Discounted Cash Flow (DCF) Analysis Levered

FRIWO AG (CEA.DE)

40.6 €

-1.60 (-3.79%)

All numbers are in Millions, Currency in USD

Stock DCF: -1.30 | 40.6 | overvalue

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	141.31	120.53	95.76	99.36	100.55	92.93	85.89	79.38	73.37	67.81
Revenue (%)
Operating Cash Flow	12.35	2.04	1.47	-3.10	-17.74	-1.63	-1.51	-1.39	-1.29	-1.19
Operating Cash Flow (%)
Capital Expenditure	-3.31	-2.70	-1.65	-3.07	-2.61	-2.23	-2.06	-1.91	-1.76	-1.63
Capital Expenditure (%)
Free Cash Flow	9.04	-0.66	-0.18	-6.17	-20.35	-3.86	-3.57	-3.30	-3.05	-2.82

Weighted Average Cost Of Capital

Share price	$ 40.6
Beta	0.497
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	-3.94
After-tax Cost of Debt	5.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.879
Total Debt	36.45
Total Equity	3,242.61
Total Capital	3,279.06
Debt Weighting	1.11
Equity Weighting	98.89
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	141.31	120.53	95.76	99.36	100.55	92.93	85.89	79.38	73.37	67.81
Operating Cash Flow	12.35	2.04	1.47	-3.10	-17.74	-1.63	-1.51	-1.39	-1.29	-1.19
Capital Expenditure	-3.31	-2.70	-1.65	-3.07	-2.61	-2.23	-2.06	-1.91	-1.76	-1.63
Free Cash Flow	9.04	-0.66	-0.18	-6.17	-20.35	-3.86	-3.57	-3.30	-3.05	-2.82
WACC
PV LFCF						-3.65	-3.19	-2.78	-2.43	-2.12
SUM PV LFCF										-14.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.88
Free cash flow (t + 1)	-2.88
Terminal Value	-74.11
Present Value of Terminal Value	-55.70

Intrinsic Value

Enterprise Value	-69.86
Net Debt	33.58
Equity Value	-103.43
Shares Outstanding	79.87
Equity Value Per Share	-1.30