SNY Intrinsic Value

SNY

Sanofi – Pharmaceutical Preparation Manufacturing

Sanofi S.A. is a French multinational pharmaceutical and healthcare company headquartered in Paris, France. Originally, the corporation was established in 1973 and merged with Synthélabo in 1999 to form Sanofi-Synthélabo

Analysis Results

Intrinsic Value	$142.23
Latest Price	$54.28
Relative Value	62% undervalued

Share results:

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Cash Flow (Billions)

Analysis Parameters

New Ticker

Analysis Details

Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 4.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 4.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year	Future flow (billion)	Present value (billion)
2023	11.4	10.9
2024	12.0	10.8
2025	12.5	10.8
2026	13.1	10.7
2027	13.7	10.7

Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 411 billion. This corresponds to a present value of 306 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 53.9 billion. Adding in the terminal value gives a total present value of 360 billion.

There are presently 2.53 billion outstanding shares, so the intrinsic value per share is 142.23.

Financial Statements

The following data was to determine the past cash flows.

Current Assets	36,497,971,083
Current Cash	14,373,502,983
Current Liabilities	25,704,972,052
Current Debt	4,774,362,819
Non-Cash Working Capital (NCWC)	1,193,858,867
Change in NCWC	-580,805,173
EBIT	12,817,088,593
Tax Provision	2,151,734,849
Depreciation and Amortization	3,668,461,209
Capital Expenditure	-2,360,901,497
Unlevered Free Cash Flow	11,092,834,579

Current Assets	34,570,319,788
Current Cash	12,613,800,755
Current Liabilities	24,086,342,098
Current Debt	3,904,487,106
Non-Cash Working Capital (NCWC)	1,774,664,040
Change in NCWC	-1,468,613,746
EBIT	10,390,098,075
Tax Provision	1,762,222,164
Depreciation and Amortization	3,790,248,056
Capital Expenditure	-2,310,795,816
Unlevered Free Cash Flow	8,335,379,238

Current Assets	41,420,307,416
Current Cash	18,207,336,271
Current Liabilities	23,655,403,885
Current Debt	3,685,710,528
Non-Cash Working Capital (NCWC)	3,243,277,787
Change in NCWC	-333,982,403
EBIT	10,141,541,607
Tax Provision	2,228,140,442
Depreciation and Amortization	4,527,561,716
Capital Expenditure	-2,598,063,373
Unlevered Free Cash Flow	10,438,842,837

Current Assets	32,064,220,338
Current Cash	11,042,213,239
Current Liabilities	22,840,895,973
Current Debt	5,396,149,066
Non-Cash Working Capital (NCWC)	3,577,260,190
Change in NCWC	477,505,702
EBIT	8,383,923,398
Tax Provision	155,776,681
Depreciation and Amortization	8,351,423,227
Capital Expenditure	-2,035,183,116
Unlevered Free Cash Flow	14,798,934,940

Current Assets	28,093,239,518
Current Cash	8,142,570,419
Current Liabilities	19,860,373,891
Current Debt	3,009,459,280
Non-Cash Working Capital (NCWC)	3,099,754,488
Change in NCWC	976,515,992
EBIT	7,719,668,811
Tax Provision	549,772,090
Depreciation and Amortization	4,890,799,947
Capital Expenditure	-2,259,666,159
Unlevered Free Cash Flow	10,570,148,791

Current Assets	31,468,830,621
Current Cash	12,409,839,397
Current Liabilities	18,458,322,514
Current Debt	1,522,569,787
Non-Cash Working Capital (NCWC)	2,123,238,495
Change in NCWC	313,986,227
EBIT	8,723,429,253
Tax Provision	2,056,364,842
Depreciation and Amortization	4,401,719,401
Capital Expenditure	-2,335,801,179
Unlevered Free Cash Flow	8,437,067,253

Current Assets	28,186,523,811
Current Cash	10,882,974,532
Current Liabilities	17,357,414,933
Current Debt	1,863,117,922
Non-Cash Working Capital (NCWC)	1,809,252,268
Change in NCWC	-786,168,271
EBIT	8,093,578,595
Tax Provision	1,400,507,009
Depreciation and Amortization	3,486,480,874
Capital Expenditure	-2,200,042,308
Unlevered Free Cash Flow	6,747,309,796

Current Assets	27,207,167,040
Current Cash	9,998,590,230
Current Liabilities	18,363,309,750
Current Debt	3,750,153,480
Non-Cash Working Capital (NCWC)	2,595,420,540
Change in NCWC	-2,980,028,110
EBIT	7,761,158,730
Tax Provision	773,823,870
Depreciation and Amortization	4,666,954,680
Capital Expenditure	-3,025,443,960
Unlevered Free Cash Flow	5,368,693,525

Current Assets	28,500,116,850
Current Cash	8,941,642,500
Current Liabilities	15,854,079,600
Current Debt	1,871,053,900
Non-Cash Working Capital (NCWC)	5,575,448,650
Change in NCWC	-2,426,340,250
EBIT	8,248,209,000
Tax Provision	1,424,580,050
Depreciation and Amortization	4,594,909,350
Capital Expenditure	-1,894,168,350
Unlevered Free Cash Flow	6,822,142,718

Current Assets	32,904,346,720
Current Cash	11,443,314,960
Current Liabilities	19,205,669,420
Current Debt	5,746,426,560
Non-Cash Working Capital (NCWC)	8,001,788,900
Change in NCWC	-350,998,450
EBIT	8,963,654,840
Tax Provision	1,049,933,780
Depreciation and Amortization	7,663,278,140
Capital Expenditure	-1,923,731,880
Unlevered Free Cash Flow	12,877,586,728

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