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
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 | 6.04 | 7.29 | 14.84 | 31.40 | 121.01 | 278.73 | 642 | 1,478.72 | 3,405.94 | 7,844.89 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1.66 | 1.95 | 3.17 | 4.78 | 6.88 | 53.82 | 123.97 | 285.54 | 657.69 | 1,514.85 |
EBITDA (%) | ||||||||||
EBIT | 0.36 | 0.67 | 1.27 | 0.95 | -12.52 | 9.13 | 21.02 | 48.43 | 111.54 | 256.91 |
EBIT (%) | ||||||||||
Depreciation | 1.30 | 1.28 | 1.91 | 3.82 | 19.40 | 44.70 | 102.95 | 237.12 | 546.15 | 1,257.95 |
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 | 9.41 | 9.91 | 8.77 | 17.60 | 40.57 | 245.58 | 565.65 | 1,302.86 | 3,000.88 | 6,911.93 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | 0.21 | 0.26 | 0.27 | 0.65 | 0.79 | 6.45 | 14.85 | 34.21 | 78.78 | 181.46 |
Inventories (%) | ||||||||||
Accounts Payable | 0.97 | 0.80 | 2 | 4.25 | 10.37 | 34.90 | 80.38 | 185.14 | 426.44 | 982.21 |
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 | 6.04 | 7.29 | 14.84 | 31.40 | 121.01 | 278.73 | 642 | 1,478.72 | 3,405.94 | 7,844.89 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1.66 | 1.95 | 3.17 | 4.78 | 6.88 | 53.82 | 123.97 | 285.54 | 657.69 | 1,514.85 |
EBIT | 0.36 | 0.67 | 1.27 | 0.95 | -12.52 | 9.13 | 21.02 | 48.43 | 111.54 | 256.91 |
Tax Rate | 114.98% | 81.17% | 150.71% | -54.00% | 6.54% | 59.88% | 59.88% | 59.88% | 59.88% | 59.88% |
EBIAT | -0.05 | 0.13 | -0.64 | 1.47 | -11.70 | 3.66 | 8.44 | 19.43 | 44.75 | 103.07 |
Depreciation | 1.30 | 1.28 | 1.91 | 3.82 | 19.40 | 44.70 | 102.95 | 237.12 | 546.15 | 1,257.95 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | -0.05 | -0.01 | -0.38 | -0.14 | -5.65 | -8.40 | -19.35 | -44.58 | -102.68 |
Accounts Payable | - | -0.17 | 1.20 | 2.25 | 6.11 | 24.53 | 45.48 | 104.76 | 241.29 | 555.77 |
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 | -2.35 | 1.87 | -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 |