Discounted Cash Flow (DCF) Analysis Levered

init innovation in traffic systems ... (IXX.DE)

26.3 €

-0.20 (-0.75%)
All numbers are in Millions, Currency in USD
Stock DCF: 21.02 | 26.3 | 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 130.55135.71156.46180.67176.66191.01206.53223.30241.44261.05
Revenue (%)
Operating Cash Flow 2.0512.8121.1324.4416.0117.9919.4621.0422.7424.59
Operating Cash Flow (%)
Capital Expenditure -9.74-2.76-5.65-7.15-3.68-7.31-7.91-8.55-9.25-10
Capital Expenditure (%)
Free Cash Flow -7.6910.0515.4817.2912.3310.6811.5512.4813.5014.60

Weighted Average Cost Of Capital

Share price $ 26.3
Beta 1.094
Diluted Shares Outstanding 9.96
Cost of Debt
Tax Rate 24.96
After-tax Cost of Debt 1.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.853
Total Debt 44.96
Total Equity 261.87
Total Capital 306.83
Debt Weighting 14.65
Equity Weighting 85.35
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 130.55135.71156.46180.67176.66191.01206.53223.30241.44261.05
Operating Cash Flow 2.0512.8121.1324.4416.0117.9919.4621.0422.7424.59
Capital Expenditure -9.74-2.76-5.65-7.15-3.68-7.31-7.91-8.55-9.25-10
Free Cash Flow -7.6910.0515.4817.2912.3310.6811.5512.4813.5014.60
WACC
PV LFCF 9.199.229.249.279.30
SUM PV LFCF 49.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.80
Free cash flow (t + 1) 14.89
Terminal Value 256.68
Present Value of Terminal Value 176.32

Intrinsic Value

Enterprise Value 226.15
Net Debt 16.80
Equity Value 209.34
Shares Outstanding 9.96
Equity Value Per Share 21.02