Discounted Cash Flow (DCF) Analysis Unlevered
Dermapharm Holding SE (DMP.DE)
46.1 €
-0.48 (-1.03%)
All numbers are in Millions, Currency in USD
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 | 467.12 | 572.42 | 700.88 | 793.83 | 942.91 | 1,124.49 | 1,341.02 | 1,599.26 | 1,907.23 | 2,274.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 111.07 | 140.69 | 167.40 | 181.97 | 357.65 | 299.33 | 356.97 | 425.71 | 507.68 | 605.44 |
| EBITDA (%) | ||||||||||
| EBIT | 95.21 | 110.37 | 119.52 | 134.54 | 302.49 | 237.82 | 283.62 | 338.23 | 403.36 | 481.04 |
| EBIT (%) | ||||||||||
| Depreciation | 15.86 | 30.33 | 47.88 | 47.42 | 55.16 | 61.51 | 73.35 | 87.47 | 104.32 | 124.41 |
| 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 | 6.69 | 213.91 | 116.04 | 121.66 | 173.17 | 200.27 | 238.83 | 284.82 | 339.67 | 405.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 81.11 | 115.56 | 172.17 | 203.26 | 240.54 | 254.65 | 303.69 | 362.17 | 431.91 | 515.09 |
| Inventories (%) | ||||||||||
| Accounts Payable | 23.37 | 28.18 | 35.36 | 50.37 | 52.10 | 60.36 | 71.99 | 85.85 | 102.38 | 122.10 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -74.71 | -25.97 | -46.44 | -40.80 | -61.20 | -87.23 | -104.03 | -124.07 | -147.96 | -176.45 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 46.1 |
|---|---|
| Beta | 1.187 |
| Diluted Shares Outstanding | 53.84 |
| Cost of Debt | |
| Tax Rate | 28.46 |
| After-tax Cost of Debt | 1.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.347 |
| Total Debt | 580.30 |
| Total Equity | 2,482.02 |
| Total Capital | 3,062.32 |
| Debt Weighting | 18.95 |
| Equity Weighting | 81.05 |
| 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 | 467.12 | 572.42 | 700.88 | 793.83 | 942.91 | 1,124.49 | 1,341.02 | 1,599.26 | 1,907.23 | 2,274.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 111.07 | 140.69 | 167.40 | 181.97 | 357.65 | 299.33 | 356.97 | 425.71 | 507.68 | 605.44 |
| EBIT | 95.21 | 110.37 | 119.52 | 134.54 | 302.49 | 237.82 | 283.62 | 338.23 | 403.36 | 481.04 |
| Tax Rate | 11.68% | 27.74% | 29.86% | 31.49% | 28.46% | 25.85% | 25.85% | 25.85% | 25.85% | 25.85% |
| EBIAT | 84.09 | 79.75 | 83.83 | 92.17 | 216.39 | 176.35 | 210.30 | 250.80 | 299.10 | 356.69 |
| Depreciation | 15.86 | 30.33 | 47.88 | 47.42 | 55.16 | 61.51 | 73.35 | 87.47 | 104.32 | 124.41 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -34.45 | -56.61 | -31.10 | -37.27 | -14.12 | -49.04 | -58.48 | -69.74 | -83.17 |
| Accounts Payable | - | 4.81 | 7.17 | 15.01 | 1.73 | 8.26 | 11.62 | 13.86 | 16.53 | 19.72 |
| Capital Expenditure | -74.72 | -25.97 | -46.44 | -40.80 | -61.20 | -87.23 | -104.03 | -124.07 | -147.96 | -176.45 |
| UFCF | 25.23 | 54.47 | 35.83 | 82.72 | 174.81 | 144.76 | 142.21 | 169.59 | 202.25 | 241.19 |
| WACC | ||||||||||
| PV UFCF | 134.31 | 122.42 | 135.45 | 149.88 | 165.84 | |||||
| SUM PV UFCF | 707.89 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.78 |
| Free cash flow (t + 1) | 246.02 |
| Terminal Value | 4,256.38 |
| Present Value of Terminal Value | 2,926.50 |
Intrinsic Value
| Enterprise Value | 3,634.40 |
|---|---|
| Net Debt | 418.87 |
| Equity Value | 3,215.53 |
| Shares Outstanding | 53.84 |
| Equity Value Per Share | 59.72 |