Discounted Cash Flow (DCF) Analysis Unlevered

bioMérieux S.A. (BIM.PA)

101.8 €

-1.90 (-1.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 568.04 | 101.8 | undervalue

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 2,288.202,386.502,634.103,067.603,376.203,723.854,107.304,530.234,996.715,511.22
Revenue (%)
EBITDA 449.20496.60562.20761.601,014.80868.91958.381,057.061,165.911,285.96
EBITDA (%)
EBIT 308.70338.70372.70550.80783.80618.18681.84752.05829.48914.90
EBIT (%)
Depreciation 140.50157.90189.50210.80231250.72276.54305.02336.42371.07
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 312.10280.10275389.20803.50538.49593.94655.10722.55796.95
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 380.30414.90494.70541.90634.60664.69733.13808.62891.89983.73
Inventories (%)
Accounts Payable 161.30176.90211.90207.10239.50270.73298.61329.36363.27400.68
Accounts Payable (%)
Capital Expenditure -183.50-226.80-272.50-277.50-290.10-338.92-373.82-412.31-454.77-501.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 101.8
Beta -0.005
Diluted Shares Outstanding 118.15
Cost of Debt
Tax Rate 22.30
After-tax Cost of Debt 1.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.802
Total Debt 462.50
Total Equity 12,027.32
Total Capital 12,489.82
Debt Weighting 3.70
Equity Weighting 96.30
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 2,288.202,386.502,634.103,067.603,376.203,723.854,107.304,530.234,996.715,511.22
EBITDA 449.20496.60562.20761.601,014.80868.91958.381,057.061,165.911,285.96
EBIT 308.70338.70372.70550.80783.80618.18681.84752.05829.48914.90
Tax Rate 18.49%20.09%21.45%23.00%22.30%21.06%21.06%21.06%21.06%21.06%
EBIAT 251.63270.66292.75424.11609.03487.96538.21593.63654.76722.18
Depreciation 140.50157.90189.50210.80231250.72276.54305.02336.42371.07
Accounts Receivable ----------
Inventories --34.60-79.80-47.20-92.70-30.09-68.44-75.49-83.26-91.84
Accounts Payable -15.6035-4.8032.4031.2327.8830.7533.9137.41
Capital Expenditure -183.50-226.80-272.50-277.50-290.10-338.92-373.82-412.31-454.77-501.59
UFCF 208.63182.76164.95305.41489.63400.91400.37441.59487.06537.22
WACC
PV UFCF 390.22379.30407.19437.15469.30
SUM PV UFCF 2,083.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.74
Free cash flow (t + 1) 547.96
Terminal Value 74,048.58
Present Value of Terminal Value 64,687.28

Intrinsic Value

Enterprise Value 66,770.44
Net Debt -341
Equity Value 67,111.44
Shares Outstanding 118.15
Equity Value Per Share 568.04