Discounted Cash Flow (DCF) Analysis Levered

Spark Networks SE (LOV)

$ 3.1
-0.20 (-6.06%)
Stock DCF: 19.49 | 3.1 | undervalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 77.29102.74119.60167.06233.04307.91406.83537.54710.24938.42
Revenue (%)
Operating Cash Flow 7.19-1.429.679.6718.9518.4424.3632.1942.5356.19
Operating Cash Flow (%)
Capital Expenditure -2.09-5.01-4.04-4.44-2.73-9.11-12.04-15.90-21.01-27.76
Capital Expenditure (%)
Free Cash Flow 5.10-6.425.635.2316.229.3312.3216.2821.5228.43

Weighted Average Cost Of Capital

Share price $ 3.1
Beta 1.662
Diluted Shares Outstanding 2.61
Cost of Debt
Tax Rate -11.99
After-tax Cost of Debt 33.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.328
Total Debt 40.01
Total Equity 8.08
Total Capital 48.08
Debt Weighting 83.20
Equity Weighting 16.80
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 77.29102.74119.60167.06233.04307.91406.83537.54710.24938.42
Operating Cash Flow 7.19-1.429.679.6718.9518.4424.3632.1942.5356.19
Capital Expenditure -2.09-5.01-4.04-4.44-2.73-9.11-12.04-15.90-21.01-27.76
Free Cash Flow 5.10-6.425.635.2316.229.3312.3216.2821.5228.43
WACC
PV LFCF 7.217.377.537.697.85
SUM PV LFCF 37.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 29.34
Free cash flow (t + 1) 29.85
Terminal Value 122.64
Present Value of Terminal Value 33.88

Intrinsic Value

Enterprise Value 71.53
Net Debt 20.74
Equity Value 50.79
Shares Outstanding 2.61
Equity Value Per Share 19.49