Discounted Cash Flow (DCF) Analysis Levered

OHB SE (OHB.DE)

42.55 €

-0.05 (-0.12%)

All numbers are in Millions, Currency in USD

Stock DCF: -6.89 | 42.55 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	976.55	1,004.62	880.32	905	944.52	939.02	933.56	928.12	922.72	917.35
Revenue (%)
Operating Cash Flow	60.18	22.88	44.12	-17.35	9.12	23.48	23.34	23.21	23.07	22.94
Operating Cash Flow (%)
Capital Expenditure	-24.18	-20.95	-21.15	-22.59	-20.48	-21.84	-21.71	-21.59	-21.46	-21.34
Capital Expenditure (%)
Free Cash Flow	36	1.94	22.97	-39.94	-11.36	1.64	1.63	1.62	1.61	1.60

Weighted Average Cost Of Capital

Share price	$ 42.55
Beta	0.917
Diluted Shares Outstanding	17.36
Cost of Debt
Tax Rate	35.49
After-tax Cost of Debt	2.30%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.769
Total Debt	254.94
Total Equity	738.71
Total Capital	993.65
Debt Weighting	25.66
Equity Weighting	74.34
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	976.55	1,004.62	880.32	905	944.52	939.02	933.56	928.12	922.72	917.35
Operating Cash Flow	60.18	22.88	44.12	-17.35	9.12	23.48	23.34	23.21	23.07	22.94
Capital Expenditure	-24.18	-20.95	-21.15	-22.59	-20.48	-21.84	-21.71	-21.59	-21.46	-21.34
Free Cash Flow	36	1.94	22.97	-39.94	-11.36	1.64	1.63	1.62	1.61	1.60
WACC
PV LFCF						1.53	1.42	1.32	1.22	1.13
SUM PV LFCF										6.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.11
Free cash flow (t + 1)	1.63
Terminal Value	31.93
Present Value of Terminal Value	22.65

Intrinsic Value

Enterprise Value	29.27
Net Debt	148.83
Equity Value	-119.56
Shares Outstanding	17.36
Equity Value Per Share	-6.89