-0.05-0.01-0.38-0.91-1.05-1.75-2.92-4.88
Accounts Payable -0.34-0.171.202.252.854.777.9613.3022.22
Capital Expenditure -1.59-2.45-2.29-4.80-5.29-16.36-27.34-45.67-76.29-127.44
UFCF -0.64-0.89-1.11-2.351.87-4.45-6.97-11.64-19.45-32.48
WACC
PV UFCF -4.25-6.36-10.15-16.19-25.83
SUM PV UFCF -62.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.69
Free cash flow (t + 1) -33.13
Terminal Value -1,231.75
Present Value of Terminal Value -979.48

Intrinsic Value

Enterprise Value -1,042.26
Net Debt 53.98
Equity Value -1,096.24
Shares Outstanding 30.99
Equity Value Per Share -35.38