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
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 | 486.67 | 538.76 | 527.86 | 573.89 | 689.49 | 754.21 | 825 | 902.43 | 987.13 | 1,079.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 48.66 | 51.12 | 110.08 | 107.54 | 139.72 | 119.68 | 130.91 | 143.20 | 156.64 | 171.35 |
| EBITDA (%) | ||||||||||
| EBIT | 37.36 | 41.41 | 53.60 | 37.90 | 58.11 | 61.16 | 66.90 | 73.18 | 80.05 | 87.56 |
| EBIT (%) | ||||||||||
| Depreciation | 11.30 | 9.71 | 56.48 | 69.64 | 81.61 | 58.52 | 64.01 | 70.02 | 76.59 | 83.78 |
| 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 | 162.83 | 122.13 | 140.29 | 121.39 | 152.12 | 189.94 | 207.76 | 227.26 | 248.60 | 271.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 93.95 | 102.27 | 113.77 | 86.37 | 85.65 | 131.70 | 144.07 | 157.59 | 172.38 | 188.56 |
| Inventories (%) | ||||||||||
| Accounts Payable | 41.04 | 57.44 | 47.80 | 56.14 | 62.42 | 70.87 | 77.52 | 84.80 | 92.76 | 101.46 |
| 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 | 486.67 | 538.76 | 527.86 | 573.89 | 689.49 | 754.21 | 825 | 902.43 | 987.13 | 1,079.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 48.66 | 51.12 | 110.08 | 107.54 | 139.72 | 119.68 | 130.91 | 143.20 | 156.64 | 171.35 |
| EBIT | 37.36 | 41.41 | 53.60 | 37.90 | 58.11 | 61.16 | 66.90 | 73.18 | 80.05 | 87.56 |
| Tax Rate | 22.24% | 39.71% | 42.85% | 58.12% | 35.15% | 39.62% | 39.62% | 39.62% | 39.62% | 39.62% |
| EBIAT | 29.05 | 24.96 | 30.63 | 15.87 | 37.68 | 36.93 | 40.40 | 44.19 | 48.34 | 52.87 |
| Depreciation | 11.30 | 9.71 | 56.48 | 69.64 | 81.61 | 58.52 | 64.01 | 70.02 | 76.59 | 83.78 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -8.32 | -11.50 | 27.40 | 0.71 | -46.05 | -12.36 | -13.52 | -14.79 | -16.18 |
| Accounts Payable | - | 16.40 | -9.64 | 8.34 | 6.28 | 8.45 | 6.65 | 7.28 | 7.96 | 8.71 |
| Capital Expenditure | -7.38 | -9.55 | -6.53 | -13.76 | -13.94 | -13.49 | -14.76 | -16.15 | -17.66 | -19.32 |
| UFCF | 32.97 | 33.20 | 59.44 | 107.50 | 112.35 | 44.36 | 83.94 | 91.82 | 100.44 | 109.86 |
| WACC | ||||||||||
| PV UFCF | 42.10 | 75.60 | 78.48 | 81.48 | 84.58 | |||||
| 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 |