Discounted Cash Flow (DCF) Analysis Levered

7C Solarparken AG (HRPK.DE)

4.4 €

+0.03 (+0.57%)

All numbers are in Millions, Currency in USD

Stock DCF: 11.62 | 4.4 | 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	32.99	40.32	43.12	50.59	56.22	64.31	73.58	84.17	96.30	110.17
Revenue (%)
Operating Cash Flow	20.02	22.62	27.86	37.61	40.20	42.10	48.16	55.10	63.03	72.11
Operating Cash Flow (%)
Capital Expenditure	-6.58	-12.76	-13.51	-5.64	-21.21	-16.95	-19.40	-22.19	-25.38	-29.04
Capital Expenditure (%)
Free Cash Flow	13.44	9.86	14.36	31.97	18.99	25.14	28.77	32.91	37.65	43.07

Weighted Average Cost Of Capital

Share price	$ 4.4
Beta	0.551
Diluted Shares Outstanding	107.49
Cost of Debt
Tax Rate	11.99
After-tax Cost of Debt	2.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.069
Total Debt	267.19
Total Equity	472.94
Total Capital	740.12
Debt Weighting	36.10
Equity Weighting	63.90
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	32.99	40.32	43.12	50.59	56.22	64.31	73.58	84.17	96.30	110.17
Operating Cash Flow	20.02	22.62	27.86	37.61	40.20	42.10	48.16	55.10	63.03	72.11
Capital Expenditure	-6.58	-12.76	-13.51	-5.64	-21.21	-16.95	-19.40	-22.19	-25.38	-29.04
Free Cash Flow	13.44	9.86	14.36	31.97	18.99	25.14	28.77	32.91	37.65	43.07
WACC
PV LFCF						24.03	26.27	28.71	31.39	34.32
SUM PV LFCF										144.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.65
Free cash flow (t + 1)	43.93
Terminal Value	1,657.85
Present Value of Terminal Value	1,320.84

Intrinsic Value

Enterprise Value	1,465.55
Net Debt	216.55
Equity Value	1,249
Shares Outstanding	107.49
Equity Value Per Share	11.62