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| === '''DCF Valuation:''' === | | === '''DCF Valuation:''' === |
| {| class="wikitable"
| |
| |+
| |
| |Unlevered Free Cash Flow (mn)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Fiscal Year
| |
| |2018A
| |
| |2019A
| |
| |2020A
| |
| |2021A
| |
| |2022A
| |
| |2023E
| |
| |2024E
| |
| |2025E
| |
| |2026E
| |
| |2027E
| |
| |-
| |
| |Revenue
| |
| |111,831
| |
| |122,021
| |
| |126,946
| |
| |140,800
| |
| |176,954
| |
| |188,290
| |
| |211,703
| |
| |238,028
| |
| |267,626
| |
| |300,905
| |
| |-
| |
| |COGS
| |
| |(17,617)
| |
| |(20,088)
| |
| |(20,932)
| |
| |(23,658)
| |
| |(28,448)
| |
| |(29,713)
| |
| |(34,543)
| |
| |(38,839)
| |
| |(43,668)
| |
| |(49,098)
| |
| |-
| |
| |Gross Profit
| |
| |94,214
| |
| |101,933
| |
| |106,014
| |
| |117,142
| |
| |148,506
| |
| |158,577
| |
| |177,160
| |
| |199,190
| |
| |223,958
| |
| |251,807
| |
| |-
| |
| |Operating Expenses
| |
| |(13,653)
| |
| |(13,620)
| |
| |(15,002)
| |
| |(17,440)
| |
| |(23,013)
| |
| |(24,894)
| |
| |(25,650)
| |
| |(28,839)
| |
| |(32,425)
| |
| |(36,457)
| |
| |-
| |
| |Selling, General, Administrative
| |
| |(33,313)
| |
| |(35,830)
| |
| |(36,886)
| |
| |(41,058)
| |
| |(50,684)
| |
| |(53,014)
| |
| |(61,822)
| |
| |(69,510)
| |
| |(78,153)
| |
| |(87,871)
| |
| |-
| |
| |Total Operating Expenses
| |
| |(46,966)
| |
| |(49,450)
| |
| |(51,888)
| |
| |(58,498)
| |
| |(73,697)
| |
| |(77,908)
| |
| |(87,472)
| |
| |(98,349)
| |
| |(110,579)
| |
| |(124,329)
| |
| |-
| |
| |Operating Profit (EBITDA)
| |
| |47,248
| |
| |52,483
| |
| |54,126
| |
| |58,644
| |
| |74,809
| |
| |80,669
| |
| |89,688
| |
| |100,840
| |
| |113,380
| |
| |127,478
| |
| |-
| |
| |D&A
| |
| |3,925
| |
| |5,661
| |
| |5,753
| |
| |6,025
| |
| |7,362
| |
| |7,431
| |
| |2,861
| |
| |2,982
| |
| |3,108
| |
| |3,239
| |
| |-
| |
| |EBIT
| |
| |43,323
| |
| |46,822
| |
| |48,373
| |
| |52,619
| |
| |67,447
| |
| |73,238
| |
| |86,827
| |
| |97,858
| |
| |110,272
| |
| |124,239
| |
| |-
| |
| |Operating Taxes
| |
| |(8,987)
| |
| |(9,602)
| |
| |(10,992)
| |
| |(11,323)
| |
| |(13,537)
| |
| |(14,751)
| |
| |(17,046)
| |
| |(19,165)
| |
| |(21,548)
| |
| |(24,228)
| |
| |-
| |
| |NOPAT (Net Operating Profit After Taxes)
| |
| |34,336
| |
| |37,220
| |
| |37,381
| |
| |41,296
| |
| |53,910
| |
| |58,487
| |
| |69,781
| |
| |78,693
| |
| |88,723
| |
| |100,011
| |
| |-
| |
| |(+) Depreciation & Amortization
| |
| |3,925
| |
| |5,661
| |
| |5,753
| |
| |6,025
| |
| |7,362
| |
| |7,431
| |
| |2,861
| |
| |2,982
| |
| |3,108
| |
| |3,239
| |
| |-
| |
| |(-) Capital Expenditures
| |
| |(3,370)
| |
| |(3,388)
| |
| |(4,353)
| |
