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	88.30	100.63	108.97	105.18	130.11	143.93	159.22	176.12	194.82	215.51
Revenue (%)
Operating Cash Flow	5.15	3.34	4.94	10.88	7.97	8.68	9.60	10.62	11.75	13
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	3.67	2.94	3.64	10.46	7.72	7.57	8.37	9.26	10.24	11.33

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	88.30	100.63	108.97	105.18	130.11	143.93	159.22	176.12	194.82	215.51
Operating Cash Flow	5.15	3.34	4.94	10.88	7.97	8.68	9.60	10.62	11.75	13
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	3.67	2.94	3.64	10.46	7.72	7.57	8.37	9.26	10.24	11.33
WACC
PV LFCF						4.96	4.93	4.91	4.89	4.86
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