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
Stock DCF: 59.72 | 46.1 | 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 467.12572.42700.88793.83942.911,124.491,341.021,599.261,907.232,274.49
Revenue (%)
EBITDA 111.07140.69167.40181.97357.65299.33356.97425.71507.68605.44
EBITDA (%)
EBIT 95.21110.37119.52134.54302.49237.82283.62338.23403.36481.04
EBIT (%)
Depreciation 15.8630.3347.8847.4255.1661.5173.3587.47104.32124.41
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 6.69213.91116.04121.66173.17200.27238.83284.82339.67405.08
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 81.11115.56172.17203.26240.54254.65303.69362.17431.91515.09
Inventories (%)
Accounts Payable 23.3728.1835.3650.3752.1060.3671.9985.85102.38122.10
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 467.12572.42700.88793.83942.911,124.491,341.021,599.261,907.232,274.49
EBITDA 111.07140.69167.40181.97357.65299.33356.97425.71507.68605.44
EBIT 95.21110.37119.52134.54302.49237.82283.62338.23403.36481.04
Tax Rate 11.68%27.74%29.86%31.49%28.46%25.85%25.85%25.85%25.85%25.85%
EBIAT 84.0979.7583.8392.17216.39176.35210.30250.80299.10356.69
Depreciation 15.8630.3347.8847.4255.1661.5173.3587.47104.32124.41
Accounts Receivable ----------
Inventories --34.45-56.61-31.10-37.27-14.12-49.04-58.48-69.74-83.17
Accounts Payable -4.817.1715.011.738.2611.6213.8616.5319.72
Capital Expenditure -74.72-25.97-46.44-40.80-61.20-87.23-104.03-124.07-147.96-176.45
UFCF 25.2354.4735.8382.72174.81144.76142.21169.59202.25241.19
WACC
PV UFCF 134.31122.42135.45149.88165.84
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