| |(8,656)
| |
| |(5,336)
| |
| |(17,445)
| |
| |5,604
| |
| |5,841
| |
| |6,087
| |
| |6,344
| |
| |-
| |
| |(-) Change in NWC
| |
| | --
| |
| |(1,430)
| |
| |(7,937)
| |
| |(9,457)
| |
| |1,175
| |
| |(19,800)
| |
| |(3,906)
| |
| |(4,533)
| |
| |(5,096)
| |
| |(5,730)
| |
| |-
| |
| |NWC
| |
| |4,903
| |
| |3,473
| |
| |(4,464)
| |
| |(13,921)
| |
| |(12,746)
| |
| |(32,546)
| |
| |(36,452)
| |
| |(40,985)
| |
| |(46,081)
| |
| |(51,811)
| |
| |-
| |
| |Current Assets (non cash)
| |
| |59,067
| |
| |62,456
| |
| |65,809
| |
| |85,595
| |
| |108,194
| |
| |80,219
| |
| |91,188
| |
| |102,527
| |
| |115,276
| |
| |129,610
| |
| |-
| |
| |Current Liabilitites
| |
| |54,164
| |
| |58,983
| |
| |70,273
| |
| |99,516
| |
| |120,940
| |
| |112,765
| |
| |127,640
| |
| |143,512
| |
| |161,357
| |
| |181,421
| |
| |-
| |
| |Unlevered Free Cash Flow
| |
| |41,631
| |
| |47,699
| |
| |55,424
| |
| |65,434
| |
| |65,433
| |
| |103,163
| |
| |70,944
| |
| |80,367
| |
| |90,840
| |
| |102,636
| |
| |}
| |
| {| class="wikitable"
| |
| |+
| |
| |Assumptions
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Fiscal Year
| |
| |2018A
| |
| |2019A
| |
| |2020A
| |
| |2021A
| |
| |2022A
| |
| |2023E
| |
| |2024E
| |
| |2025E
| |
| |2026E
| |
| |2027E
| |
| |-
| |
| |Revenue Growth
| |
| |
| |
| |9.1%
| |
| |4.0%
| |
| |10.9%
| |
| |25.7%
| |
| |12.4%
| |
| |12.4%
| |
| |12.4%
| |
| |12.4%
| |
| |12.4%
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |COGS % of Revenue
| |
| | -15.8%
| |
| | -16.5%
| |
| | -16.5%
| |
| | -16.8%
| |
| | -16.1%
| |
| | -16.3%
| |
| | -16.3%
| |
| | -16.3%
| |
| | -16.3%
| |
| | -16.3%
| |
| |-
| |
| |OE% of Revenue
| |
| | -12.2%
| |
| | -11.2%
| |
| | -11.8%
| |
| | -12.4%
| |
| | -13.0%
| |
| | -12.1%
| |
| | -12.1%
| |
| | -12.1%
| |
| | -12.1%
| |
| | -12.1%
| |
| |-
| |
| |SG&A % of Revenue
| |
| | -29.8%
| |
| | -29.4%
| |
| | -29.1%
| |
| | -29.2%
| |
| | -28.6%
| |
| | -29.2%
| |
| | -29.2%
| |
| | -29.2%
| |
| | -29.2%
| |
| | -29.2%
| |
| |-
| |
| |Tax % of EBIT
| |
| | -19.0%
| |
| | -18.3%
| |
| | -20.3%
| |
| | -19.3%
| |
| | -18.1%
| |
| | -19.0%
| |
| | -19.0%
| |
| | -19.0%
| |
| | -19.0%
| |
| | -19.0%
| |
| |}
| |
| {| class="wikitable"
| |
| |+
| |
| |Net Working Capital (mn)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Fiscal Year
| |
| |2018A
| |
| |2019A
| |
| |2020A
| |
| |2021A
| |
| |2022A
| |
| |2023E
| |
| |2024E
| |
| |2025E
| |
| |2026E
| |
| |2027E
| |
| |-
| |
| |Accounts Receivables
| |
| |26,889
| |
| |29,152
| |
| |32,184
| |
| |46,799
| |
| |57,505
| |
| |52,353
| |
| |58,863
| |
| |66,183
| |
| |74,412
| |
| |83,665
| |
| |-
| |
| |Merchandise Inventory
| |
| |16,336
| |
