Discounted Cash Flow (DCF) Analysis Levered

BAUER Aktiengesellschaft (B5A.DE)

6.54 €

-0.02 (-0.30%)

All numbers are in Millions, Currency in USD

Stock DCF: 217.26 | 6.54 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,667.86	1,589.09	1,470.92	1,343.24	1,433.07	1,382.37	1,333.46	1,286.29	1,240.78	1,196.88
Revenue (%)
Operating Cash Flow	183.33	147.44	168.88	168.15	82.91	138.39	133.50	128.77	124.22	119.82
Operating Cash Flow (%)
Capital Expenditure	-88.16	-94.54	-101.77	-113.25	-138.56	-100.23	-96.69	-93.27	-89.97	-86.78
Capital Expenditure (%)
Free Cash Flow	95.17	52.90	67.12	54.89	-55.65	38.16	36.81	35.51	34.25	33.04

Weighted Average Cost Of Capital

Share price	$ 6.54
Beta	1.092
Diluted Shares Outstanding	31.43
Cost of Debt
Tax Rate	102.65
After-tax Cost of Debt	-0.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.670
Total Debt	498.58
Total Equity	205.53
Total Capital	704.11
Debt Weighting	70.81
Equity Weighting	29.19
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,667.86	1,589.09	1,470.92	1,343.24	1,433.07	1,382.37	1,333.46	1,286.29	1,240.78	1,196.88
Operating Cash Flow	183.33	147.44	168.88	168.15	82.91	138.39	133.50	128.77	124.22	119.82
Capital Expenditure	-88.16	-94.54	-101.77	-113.25	-138.56	-100.23	-96.69	-93.27	-89.97	-86.78
Free Cash Flow	95.17	52.90	67.12	54.89	-55.65	38.16	36.81	35.51	34.25	33.04
WACC
PV LFCF						37.26	35.09	33.05	31.13	29.32
SUM PV LFCF										165.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.42
Free cash flow (t + 1)	33.70
Terminal Value	8,023.66
Present Value of Terminal Value	7,119.48

Intrinsic Value

Enterprise Value	7,285.32
Net Debt	457.28
Equity Value	6,828.04
Shares Outstanding	31.43
Equity Value Per Share	217.26