1 2 3

Elmts/ Annees 2009 2010 2011 2012

rst d'exp 27,157,233.00 32,930,707.00 37,553,650.00 41,775,238.00
Rst Av Imp 30,593,024.00 35,338,567.00 40,875,873.00 45,458,223.00
Imp/ Stés 8,604,916.00 7,777,826.00 9,271,299.00 10,363,429.00
IS 28.1% 22.0% 22.7% 22.8%
IS/REX 7,638,529.25 7,247,869.14 8,517,765.91 9,523,793.15
Variation BFR - 14,078,415.00 - 31,854,382.00 10,712,391.00 - 2,476,341.00
Dot d'Amo 2,281,286.00 1,593,262.00 1,657,461.00 1,579,475.00
Investissement - 6,179,565.00 2,950,000.00 1,150,000.00
FCF 35,878,404.75 52,950,916.86 17,030,954.09 35,157,260.85
CF Act 47,432,479.86 13,666,070.95 25,270,979.23
Taux d'act 11.63%
Valeur Terminal
Valeur Terminal Act
Endettement Net

Valeur de l'E/SE
somme des CF Act 135,564,891.38
Valeur Terminal Act 257,139,495.65
Endettement Net - 41,016,000.00
Valeur DCF de L'E/se 433,720,387.03
 4 5
2013 2014
45,141,409.00 49,148,097.00
49,530,343.00 54,318,621.00
11,324,052.00 12,412,592.00
22.9% 22.9%
10,320,616.25 11,231,052.34
- 2,847,384.00 - 3,122,241.00
1,514,920.00 1,569,920.00
500,000.00 500,000.00
38,683,096.75 42,109,205.66
24,907,527.59 24,287,833.75

445,817,441.54
257,139,495.65
- 41,016,000.00
 1 2
Elmts/ Annees 2021 2022 2023
rst d'exp 111,401,693.00 176,896,828.00 126,481,760.00
Rst Av Imp 82,136,672.00 156,367,721.00 111,234,978.00
Imp/ Stés 34,269,190.00 53,131,749.00 36,203,320.00
IS 41.7% 34.0% 32.5%
IS/REX 46,479,187.56 60,107,276.64 41,165,645.14
Variation BFR 32,307,218.00 52,754,893.00 21,860,846.00
Dot d'Amo 65,048,974.00 105,979,256.00 87,743,227.00
Investissement
FCF 97,664,261.44 170,013,914.36 151,198,495.86
CF Act 154,614,327.35 125,048,362.32
Taux d'act 9.96%
Valeur Terminal 1937468163.03712
Valeur Terminal Act 1602378512.18784
Endettement Net 1059000

Valeur de l'E/SE
somme des CF Act 279,662,689.68
Valeur Terminal Act 1,602,378,512.19
Endettement Net 1,059,000.00
Valeur DCF de L'E/se 1,880,982,201.86
 1 2 3
Elmts/ Annees 2021 2022 2023P 2024P
rst d'exp 111,401,693.00 176,896,828.00 186,532,860.00 216,383,833.00
Rst Av Imp 82,136,672.00 156,367,721.00 165,746,787.00 182,758,782.00
Imp/ Stés 34,269,190.00 53,131,749.00 63,263,622.00 83,030,232.00
IS 41.7% 34.0% 38.2% 45.4%
IS/REX 46,479,187.56 60,107,276.64 71,345,623.00 82,272,083.00
Variation BFR 32,307,218.00 52,754,893.00 72,536,773.00 92,197,392.00
Dot d'Amo 65,048,974.00 105,979,256.00 110,537,373.00 123,738,522.00
Investissement
FCF 97,664,261.44 170,013,914.36 153,187,837.00 165,652,880.00
CF Act 163,004,711.75 140,817,187.86 145,997,717.29
Taux d'act 4.30%
Valeur Terminal 6793547553.91305
Valeur Terminal Act 6244936157.41987
Endettement Net 1059000