| |17,641
| |
| |18,536
| |
| |19,621
| |
| |24,388
| |
| |26,015
| |
| |30,244
| |
| |34,004
| |
| |38,233
| |
| |42,987
| |
| |-
| |
| |Other Current Assets
| |
| |204
| |
| |188
| |
| |2,332
| |
| |1,690
| |
| |2,727
| |
| |1,851
| |
| |2,081
| |
| |2,340
| |
| |2,631
| |
| |2,958
| |
| |-
| |
| |Current Assets (without cash)
| |
| |43,429
| |
| |46,981
| |
| |53,052
| |
| |68,110
| |
| |84,620
| |
| |80,219
| |
| |91,188
| |
| |102,527
| |
| |115,276
| |
| |129,610
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Accounts Payable and Accrued Expenses,Current
| |
| |25,464
| |
| |10,570
| |
| |9,630
| |
| |12,528
| |
| |22,678
| |
| |22,335
| |
| |25,965
| |
| |29,194
| |
| |32,824
| |
| |36,906
| |
| |-
| |
| |Financial Liabilities, Current
| |
| |2,539
| |
| |2,208
| |
| |8,824
| |
| |15,868
| |
| |4,369
| |
| |12,986
| |
| |14,600
| |
| |16,416
| |
| |18,457
| |
| |20,752
| |
| |-
| |
| |Provisions, Current
| |
| |26,161
| |
| |31,120
| |
| |34,814
| |
| |51,520
| |
| |70,287
| |
| |57,478
| |
| |64,626
| |
| |72,662
| |
| |81,697
| |
| |91,856
| |
| |-
| |
| |Defferred Liabilities, Current
| |
| |0
| |
| |0
| |
| |0
| |
| |0
| |
| |0
| |
| |0
| |
| |0
| |
| |0
| |
| |0
| |
| |0
| |
| |-
| |
| |Other Current Liabilities
| |
| |0
| |
| |15,085
| |
| |17,005
| |
| |19,600
| |
| |23,606
| |
| |19,966
| |
| |22,448
| |
| |25,240
| |
| |28,378
| |
| |31,907
| |
| |-
| |
| |Current Liabilities
| |
| |54,164
| |
| |58,983
| |
| |70,273
| |
| |99,516
| |
| |120,940
| |
| |112,765
| |
| |127,640
| |
| |143,512
| |
| |161,357
| |
| |181,421
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Assumptions
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Fiscal Year
| |
| |2018A
| |
| |2019A
| |
| |2020A
| |
| |2021A
| |
| |2022A
| |
| |2023E
| |
| |2024E
| |
| |2025E
| |
| |2026E
| |
| |2027E
| |
| |-
| |
| |Revenue
| |
| |111,831
| |
| |122,021
| |
| |126,946
| |
| |140,800
| |
| |176,954
| |
| |188,290
| |
| |211,703
| |
| |238,028
| |
| |267,626
| |
| |300,905
| |
| |-
| |
| |COGS
| |
| |(17,617)
| |
| |(20,088)
| |
| |(20,932)
| |
| |(23,658)
| |
| |(28,448)
| |
| |(29,713)
| |
| |(34,543)
| |
| |(38,839)
| |
| |(43,668)
| |
| |(49,098)
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Days Sales Outstanding (DSO)
| |
| |86.6
| |
| |86.0
| |
| |91.3
| |
| |119.7
| |
| |117.0
| |
| |100.1
| |
| |100.1
| |
| |100.1
| |
| |100.1
| |
| |100.1
| |
| |-
| |
| |Days Inventory Outstanding (DIO)
| |
| |333.8
| |
| |316.1
| |
| |318.8
| |
| |298.6
| |
| |308.6
| |
| |315.2
| |
| |315.2
| |
| |315.2
| |
| |315.2
| |
| |315.2
| |
| |-
| |
| |Days Payable Outstanding (DPO)
| |
| |520.4
| |
| |189.4
| |
| |165.6
| |
| |190.6
| |
| |287.0
| |
