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 572.42700.88793.83942.911,024.781,186.601,373.981,590.951,842.182,133.08
Revenue (%)
EBITDA 140.42169.57190.60348.26328.55336.35389.47450.97522.18604.64
EBITDA (%)
EBIT 110.09121.69143.18293.10233.64257.53298.20345.29399.81462.95
EBIT (%)
Depreciation 30.3347.8847.4255.1694.9178.8291.27105.68122.37141.70
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 213.91116.04121.66172.06161.36245.02283.71328.51380.39440.46
Total Cash (%)
Account Receivables 41.1364.2870.57104.18117.16113.27131.15151.87175.85203.61
Account Receivables (%)
Inventories 115.56172.17203.26240.54251.82285.83330.97383.23443.75513.82
Inventories (%)
Accounts Payable 28.1835.3650.3752.1056.1064.8275.0586.91100.63116.52
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 572.42700.88793.83942.911,024.781,186.601,373.981,590.951,842.182,133.08
EBITDA 140.42169.57190.60348.26328.55336.35389.47450.97522.18604.64
EBIT 110.09121.69143.18293.10233.64257.53298.20345.29399.81462.95
Tax Rate 27.74%29.86%31.49%28.46%37.94%31.10%31.10%31.10%31.10%31.10%
EBIAT 79.5685.3598.09209.67145177.44205.46237.90275.47318.97
Depreciation 30.3347.8847.4255.1694.9178.8291.27105.68122.37141.70
Accounts Receivable --23.16-6.29-33.61-12.983.89-17.89-20.71-23.98-27.77
Inventories --56.61-31.10-37.27-11.29-34.01-45.14-52.26-60.52-70.07
Accounts Payable -7.1715.011.7348.7210.2411.8513.7215.89
Capital Expenditure -25.97-46.44-40.80-61.20-39.01-63.13-73.10-84.64-98.01-113.48
UFCF 83.9114.2082.34134.48180.62171.74170.84197.82229.06265.23
WACC
PV UFCF 158.58145.66155.74166.51178.03
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