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 71.0677.8088.7992.03103.63113.95125.30137.78151.51166.61
Revenue (%)
Operating Cash Flow 3.8012.3112.5430.7619.0819.8621.8324.0126.4029.03
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 2.8011.5311.4929.2817.7418.3820.2122.2224.4426.87

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 71.0677.8088.7992.03103.63113.95125.30137.78151.51166.61
Operating Cash Flow 3.8012.3112.5430.7619.0819.8621.8324.0126.4029.03
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 2.8011.5311.4929.2817.7418.3820.2122.2224.4426.87
WACC
PV LFCF 16.8116.901717.1017.20
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