Valeur de l'E/SE
somme des CF Act 303,821,899.62
Valeur Terminal Act 6,244,936,157.42
Endettement Net 1,059,000.00
Valeur DCF de L'E/se 6,547,699,057.03
 4 5 6
2025P 2026P 2027P
235,382,639.00 276,254,391.00 296,925,121.00
206,438,932.00 220,739,753.00 240,739,753.00
93,412,411.00 103,424,212.00 113,647,343.00
45.2% 46.9% 47.2%
102,836,352.00 112,283,822.00 122,936,362.00
102,687,508.00 107,809,639.00 117,634,373.00
152,739,822.00 162,629,836.00 172,635,363.00

182,598,601.00 218,790,766.00 228,989,749.00

154,297,969.91 177,258,653.77 177,873,065.77
 MULTIPLE
PAYS Capitalisation RN PER

CLEOPATR
A HOSPITAL EGYPTE
LADPRAO
GENERAL
HOSPITAL
PCL THAILANDE
MED LIFE
SAX ROUMANIE
THAI
NAKARIN
HOSPITAL
PCL THAILANDE
Moyenne
Normale

Capitalisation RN PER
TGCC 0 0
MAD / action #DIV/0!
MULTIPLE
RN

Nbre d'action
Séance Dernier Cours Variation Variation MASI
02/01/2023 123.95 -0.62
03/01/2023 121.00 0.024380165289 -0.59
04/01/2023 117.50 0.029787234043 -0.30
05/01/2023 111.00 0.058558558559 0.40
06/01/2023 110.00 0.009090909091 -0.56
09/01/2023 113.90 -0.034240561896 0.07
10/01/2023 120.00 -0.050833333333 -0.28
12/01/2023 119.80 0.001669449082 -0.10
13/01/2023 119.45 0.002930096275 1.29
16/01/2023 118.00 0.012288135593 -0.69
17/01/2023 116.55 0.012441012441 -0.89
18/01/2023 118.90 -0.01976450799 1.22
19/01/2023 118.90 0 0.60
20/01/2023 119.00 -0.000840336134 -0.64
23/01/2023 118.05 0.008047437526 -0.19
24/01/2023 118.45 -0.003376952301 -0.72
25/01/2023 118.00 0.003813559322 -0.08
26/01/2023 117.00 0.008547008547 -0.51
27/01/2023 117.80 -0.006791171477 0.77
30/01/2023 117.85 -0.000424268137 -0.20
31/01/2023 113.00 0.042920353982 -0.30
01/02/2023 116.00 -0.025862068966 -0.51
02/02/2023 116.40 -0.003436426117 -0.62
03/02/2023 119.95 -0.02959566486 -0.25
06/02/2023 119.10 0.007136859782 -1.81
07/02/2023 119.75 -0.005427974948 0.01
08/02/2023 118.95 0.006725514922 -0.02
09/02/2023 119.85 -0.007509386733 0.50
10/02/2023 122.70 -0.023227383863 -0.30
13/02/2023 122.95 -0.002033346889 -0.13
14/02/2023 122.00 0.007786885246 -0.47
15/02/2023 121.50 0.004115226337 -0.17
16/02/2023 123.00 -0.012195121951 -3.82
17/02/2023 127.00 -0.031496062992 0.11
20/02/2023 125.30 0.013567438148 -0.17
21/02/2023 124.30 0.008045052293 -0.89
22/02/2023 124.05 0.002015316405 0.66
23/02/2023 125.40 -0.010765550239 -0.16
24/02/2023 125.00 0.0032 5.08
27/02/2023 125.90 -0.00714853058 0.27
28/02/2023 127.80 -0.014866979656 -3.22
01/03/2023 127.70 0.000783085356 -0.10
02/03/2023 127.35 0.00274833137 -0.64
03/03/2023 126.95 0.00315084679 -0.31
06/03/2023 126.20 0.005942947702 -0.31
07/03/2023 124.85 0.010812975571 -0.48
08/03/2023 125.75 -0.007157057654 -0.90
