Discounted Cash Flow (DCF) Analysis Levered

Neways Electronics International N.... (NEWAY.AS)

12.75 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -2.27 | 12.75 | 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	438.69	506.82	533.45	478.57	469.54	479.64	489.97	500.51	511.29	522.29
Revenue (%)
Operating Cash Flow	3.18	7.57	29.44	40.87	-29	9.69	9.90	10.11	10.33	10.55
Operating Cash Flow (%)
Capital Expenditure	-6.60	-12.08	-13	-3.32	-4.36	-7.63	-7.79	-7.96	-8.13	-8.30
Capital Expenditure (%)
Free Cash Flow	-3.42	-4.51	16.44	37.55	-33.36	2.06	2.11	2.15	2.20	2.25

Weighted Average Cost Of Capital

Share price	$ 12.75
Beta	0.976
Diluted Shares Outstanding	12.25
Cost of Debt
Tax Rate	19.73
After-tax Cost of Debt	3.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.824
Total Debt	72.44
Total Equity	156.14
Total Capital	228.58
Debt Weighting	31.69
Equity Weighting	68.31
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	438.69	506.82	533.45	478.57	469.54	479.64	489.97	500.51	511.29	522.29
Operating Cash Flow	3.18	7.57	29.44	40.87	-29	9.69	9.90	10.11	10.33	10.55
Capital Expenditure	-6.60	-12.08	-13	-3.32	-4.36	-7.63	-7.79	-7.96	-8.13	-8.30
Free Cash Flow	-3.42	-4.51	16.44	37.55	-33.36	2.06	2.11	2.15	2.20	2.25
WACC
PV LFCF						1.68	1.60	1.53	1.46	1.39
SUM PV LFCF										8.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.10
Free cash flow (t + 1)	2.29
Terminal Value	44.96
Present Value of Terminal Value	31.91

Intrinsic Value

Enterprise Value	40.70
Net Debt	68.44
Equity Value	-27.74
Shares Outstanding	12.25
Equity Value Per Share	-2.27