| |270.6
| |
| |270.6
| |
| |270.6
| |
| |270.6
| |
| |270.6
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Other Current Assets as a % of Revenue
| |
| |0.18%
| |
| |0.15%
| |
| |1.84%
| |
| |1.20%
| |
| |1.54%
| |
| |0.98%
| |
| |0.98%
| |
| |0.98%
| |
| |0.98%
| |
| |0.98%
| |
| |-
| |
| |Financial Liabilities, Current as a % of Revenue
| |
| |2.3%
| |
| |1.8%
| |
| |7.0%
| |
| |11.3%
| |
| |2.5%
| |
| |6.90%
| |
| |6.90%
| |
| |6.90%
| |
| |6.90%
| |
| |6.90%
| |
| |-
| |
| |Provisions, Current as a % of Revenue
| |
| |23.4%
| |
| |25.5%
| |
| |27.4%
| |
| |36.6%
| |
| |39.7%
| |
| |30.53%
| |
| |30.53%
| |
| |30.53%
| |
| |30.53%
| |
| |30.53%
| |
| |-
| |
| |Defferred Liabilities, Current as a % of Revenue
| |
| |0.0%
| |
| |0.0%
| |
| |0.0%
| |
| |0.0%
| |
| |0.0%
| |
| |0.00%
| |
| |0.00%
| |
| |0.00%
| |
| |0.00%
| |
| |0.00%
| |
| |-
| |
| |Other Current Liabilities as a % of Revenue
| |
| |0.0%
| |
| |12.4%
| |
| |13.4%
| |
| |13.9%
| |
| |13.3%
| |
| |10.60%
| |
| |10.60%
| |
| |10.60%
| |
| |10.60%
| |
| |10.60%
| |
| |}
| |
| {| class="wikitable"
| |
| |+
| |
| |Fixed Assets Schedule
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Fiscal Year
| |
| |2018A
| |
| |2019A
| |
| |2020A
| |
| |2021A
| |
| |2022A
| |
| |2023E
| |
| |2024E
| |
| |2025E
| |
| |2026E
| |
| |2027E
| |
| |-
| |
| |Beginning PP&E
| |
| |
| |
| |41,891
| |
| |50,551
| |
| |50,269
| |
| |55,362
| |
| |66,671
| |
| |64,989
| |
| |67,732
| |
| |70,591
| |
| |73,571
| |
| |-
| |
| |D&A
| |
| |3,925
| |
| |5,661
| |
| |5,753
| |
| |6,025
| |
| |7,362
| |
| |7,431
| |
| |2,861
| |
| |2,982
| |
| |3,108
| |
| |3,239
| |
| |-
| |
| |CapEx
| |
| |45,816
| |
| |14,321
| |
| |5,471
| |
| |11,118
| |
| |18,671
| |
| |5,749
| |
| |5,604
| |
| |5,841
| |
| |6,087
| |
| |6,344
| |
| |-
| |
| |Ending PP&E
| |
| |41,891
| |
| |50,551
| |
| |50,269
| |
| |55,362
| |
| |66,671
| |
| |64,989
| |
| |67,732
| |
| |70,591
| |
| |73,571
| |
| |76,676
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Assumptions
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Fiscal Year
| |
| |2018A
| |
| |2019A
| |
| |2020A
| |
| |2021A
| |
| |2022A
| |
| |2023E
| |
| |2024E
| |
| |2025E
| |
| |2026E
| |
| |2027E
| |
| |-
| |
| |D&A as a % of Beginning PP&E (to revenue)
| |
| |
| |
| |4.6%
| |
| |4.5%
| |
| |4.3%
| |
| |4.2%
| |
| |4.4%
| |
| |4.4%
| |
| |4.4%
| |
| |4.4%
| |
| |4.4%
| |
| |-
| |
| |CapEx as a % of Beginning PP&E (to revenue)
| |
| |
| |
| |11.7%
| |
| |4.3%
| |
| |7.9%
| |
| |10.6%
| |
| |8.6%
| |
| |8.6%
| |
| |8.6%
| |
| |8.6%
| |
| |8.6%
| |
| |}
| |
| {| class="wikitable"
| |
| |+
| |
| | colspan="3" |Weighted Average Cost of Capital (WACC)
| |
| !
