Discounted Cash Flow (DCF) Analysis Unlevered

LNA Santé SA (LNA.PA)

32.75 €

+0.05 (+0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.25 | 32.75 | overvalue

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 486.67538.76527.86573.89689.49754.21825902.43987.131,079.78
Revenue (%)
EBITDA 48.6651.12110.08107.54139.72119.68130.91143.20156.64171.35
EBITDA (%)
EBIT 37.3641.4153.6037.9058.1161.1666.9073.1880.0587.56
EBIT (%)
Depreciation 11.309.7156.4869.6481.6158.5264.0170.0276.5983.78
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 162.83122.13140.29121.39152.12189.94207.76227.26248.60271.93
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 93.95102.27113.7786.3785.65131.70144.07157.59172.38188.56
Inventories (%)
Accounts Payable 41.0457.4447.8056.1462.4270.8777.5284.8092.76101.46
Accounts Payable (%)
Capital Expenditure -7.38-9.55-6.53-13.76-13.94-13.49-14.76-16.15-17.66-19.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.75
Beta 0.792
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 35.15
After-tax Cost of Debt 1.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.528
Total Debt 1,004.62
Total Equity 3,520.17
Total Capital 4,524.79
Debt Weighting 22.20
Equity Weighting 77.80
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 486.67538.76527.86573.89689.49754.21825902.43987.131,079.78
EBITDA 48.6651.12110.08107.54139.72119.68130.91143.20156.64171.35
EBIT 37.3641.4153.6037.9058.1161.1666.9073.1880.0587.56
Tax Rate 22.24%39.71%42.85%58.12%35.15%39.62%39.62%39.62%39.62%39.62%
EBIAT 29.0524.9630.6315.8737.6836.9340.4044.1948.3452.87
Depreciation 11.309.7156.4869.6481.6158.5264.0170.0276.5983.78
Accounts Receivable ----------
Inventories --8.32-11.5027.400.71-46.05-12.36-13.52-14.79-16.18
Accounts Payable -16.40-9.648.346.288.456.657.287.968.71
Capital Expenditure -7.38-9.55-6.53-13.76-13.94-13.49-14.76-16.15-17.66-19.32
UFCF 32.9733.2059.44107.50112.3544.3683.9491.82100.44109.86
WACC
PV UFCF 42.1075.6078.4881.4884.58
SUM PV UFCF 362.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.37
Free cash flow (t + 1) 112.06
Terminal Value 3,325.26
Present Value of Terminal Value 2,560

Intrinsic Value

Enterprise Value 2,922.24
Net Debt 852.85
Equity Value 2,069.39
Shares Outstanding 107.49
Equity Value Per Share 19.25