Discounted Cash Flow (DCF) Analysis Unlevered

Clínica Baviera, S.A. (CBAV.MC)

18.35 €

-0.15 (-0.81%)

All numbers are in Millions, Currency in USD

Stock DCF: 76.22 | 18.35 | 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	99.88	109.29	124.33	122.63	172.73	199.79	231.10	267.31	309.19	357.63
Revenue (%)
EBITDA	17.92	21.85	31.50	34.08	52.91	48.62	56.24	65.06	75.25	87.04
EBITDA (%)
EBIT	13.52	16.89	18.27	20.53	38.82	33.13	38.32	44.32	51.27	59.30
EBIT (%)
Depreciation	4.39	4.96	13.23	13.55	14.09	15.50	17.92	20.73	23.98	27.74
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	12.22	9.80	6.49	26.94	32.27	26.80	31	35.86	41.47	47.97
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	0.94	0.99	1.20	1.64	1.93	2.11	2.44	2.82	3.26	3.77
Inventories (%)
Accounts Payable	8.18	7.03	8.15	9.94	12.34	14.55	16.83	19.47	22.52	26.05
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	$ 18.35
Beta	0.500
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	6.000
Total Debt	51.56
Total Equity	299.16
Total Capital	350.72
Debt Weighting	14.70
Equity Weighting	85.30
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	99.88	109.29	124.33	122.63	172.73	199.79	231.10	267.31	309.19	357.63
EBITDA	17.92	21.85	31.50	34.08	52.91	48.62	56.24	65.06	75.25	87.04
EBIT	13.52	16.89	18.27	20.53	38.82	33.13	38.32	44.32	51.27	59.30
Tax Rate	27.24%	29.64%	28.08%	30.93%	29.59%	29.09%	29.09%	29.09%	29.09%	29.09%
EBIAT	9.84	11.88	13.14	14.18	27.33	23.49	27.17	31.43	36.35	42.05
Depreciation	4.39	4.96	13.23	13.55	14.09	15.50	17.92	20.73	23.98	27.74
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-0.05	-0.21	-0.44	-0.29	-0.17	-0.33	-0.38	-0.44	-0.51
Accounts Payable	-	-1.16	1.13	1.79	2.40	2.22	2.28	2.64	3.05	3.53
Capital Expenditure	-8.90	-9.41	-9.19	-7.82	-10.58	-14.95	-17.29	-20	-23.13	-26.76
UFCF	5.33	6.24	18.10	21.25	32.96	26.08	29.75	34.41	39.81	46.04
WACC
PV UFCF						24.79	26.88	29.55	32.49	35.72
SUM PV UFCF										149.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.21
Free cash flow (t + 1)	46.96
Terminal Value	1,463.08
Present Value of Terminal Value	1,134.97

Intrinsic Value

Enterprise Value	1,284.39
Net Debt	41.75
Equity Value	1,242.64
Shares Outstanding	16.30
Equity Value Per Share	76.22