Discounted Cash Flow (DCF) Analysis Unlevered

Ramsay Générale de Santé SA (GDS.PA)

20.5 €

-0.30 (-1.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 859.87 | 20.5 | 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 2,234.402,241.503,401.103,746.204,022.604,722.295,543.686,507.957,639.948,968.83
Revenue (%)
EBITDA 255.40181277.90528.50587.60532.59625.23733.98861.651,011.53
EBITDA (%)
EBIT 12251.10104166.40215.80194.60228.45268.18314.83369.59
EBIT (%)
Depreciation 133.40129.90173.90362.10371.80337.99396.79465.80546.82641.94
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 182.80308.30378.20548.20620595.97699.63821.33964.191,131.90
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 62.3067.8098.90108.50111.40135.87159.51187.25219.82258.06
Inventories (%)
Accounts Payable 186.40191.90266.20342343.80400.51470.17551.96647.96760.67
Accounts Payable (%)
Capital Expenditure -102.20-62.60-178-168.70-176.40-202.95-238.25-279.70-328.35-385.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.5
Beta -0.097
Diluted Shares Outstanding 110.36
Cost of Debt
Tax Rate 37.08
After-tax Cost of Debt 1.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.239
Total Debt 3,850.80
Total Equity 2,262.47
Total Capital 6,113.27
Debt Weighting 62.99
Equity Weighting 37.01
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 2,234.402,241.503,401.103,746.204,022.604,722.295,543.686,507.957,639.948,968.83
EBITDA 255.40181277.90528.50587.60532.59625.23733.98861.651,011.53
EBIT 12251.10104166.40215.80194.60228.45268.18314.83369.59
Tax Rate 39.30%67.56%83.02%70.74%37.08%59.54%59.54%59.54%59.54%59.54%
EBIAT 74.0616.5817.6648.68135.7978.7492.43108.51127.38149.54
Depreciation 133.40129.90173.90362.10371.80337.99396.79465.80546.82641.94
Accounts Receivable ----------
Inventories --5.50-31.10-9.60-2.90-24.47-23.63-27.74-32.57-38.24
Accounts Payable -5.5074.3075.801.8056.7169.6681.7896.01112.71
Capital Expenditure -102.20-62.60-178-168.70-176.40-202.95-238.25-279.70-328.35-385.46
UFCF 105.2683.8856.76308.28330.09246.01296.99348.65409.30480.49
WACC
PV UFCF 240.13282.96324.23371.53425.72
SUM PV UFCF 1,644.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.45
Free cash flow (t + 1) 490.10
Terminal Value 108,911.11
Present Value of Terminal Value 96,496.68

Intrinsic Value

Enterprise Value 98,141.25
Net Debt 3,242.40
Equity Value 94,898.85
Shares Outstanding 110.36
Equity Value Per Share 859.87