Discounted Cash Flow (DCF) Analysis Levered

IVU Traffic Technologies AG (IVU.DE)

17.12 €

+0.12 (+0.71%)

All numbers are in Millions, Currency in USD

Stock DCF: 20.26 | 17.12 | 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	71.06	77.80	88.79	92.03	103.63	113.95	125.30	137.78	151.51	166.61
Revenue (%)
Operating Cash Flow	3.80	12.31	12.54	30.76	19.08	19.86	21.83	24.01	26.40	29.03
Operating Cash Flow (%)
Capital Expenditure	-0.99	-0.77	-1.05	-1.48	-1.34	-1.48	-1.62	-1.79	-1.96	-2.16
Capital Expenditure (%)
Free Cash Flow	2.80	11.53	11.49	29.28	17.74	18.38	20.21	22.22	24.44	26.87

Weighted Average Cost Of Capital

Share price	$ 17.12
Beta	1.254
Diluted Shares Outstanding	17.60
Cost of Debt
Tax Rate	31.10
After-tax Cost of Debt	0.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.592
Total Debt	8.93
Total Equity	301.26
Total Capital	310.19
Debt Weighting	2.88
Equity Weighting	97.12
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	71.06	77.80	88.79	92.03	103.63	113.95	125.30	137.78	151.51	166.61
Operating Cash Flow	3.80	12.31	12.54	30.76	19.08	19.86	21.83	24.01	26.40	29.03
Capital Expenditure	-0.99	-0.77	-1.05	-1.48	-1.34	-1.48	-1.62	-1.79	-1.96	-2.16
Free Cash Flow	2.80	11.53	11.49	29.28	17.74	18.38	20.21	22.22	24.44	26.87
WACC
PV LFCF						16.81	16.90	17	17.10	17.20
SUM PV LFCF										85.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.34
Free cash flow (t + 1)	27.41
Terminal Value	373.42
Present Value of Terminal Value	238.95

Intrinsic Value

Enterprise Value	323.96
Net Debt	-32.53
Equity Value	356.49
Shares Outstanding	17.60
Equity Value Per Share	20.26