Discounted Cash Flow (DCF) Analysis Unlevered

Korian (KORI.PA)

8.905 €

+0.07 (+0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,371.65 | 8.905 | 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 3,135.173,336.483,612.503,874.014,310.854,668.755,056.365,476.155,930.796,423.18
Revenue (%)
EBITDA 434.31418.14733.74776.25922.73822.99891.32965.321,045.461,132.26
EBITDA (%)
EBIT 258.21275.80273.41251.53299.90350.35379.43410.93445.05482
EBIT (%)
Depreciation 176.10142.34460.33524.72622.82472.65511.89554.39600.41650.26
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 512.04550.39344.811,159.191,216.26938.511,016.421,100.811,192.201,291.18
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 10.4017.1133.9136.1928.2431.4934.1036.944043.32
Inventories (%)
Accounts Payable 267.33315.11369.94453.62499.72481.01520.94564.19611.03661.76
Accounts Payable (%)
Capital Expenditure -188.68-264.60-310.60-520.10-538.62-452.56-490.13-530.82-574.89-622.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.905
Beta 1.046
Diluted Shares Outstanding 92.13
Cost of Debt
Tax Rate 28.26
After-tax Cost of Debt 1.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.611
Total Debt 8,227.57
Total Equity 820.39
Total Capital 9,047.96
Debt Weighting 90.93
Equity Weighting 9.07
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 3,135.173,336.483,612.503,874.014,310.854,668.755,056.365,476.155,930.796,423.18
EBITDA 434.31418.14733.74776.25922.73822.99891.32965.321,045.461,132.26
EBIT 258.21275.80273.41251.53299.90350.35379.43410.93445.05482
Tax Rate -0.34%30.68%34.66%34.39%28.26%25.53%25.53%25.53%25.53%25.53%
EBIAT 259.09191.18178.65165.02215.16260.90282.56306.02331.43358.95
Depreciation 176.10142.34460.33524.72622.82472.65511.89554.39600.41650.26
Accounts Receivable ----------
Inventories --6.71-16.80-2.287.95-3.25-2.61-2.83-3.07-3.32
Accounts Payable -47.7854.8383.6846.10-18.7139.9343.2546.8450.73
Capital Expenditure -188.68-264.60-310.61-520.10-538.62-452.56-490.13-530.82-574.89-622.62
UFCF 246.52109.99366.41251.04353.41259.03341.64370.01400.73434
WACC
PV UFCF 253.21326.45345.61365.89387.35
SUM PV UFCF 1,678.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.30
Free cash flow (t + 1) 442.68
Terminal Value 147,558.76
Present Value of Terminal Value 131,700.32

Intrinsic Value

Enterprise Value 133,378.83
Net Debt 7,013
Equity Value 126,365.82
Shares Outstanding 92.13
Equity Value Per Share 1,371.65