Ipsen S.A.
ENXTPA-IPN
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 3,156.4 | 3,306.4 | 3,574.5 | 3,771.6 | 3,911.5 | 4,135 | 4,135 | 4,135 |
Revenue % Chg. | 14.8% | 4.8% | 8.1% | |||||
EBIT | 943.7 | 772 | 839.7 | 1,213.4 | 1,197.4 | 1,266 | 1,266 | 1,266 |
EBIT Margin | 29.9% | 23.3% | 23.5% | |||||
Tax Rate | 15.9% | 18% | 17.3% | |||||
NOPAT | 793.2 | 632.9 | 694.2 | 984.3 | 968.9 | 1,019.1 | 1,019.1 | 1,019.1 |
NOPAT Margin | 25.1% | 19.1% | 19.4% | 26.1% | 24.8% | 24.6% | 24.6% | 24.6% |
D&A | 187.2 | 282 | 390.5 | 378 | 390.5 | 374.8 | 374.8 | 374.8 |
D&A / Revenue | 5.9% | 8.5% | 10.9% | |||||
Capex | -96.6 | -116.2 | -173 | -171.4 | -173.1 | -180.6 | -180.6 | -180.6 |
Capex / Revenue | -3.1% | -3.5% | -4.8% | |||||
Chg. NWC | -39.1 | 76.1 | -54.5 | -5.8 | -6 | -6.4 | -6.4 | -6.4 |
Chg. NWC / Revenue | -1.2% | 2.3% | -1.5% | |||||
Unlevered FCF (UFCF) | 844.7 | 874.8 | 857.2 | 1,185.1 | 1,180.2 | 1,206.9 | 1,206.9 | 1,206.9 |
UFCF % Chg. | 8.4% | 3.6% | -2% | 38.3% | -0.4% | 2.3% | — | — |
PV of UFCF | — | — | — | 1,085.8 | 990.8 | 928.4 | 850.6 | 779.4 |
Sum of PV of UFCF | — | — | — | 1,085.8 | 2,076.6 | 3,005 | 3,855.6 | 4,635 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 3.9% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 9.4% |
| Total Debt | 515.7 |
| Market Cap | 10,052 |
| Total Capital | 10,567.7 |
| Debt Weighting | 4.9% |
| Equity Weighting | 95.1% |
| WACC | 9.1% |
| Exit Multiple EV/FCF | |
| Terminal Value | 9,568.3 |
| PV of Terminal Value | 5,661.2 |
| Cumulative PV of UFCF | 4,635 |
| Net Debt | -485 |
| Equity Value | 10,781.2 |
| Shares Outstanding | 82.1 |
| Implied Share Price | 131.3 |
| Current Share Price | 122.4 |
| Implied Upside / (Downside) | 7.3% |