Discounted Cash Flow (DCF) Analysis Unlevered

Dermapharm Holding SE (DMP.DE)

39.5 €

+0.72 (+1.86%)

All numbers are in Millions, Currency in USD

Stock DCF: 61.67 | 39.5 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	572.42	700.88	793.83	942.91	1,024.78	1,186.60	1,373.98	1,590.95	1,842.18	2,133.08
Revenue (%)
EBITDA	140.42	169.57	190.60	348.26	328.55	336.35	389.47	450.97	522.18	604.64
EBITDA (%)
EBIT	110.09	121.69	143.18	293.10	233.64	257.53	298.20	345.29	399.81	462.95
EBIT (%)
Depreciation	30.33	47.88	47.42	55.16	94.91	78.82	91.27	105.68	122.37	141.70
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	213.91	116.04	121.66	172.06	161.36	245.02	283.71	328.51	380.39	440.46
Total Cash (%)
Account Receivables	41.13	64.28	70.57	104.18	117.16	113.27	131.15	151.87	175.85	203.61
Account Receivables (%)
Inventories	115.56	172.17	203.26	240.54	251.82	285.83	330.97	383.23	443.75	513.82
Inventories (%)
Accounts Payable	28.18	35.36	50.37	52.10	56.10	64.82	75.05	86.91	100.63	116.52
Accounts Payable (%)
Capital Expenditure	-25.97	-46.44	-40.80	-61.20	-39.01	-63.13	-73.10	-84.64	-98.01	-113.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 39.5
Beta	1.136
Diluted Shares Outstanding	53.84
Cost of Debt
Tax Rate	37.94
After-tax Cost of Debt	1.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.958
Total Debt	516.45
Total Equity	2,126.68
Total Capital	2,643.13
Debt Weighting	19.54
Equity Weighting	80.46
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	572.42	700.88	793.83	942.91	1,024.78	1,186.60	1,373.98	1,590.95	1,842.18	2,133.08
EBITDA	140.42	169.57	190.60	348.26	328.55	336.35	389.47	450.97	522.18	604.64
EBIT	110.09	121.69	143.18	293.10	233.64	257.53	298.20	345.29	399.81	462.95
Tax Rate	27.74%	29.86%	31.49%	28.46%	37.94%	31.10%	31.10%	31.10%	31.10%	31.10%
EBIAT	79.56	85.35	98.09	209.67	145	177.44	205.46	237.90	275.47	318.97
Depreciation	30.33	47.88	47.42	55.16	94.91	78.82	91.27	105.68	122.37	141.70
Accounts Receivable	-	-23.16	-6.29	-33.61	-12.98	3.89	-17.89	-20.71	-23.98	-27.77
Inventories	-	-56.61	-31.10	-37.27	-11.29	-34.01	-45.14	-52.26	-60.52	-70.07
Accounts Payable	-	7.17	15.01	1.73	4	8.72	10.24	11.85	13.72	15.89
Capital Expenditure	-25.97	-46.44	-40.80	-61.20	-39.01	-63.13	-73.10	-84.64	-98.01	-113.48
UFCF	83.91	14.20	82.34	134.48	180.62	171.74	170.84	197.82	229.06	265.23
WACC
PV UFCF						158.58	145.66	155.74	166.51	178.03
SUM PV UFCF										804.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.30
Free cash flow (t + 1)	270.54
Terminal Value	4,294.24
Present Value of Terminal Value	2,882.33

Intrinsic Value

Enterprise Value	3,686.84
Net Debt	366.53
Equity Value	3,320.31
Shares Outstanding	53.84
Equity Value Per Share	61.67