09/03/2023 122.00 0.030737704918 0.34
10/03/2023 125.00 -0.024 -0.02
13/03/2023 125.40 -0.003189792663 1.34
14/03/2023 124.50 0.007228915663 -0.38
15/03/2023 122.00 0.020491803279 0.10
16/03/2023 125.20 -0.025559105431 0.07
17/03/2023 124.00 0.009677419355 -0.40
20/03/2023 124.35 -0.002814636108 -0.19
21/03/2023 124.10 0.002014504432 0.06
22/03/2023 123.90 0.001614205004 0.10
23/03/2023 121.10 0.023121387283 0.59
24/03/2023 124.00 -0.023387096774 1.76
27/03/2023 124.00 0 -0.10
28/03/2023 122.00 0.016393442623 0.29
29/03/2023 123.90 -0.015334947538 -0.20
30/03/2023 123.00 0.007317073171 -0.08
31/03/2023 123.95 -0.007664380799 -0.34
03/04/2023 122.00 0.015983606557 -0.23
04/04/2023 123.00 -0.008130081301 0.49
05/04/2023 123.50 -0.004048582996 0.91
06/04/2023 123.00 0.00406504065 0.68
07/04/2023 124.00 -0.008064516129 -0.33
10/04/2023 122.00 0.016393442623 -0.11
11/04/2023 122.10 -0.000819000819 0.52
12/04/2023 123.00 -0.007317073171 -0.33
13/04/2023 123.00 0 -0.53
14/04/2023 125.00 -0.016 -0.12
17/04/2023 121.30 0.030502885408 1.80
18/04/2023 121.00 0.002479338843 0.08
19/04/2023 123.70 -0.021827000808 0.00
20/04/2023 124.80 -0.008814102564 0.26
21/04/2023 124.80 0 0.70
25/04/2023 127.75 -0.023091976517 -0.25
26/04/2023 126.00 0.013888888889 0.18
27/04/2023 133.55 -0.056533133658 -0.03
28/04/2023 137.95 -0.031895614353 0.01
02/05/2023 135.00 0.021851851852 0.04
03/05/2023 134.00 0.007462686567 0.92
04/05/2023 136.00 -0.014705882353 -0.12
05/05/2023 136.00 0 -0.32
08/05/2023 135.90 0.000735835173 0.11
09/05/2023 135.70 0.001473839352 0.44
10/05/2023 133.40 0.01724137931 0.56
11/05/2023 134.80 -0.010385756677 1.80
12/05/2023 134.85 -0.000370782351 0.01
15/05/2023 135.00 -0.001111111111 1.46
16/05/2023 136.05 -0.007717750827 -0.17
17/05/2023 139.80 -0.026824034335 0.07
18/05/2023 137.95 0.013410656035 0.09
19/05/2023 137.90 0.000362581581 -0.08
22/05/2023 137.20 0.005102040816 1.59
23/05/2023 137.80 -0.00435413643 -0.60
24/05/2023 137.95 -0.001087350489 0.08
25/05/2023 136.20 0.012848751836 -0.30
26/05/2023 137.60 -0.010174418605 0.14
29/05/2023 138.00 -0.002898550725 -0.45
30/05/2023 140.00 -0.014285714286 -0.02
31/05/2023 138.00 0.014492753623 -0.26
01/06/2023 138.50 -0.003610108303 0.19
02/06/2023 138.95 -0.003238575027 -1.33
05/06/2023 138.75 0.001441441441 -0.07
06/06/2023 138.00 0.005434782609 0.08
07/06/2023 138.00 0 1.26
08/06/2023 137.95 0.000362450163 0.51
09/06/2023 138.50 -0.003971119134 0.35
12/06/2023 138.50 0 0.02
13/06/2023 135.00 0.025925925926 0.31
14/06/2023 136.95 -0.014238773275 -0.59
15/06/2023 139.00 -0.014748201439 0.10
16/06/2023 147.30 -0.056347589952 1.69
19/06/2023 150.80 -0.023209549072 0.04
