Discounted Cash Flow (DCF) Analysis Levered

Nynomic AG (M7U.DE)

35.95 €

+0.15 (+0.42%)

All numbers are in Millions, Currency in USD

Stock DCF: 37.53 | 35.95 | 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	60.69	67.08	64.86	78.56	105.07	121.38	140.23	161.99	187.13	216.18
Revenue (%)
Operating Cash Flow	9	2.18	3.56	6.37	17.83	11.81	13.64	15.76	18.20	21.03
Operating Cash Flow (%)
Capital Expenditure	-0.68	-1.74	-2.07	-1.86	-1.43	-2.58	-2.98	-3.45	-3.98	-4.60
Capital Expenditure (%)
Free Cash Flow	8.32	0.44	1.48	4.50	16.40	9.22	10.66	12.31	14.22	16.43

Weighted Average Cost Of Capital

Share price	$ 35.95
Beta	1.467
Diluted Shares Outstanding	5.29
Cost of Debt
Tax Rate	36.50
After-tax Cost of Debt	1.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.306
Total Debt	34.36
Total Equity	190.10
Total Capital	224.47
Debt Weighting	15.31
Equity Weighting	84.69
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	60.69	67.08	64.86	78.56	105.07	121.38	140.23	161.99	187.13	216.18
Operating Cash Flow	9	2.18	3.56	6.37	17.83	11.81	13.64	15.76	18.20	21.03
Capital Expenditure	-0.68	-1.74	-2.07	-1.86	-1.43	-2.58	-2.98	-3.45	-3.98	-4.60
Free Cash Flow	8.32	0.44	1.48	4.50	16.40	9.22	10.66	12.31	14.22	16.43
WACC
PV LFCF						8.47	8.98	9.53	10.11	10.72
SUM PV LFCF										47.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.91
Free cash flow (t + 1)	16.76
Terminal Value	242.48
Present Value of Terminal Value	158.25

Intrinsic Value

Enterprise Value	206.06
Net Debt	7.62
Equity Value	198.44
Shares Outstanding	5.29
Equity Value Per Share	37.53