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
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 |