20/06/2023 151.00 -0.001324503311 -0.05
21/06/2023 150.00 0.006666666667 -0.65
22/06/2023 151.95 -0.012833168806 0.56
23/06/2023 148.00 0.026689189189 0.17
26/06/2023 146.90 0.007488087134 0.16
27/06/2023 146.90 0 0.57
28/06/2023 146.50 0.002730375427 0.59
03/07/2023 147.95 -0.009800608314 -0.09
04/07/2023 147.00 0.006462585034 -0.36
05/07/2023 147.80 -0.005412719892 0.63
06/07/2023 148.90 -0.007387508395 0.32
07/07/2023 149.00 -0.00067114094 1.05
10/07/2023 148.95 0.000335683115 -0.94
11/07/2023 148.00 0.006418918919 0.07
12/07/2023 149.90 -0.012675116744 -0.25
13/07/2023 151.00 -0.007284768212 -0.08
14/07/2023 152.00 -0.006578947368 -0.19
17/07/2023 150.00 0.013333333333 -0.46
18/07/2023 151.60 -0.01055408971 -0.19
20/07/2023 152.00 -0.002631578947 -0.39
21/07/2023 152.90 -0.005886200131 0.00
24/07/2023 152.10 0.005259697567 -0.29
25/07/2023 148.55 0.02389767755 1.28
26/07/2023 149.90 -0.009006004003 -0.14
27/07/2023 151.00 -0.007284768212 0.32
28/07/2023 152.00 -0.006578947368 0.93
31/07/2023 151.40 0.003963011889 -1.13
01/08/2023 149.05 0.015766521302 -0.10
02/08/2023 150.00 -0.006333333333 0.17
03/08/2023 147.30 0.0183299389 -0.42
04/08/2023 146.70 0.00408997955 -0.07
07/08/2023 147.00 -0.002040816327 0.10
08/08/2023 148.65 -0.011099899092 -0.44
09/08/2023 148.45 0.001347254968 0.06
10/08/2023 148.00 0.003040540541 0.30
11/08/2023 149.00 -0.006711409396 0.15
15/08/2023 147.00 0.013605442177 2.63
16/08/2023 147.00 0 0.43
17/08/2023 147.00 0 -0.23
18/08/2023 148.50 -0.010101010101 -0.22
22/08/2023 147.85 0.00439634765 0.27
23/08/2023 145.10 0.018952446589 -1.18
24/08/2023 145.90 -0.005483207676 -1.25
25/08/2023 142.00 0.027464788732 0.12
28/08/2023 141.90 0.000704721635 -1.82
29/08/2023 144.80 -0.020027624309 0.49
30/08/2023 146.00 -0.008219178082 -0.02
31/08/2023 144.50 0.010380622837 -0.03
01/09/2023 142.80 0.011904761905 0.57
04/09/2023 140.65 0.015286171347 1.34
05/09/2023 141.50 -0.006007067138 -0.04
06/09/2023 144.00 -0.017361111111 -0.15
07/09/2023 145.00 -0.006896551724 -0.67
08/09/2023 148.00 -0.02027027027 0.07
11/09/2023 149.00 -0.006711409396 0.20
12/09/2023 149.00 0 0.77
13/09/2023 146.00 0.020547945205 0.36
14/09/2023 146.95 -0.00646478394 0.19
15/09/2023 149.00 -0.013758389262 0.14
18/09/2023 148.00 0.006756756757 0.55
19/09/2023 148.00 0 -0.24
20/09/2023 148.50 -0.003367003367 0.06
21/09/2023 149.00 -0.003355704698 -0.20
22/09/2023 150.00 -0.006666666667 -0.56
25/09/2023 150.00 0 1.70
26/09/2023 150.00 0 -0.67
27/09/2023 153.00 -0.019607843137 1.27
02/10/2023 154.40 -0.009067357513 -0.32
03/10/2023 150.00 0.029333333333 0.11
04/10/2023 147.00 0.020408163265 -0.26
