Discounted Cash Flow (DCF) Analysis Levered

CropEnergies AG (CE2.DE)

11.22 €

-0.12 (-1.06%)

All numbers are in Millions, Currency in USD

Stock DCF: 28.11 | 11.22 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	881.96	778.61	899.17	833.12	1,075.35	1,143.88	1,216.79	1,294.34	1,376.84	1,464.60
Revenue (%)
Operating Cash Flow	91.78	34.44	125.15	105.86	146.99	126.11	134.15	142.70	151.79	161.46
Operating Cash Flow (%)
Capital Expenditure	-19.50	-13.22	-29.88	-28.83	-35.77	-32.07	-34.12	-36.29	-38.61	-41.07
Capital Expenditure (%)
Free Cash Flow	72.28	21.22	95.26	77.03	111.21	94.03	100.03	106.40	113.18	120.40

Weighted Average Cost Of Capital

Share price	$ 11.22
Beta	0.658
Diluted Shares Outstanding	87.25
Cost of Debt
Tax Rate	28.05
After-tax Cost of Debt	7.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.486
Total Debt	11.53
Total Equity	978.95
Total Capital	990.48
Debt Weighting	1.16
Equity Weighting	98.84
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	881.96	778.61	899.17	833.12	1,075.35	1,143.88	1,216.79	1,294.34	1,376.84	1,464.60
Operating Cash Flow	91.78	34.44	125.15	105.86	146.99	126.11	134.15	142.70	151.79	161.46
Capital Expenditure	-19.50	-13.22	-29.88	-28.83	-35.77	-32.07	-34.12	-36.29	-38.61	-41.07
Free Cash Flow	72.28	21.22	95.26	77.03	111.21	94.03	100.03	106.40	113.18	120.40
WACC
PV LFCF						88.29	88.19	88.08	87.98	87.88
SUM PV LFCF										440.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.50
Free cash flow (t + 1)	122.81
Terminal Value	2,729.01
Present Value of Terminal Value	1,991.85

Intrinsic Value

Enterprise Value	2,432.28
Net Debt	-19.95
Equity Value	2,452.23
Shares Outstanding	87.25
Equity Value Per Share	28.11