| |
| |-
| |
| |Market Cap (mn)
| |
| |
| |
| |352,130
| |
| |
| |
| |-
| |
| |Book value of debtDebt (mn)
| |
| |
| |
| |25,784
| |
| |
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Cost of Debt
| |
| |
| |
| |2.00%
| |
| |
| |
| |-
| |
| |Tax Rate (5 year average)
| |
| |
| |
| |19.64%
| |
| |
| |
| |-
| |
| |D/(D+E)
| |
| |
| |
| |6.82%
| |
| |
| |
| |-
| |
| |After Tax Cost of Debt
| |
| |
| |
| |1.61%
| |
| |
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Risk Free Rate (10-Yr Treasury Yield)
| |
| |
| |
| |3.90%
| |
| |
| |
| |-
| |
| | colspan="2" |S&P500 Market Return yearly for last 10 years 2012-2022
| |
| |13.79%
| |
| |
| |
| |-
| |
| |Market Risk Premium
| |
| |
| |
| |9.89%
| |
| |
| |
| |-
| |
| |Beta
| |
| |
| |
| |0.29
| |
| |
| |
| |-
| |
| |E/(D+E)
| |
| |
| |
| |93.18%
| |
| |
| |
| |-
| |
| |Cost of Equity
| |
| |
| |
| |6.77%
| |
| |
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |WACC
| |
| |
| |
| |6.41%
| |
| |
| |
| |}
| |
| {| class="wikitable"
| |
| |+
| |
| |Unlevered Free Cash Flow (mn)
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Fiscal Year
| |
| |1900A
| |
| |1900A
| |
| |1900A
| |
| |1900A
| |
| |1900A
| |
| |2023E
| |
| |2024E
| |
| |2025E
| |
| |2026E
| |
| |2027E
| |
| |-
| |
| |Unlevered Free Cash Flow
| |
| |41,631
| |
| |47,699
| |
| |55,424
| |
| |65,434
| |
| |65,433
| |
| |103,163
| |
| |70,944
| |
| |80,367
| |
| |90,840
| |
| |102,636
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Projection Year
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |1
| |
| |2
| |
| |3
| |
| |4
| |
| |5
| |
| |-
| |
| |Present Value of Free Cash Flow
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |109,780
| |
| |80,338
| |
| |96,846
| |
| |116,488
| |
| |140,056
| |
| |-
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| | colspan="2" |Implied Share Price Calculation
| |
| |
| |
| |
| |
| | colspan="7" |Sensitivity Table
| |
| |-
| |
| |Sum of PV of FCF (5 year projected Assumption)
| |
| |
| |
| |543,508
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Growth Rate
| |
| |
| |
| |10.40%
| |
| |
| |
| |
| |
| |
| |
| | colspan="5" |Growth Rate
| |
| |-
| |
| |WACC
| |
| |
| |
| |6.41%
| |
| |
| |
| |
| |
| |198.17
| |
| |9.40%
| |
| |9.90%
| |
| |10.40%
| |
| |10.90%
| |
| |11.40%
| |
| |-
| |
| |Terminal Value
| |
| |
| |
| |2,839,967
| |
| |
| |
| | rowspan="5" |WACC
| |
| |5.41%
| |
| |202.96
| |
| |225.00
| |
| |225.00
| |
| |202.96
| |
| |172.13
| |
| |-
| |
| |PV of Terminal Value
| |
| |
| |
| |2,081,179
| |
| |
| |
| |5.91%
| |
| |188.01
| |
| |205.47
| |
| |205.47
| |
| |188.01
| |
| |162.63
| |
| |-
| |
| |Enterprise Value
| |
| |
| |
| |2,624,687
| |
| |
| |
| |6.41%
| |
| |188.01
| |
| |205.47
| |
| |205.47
| |
| |188.01
| |
| |162.63
| |
| |-
| |
| |(+) Cash
| |
| |
| |
| |23,574
| |
| |
| |
| |6.91%
| |
| |202.96
| |
| |225.00
| |
| |225.00
| |
| |202.96
| |
| |172.13
| |
| |-
| |
| |(-) Debt
| |
| |
| |
| |25,784
| |
| |
| |
| |7.41%
| |
| |247.71
| |
| |287.40
| |
| |287.40
| |
| |247.71
| |
| |198.17
| |
| |-
| |
| |(-) Minority Interest
| |
| |
| |
| | -61,129
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Equity Value
| |
| |
| |
| |2,683,606
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Diluted Shares Outstanding (mm)
| |
| |
| |
| |2257.00
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Implied Share Price
| |
| |
| |
| |198.17
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Current Price
| |
| |
| |
| |156.6
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Upside
| |
| |
| |
| |26.54%
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |-
| |
| |Valuation
| |
| |
| |
| |TRUE
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |}
| |
| The result of base case of the DCF valuation indicating the implied shared price is 168.30, comparing to the current price, it has a 7.47% increase margin, where the growth rate and the WACC is 10.40% and 6.41% respectively. The Beta is 0.29, which indicating that it is less correlated to the S&P market, which is a typical number for medical companies on medicine that is not focusing on technologies such as medical devices and robotics. | | The result of base case of the DCF valuation indicating the implied shared price is 168.30, comparing to the current price, it has a 7.47% increase margin, where the growth rate and the WACC is 10.40% and 6.41% respectively. The Beta is 0.29, which indicating that it is less correlated to the S&P market, which is a typical number for medical companies on medicine that is not focusing on technologies such as medical devices and robotics. |
|
| |
|