Discounted Cash Flow (DCF) Analysis Levered

Stemmer Imaging AG (S9I.DE)

36.3 €

+0.80 (+2.25%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.29 | 36.3 | 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 88.30100.63108.97105.18130.11143.93159.22176.12194.82215.51
Revenue (%)
Operating Cash Flow 5.153.344.9410.887.978.689.6010.6211.7513
Operating Cash Flow (%)
Capital Expenditure -1.48-0.40-1.30-0.42-0.25-1.11-1.23-1.36-1.51-1.67
Capital Expenditure (%)
Free Cash Flow 3.672.943.6410.467.727.578.379.2610.2411.33

Weighted Average Cost Of Capital

Share price $ 36.3
Beta 1.640
Diluted Shares Outstanding 31.43
Cost of Debt
Tax Rate 23.33
After-tax Cost of Debt 0.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.237
Total Debt 9.38
Total Equity 1,140.81
Total Capital 1,150.19
Debt Weighting 0.82
Equity Weighting 99.18
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 88.30100.63108.97105.18130.11143.93159.22176.12194.82215.51
Operating Cash Flow 5.153.344.9410.887.978.689.6010.6211.7513
Capital Expenditure -1.48-0.40-1.30-0.42-0.25-1.11-1.23-1.36-1.51-1.67
Free Cash Flow 3.672.943.6410.467.727.578.379.2610.2411.33
WACC
PV LFCF 4.964.934.914.894.86
SUM PV LFCF 33.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.15
Free cash flow (t + 1) 11.56
Terminal Value 126.32
Present Value of Terminal Value 74.46

Intrinsic Value

Enterprise Value 108.18
Net Debt -26.64
Equity Value 134.82
Shares Outstanding 31.43
Equity Value Per Share 4.29