Discounted Cash Flow (DCF) Analysis Levered

capsensixx AG (CPX.DE)

15.7 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 106.96 | 15.7 | 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	116.73	115.89	112.21	110.31	179.95	205.83	235.44	269.30	308.04	352.34
Revenue (%)
Operating Cash Flow	5.23	5.81	0.74	6.08	7.70	8.21	9.39	10.74	12.29	14.06
Operating Cash Flow (%)
Capital Expenditure	-0.38	-0.14	-0.61	-0.71	-0.74	-0.85	-0.97	-1.11	-1.27	-1.45
Capital Expenditure (%)
Free Cash Flow	4.85	5.66	0.13	5.37	6.96	7.37	8.43	9.64	11.02	12.61

Weighted Average Cost Of Capital

Share price	$ 15.7
Beta	0.523
Diluted Shares Outstanding	3.19
Cost of Debt
Tax Rate	65.50
After-tax Cost of Debt	0.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.988
Total Debt	5.87
Total Equity	50.05
Total Capital	55.92
Debt Weighting	10.49
Equity Weighting	89.51
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	116.73	115.89	112.21	110.31	179.95	205.83	235.44	269.30	308.04	352.34
Operating Cash Flow	5.23	5.81	0.74	6.08	7.70	8.21	9.39	10.74	12.29	14.06
Capital Expenditure	-0.38	-0.14	-0.61	-0.71	-0.74	-0.85	-0.97	-1.11	-1.27	-1.45
Free Cash Flow	4.85	5.66	0.13	5.37	6.96	7.37	8.43	9.64	11.02	12.61
WACC
PV LFCF						6.29	6.83	7.41	8.05	8.73
SUM PV LFCF										41.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.39
Free cash flow (t + 1)	12.86
Terminal Value	379.39
Present Value of Terminal Value	291.80

Intrinsic Value

Enterprise Value	333.25
Net Debt	-7.74
Equity Value	340.99
Shares Outstanding	3.19
Equity Value Per Share	106.96