05/10/2023 155.80 -0.05648267009 -0.15
06/10/2023 159.95 -0.025945608003 0.54
09/10/2023 160.20 -0.001560549313 0.04
10/10/2023 170.15 -0.058477813694 -0.91
11/10/2023 172.55 -0.013909011881 0.15
12/10/2023 172.90 -0.002024291498 0.18
13/10/2023 175.25 -0.013409415121 0.33
16/10/2023 176.90 -0.009327303561 -0.58
17/10/2023 170.00 0.040588235294 -1.76
18/10/2023 176.00 -0.034090909091 -0.42
19/10/2023 175.00 0.005714285714 1.21
20/10/2023 174.00 0.005747126437 -0.29
23/10/2023 172.00 0.011627906977 0.50
24/10/2023 171.00 0.005847953216 0.32
25/10/2023 171.50 -0.002915451895 -0.88
26/10/2023 170.00 0.008823529412 -0.37
27/10/2023 173.00 -0.017341040462 -0.09
30/10/2023 171.50 0.008746355685 0.84
31/10/2023 171.00 0.002923976608 0.14
01/11/2023 173.00 -0.011560693642 0.34
02/11/2023 172.00 0.005813953488 1.36
03/11/2023 175.00 -0.017142857143 0.10
07/11/2023 174.50 0.002865329513 -0.39
08/11/2023 174.80 -0.00171624714 -0.95
09/11/2023 174.90 -0.000571755289 0.67
10/11/2023 175.00 -0.000571428571 0.24
13/11/2023 175.00 0 0.53
14/11/2023 175.90 -0.005116543491 0.32
15/11/2023 175.00 0.005142857143 0.54
16/11/2023 175.85 -0.004833665055 -0.29
17/11/2023 177.00 -0.006497175141 -0.58
20/11/2023 178.90 -0.010620458357 0.10
21/11/2023 179.00 -0.000558659218 0.57
22/11/2023 177.00 0.011299435028 0.31
23/11/2023 177.80 -0.00449943757 0.08
24/11/2023 175.00 0.016 0.49
27/11/2023 173.80 0.006904487917 -0.52
28/11/2023 173.00 0.004624277457 0.22
29/11/2023 172.65 0.002027222705 0.03
30/11/2023 179.00 -0.035474860335 -0.52
01/12/2023 177.00 0.011299435028 -0.02
04/12/2023 175.10 0.010850942319 1.54
05/12/2023 177.80 -0.0151856018 -0.79
06/12/2023 176.90 0.005087620124 0.18
07/12/2023 177.00 -0.000564971751 0.20
08/12/2023 179.00 -0.011173184358 0.43
11/12/2023 176.30 0.015314804311 0.81
R.F 4.21%
IS 35%
prime 10.65%
C.P 1,277,964,945.0
Dette f 433,581,211.0
Cf.p 0.04 2,022 2021
cout de la dette 4.50% dette fin 23,509,871 68,675,612
Dispo 523,260,401.26 25,251,770.56
Beta du titre vs Marché VMP
Covariance 0.000654827683 end net -499,750,530.07 43,423,841.92
Variance 0.6209678347
Beta du titre vs Masi 0.00105453 BFR 277,540,893.00 32,307,218.00
Variation BFR 245,233,675.00

WACC 4.3%
 APP
SCT XYZ verse actuellement un div de 3$
On pense qu’il augmente de 20% pour les 5 prochaine
Par la suite le taux de croissance devrait se s’établir à
Si vous exigez un rendement de 15% les actions xyz à

ANNEE 0 1 2 3 4
DIVIDENDE 3 3.6 4.32 5.18 6.22
DIV ACT 3.13 3.27 3.41 3.56
VALEUR TER
V T ACT
V ENTREPRISE
VALEUR DE L'ACT 91.62
0% pour les 5 prochaines années
ce devrait se s’établir à 10%
e 15% les actions xyz à q 15% 10%

5 6
7.46 8.21
3.71 3.55
164.23
71.00