Discounted Cash Flow (DCF) Analysis Unlevered

Clínica Baviera, S.A. (CBAV.MC)

18.2 €

-0.75 (-3.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 80.76 | 18.2 | 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 99.88109.29124.33122.63172.73199.79231.10267.31309.19357.63
Revenue (%)
EBITDA 17.9221.8531.5034.0852.9148.6256.2465.0675.2587.04
EBITDA (%)
EBIT 13.5216.8918.2720.5338.8233.1338.3244.3251.2759.30
EBIT (%)
Depreciation 4.394.9613.2313.5514.0915.5017.9220.7323.9827.74
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 12.229.806.4926.9432.2726.803135.8641.4747.97
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.940.991.201.641.932.112.442.823.263.77
Inventories (%)
Accounts Payable 8.187.038.159.9412.3414.5516.8319.4722.5226.05
Accounts Payable (%)
Capital Expenditure -8.90-9.41-9.19-7.82-10.58-14.95-17.29-20-23.13-26.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.2
Beta 0.449
Diluted Shares Outstanding 16.30
Cost of Debt
Tax Rate 29.59
After-tax Cost of Debt 0.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.809
Total Debt 51.56
Total Equity 296.71
Total Capital 348.27
Debt Weighting 14.80
Equity Weighting 85.20
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 99.88109.29124.33122.63172.73199.79231.10267.31309.19357.63
EBITDA 17.9221.8531.5034.0852.9148.6256.2465.0675.2587.04
EBIT 13.5216.8918.2720.5338.8233.1338.3244.3251.2759.30
Tax Rate 27.24%29.64%28.08%30.93%29.59%29.09%29.09%29.09%29.09%29.09%
EBIAT 9.8411.8813.1414.1827.3323.4927.1731.4336.3542.05
Depreciation 4.394.9613.2313.5514.0915.5017.9220.7323.9827.74
Accounts Receivable ----------
Inventories --0.05-0.21-0.44-0.29-0.17-0.33-0.38-0.44-0.51
Accounts Payable --1.161.131.792.402.222.282.643.053.53
Capital Expenditure -8.90-9.41-9.19-7.82-10.58-14.95-17.29-20-23.13-26.76
UFCF 5.336.2418.1021.2532.9626.0829.7534.4139.8146.04
WACC
PV UFCF 24.8326.9729.6932.7036.01
SUM PV UFCF 150.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.04
Free cash flow (t + 1) 46.96
Terminal Value 1,544.90
Present Value of Terminal Value 1,208.16

Intrinsic Value

Enterprise Value 1,358.36
Net Debt 41.75
Equity Value 1,316.61
Shares Outstanding 16.30
Equity Value Per Share 80.76