Discounted Cash Flow (DCF) Analysis Unlevered

Boiron SA (BOI.PA)

44.25 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 50.49 | 44.25 | 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 617.54604.21557.12513.58455.20422.05391.31362.81336.38311.88
Revenue (%)
EBITDA 153138.57103106.8264.5985.4179.1973.4268.0763.12
EBITDA (%)
EBIT 123.89104.2064.8537.5646.4756.1152.0248.2344.7241.46
EBIT (%)
Depreciation 29.1134.3638.1569.2618.1229.3027.1725.1923.3521.65
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 275.01217.25208.44234.69234.50181.58168.35156.09144.72134.18
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 60.9070.7572.2585.0485.5658.9954.7050.7147.0243.60
Inventories (%)
Accounts Payable 43.2748.6241.4338.2044.1833.4531.0228.7626.6624.72
Accounts Payable (%)
Capital Expenditure -53.36-47.68-37.53-20.70-20.42-26.83-24.87-23.06-21.38-19.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 44.25
Beta 0.558
Diluted Shares Outstanding 17.52
Cost of Debt
Tax Rate 38.07
After-tax Cost of Debt 1.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.438
Total Debt 12.61
Total Equity 775.10
Total Capital 787.71
Debt Weighting 1.60
Equity Weighting 98.40
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 617.54604.21557.12513.58455.20422.05391.31362.81336.38311.88
EBITDA 153138.57103106.8264.5985.4179.1973.4268.0763.12
EBIT 123.89104.2064.8537.5646.4756.1152.0248.2344.7241.46
Tax Rate 36.46%44.75%36.90%29.58%38.07%37.15%37.15%37.15%37.15%37.15%
EBIAT 78.7357.5840.9226.4528.7835.2632.7030.3128.1126.06
Depreciation 29.1134.3638.1569.2618.1229.3027.1725.1923.3521.65
Accounts Receivable ----------
Inventories --9.85-1.50-12.79-0.5226.564.303.983.693.42
Accounts Payable -5.35-7.19-3.235.98-10.73-2.44-2.26-2.09-1.94
Capital Expenditure -53.36-47.68-37.53-20.70-20.42-26.83-24.87-23.06-21.38-19.83
UFCF 54.4839.7532.8658.9931.9453.5736.8534.1731.6829.37
WACC
PV UFCF 50.3732.5728.4024.7521.58
SUM PV UFCF 157.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.36
Free cash flow (t + 1) 29.96
Terminal Value 687.09
Present Value of Terminal Value 504.80

Intrinsic Value

Enterprise Value 662.47
Net Debt -221.90
Equity Value 884.37
Shares Outstanding 17.52
Equity Value Per Share 50.49