Discounted Cash Flow (DCF) Analysis Levered

Smartphoto Group NV (SMAR.BR)

30.1 €

-0.70 (-2.27%)

All numbers are in Millions, Currency in USD

Stock DCF: 2.60 | 30.1 | 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	45.59	46.55	51.47	61.36	63.05	68.51	74.45	80.90	87.91	95.52
Revenue (%)
Operating Cash Flow	5.72	6.77	8.63	12.57	6.38	10.20	11.09	12.05	13.09	14.23
Operating Cash Flow (%)
Capital Expenditure	-1.87	-1.19	-1.55	-2.49	-3.32	-2.60	-2.83	-3.07	-3.34	-3.63
Capital Expenditure (%)
Free Cash Flow	3.85	5.58	7.09	10.08	3.07	7.60	8.26	8.98	9.75	10.60

Weighted Average Cost Of Capital

Share price	$ 30.1
Beta	0.737
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	20.53
After-tax Cost of Debt	3.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.010
Total Debt	3.80
Total Equity	2,404.01
Total Capital	2,407.81
Debt Weighting	0.16
Equity Weighting	99.84
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	45.59	46.55	51.47	61.36	63.05	68.51	74.45	80.90	87.91	95.52
Operating Cash Flow	5.72	6.77	8.63	12.57	6.38	10.20	11.09	12.05	13.09	14.23
Capital Expenditure	-1.87	-1.19	-1.55	-2.49	-3.32	-2.60	-2.83	-3.07	-3.34	-3.63
Free Cash Flow	3.85	5.58	7.09	10.08	3.07	7.60	8.26	8.98	9.75	10.60
WACC
PV LFCF						5.80	5.89	5.98	6.07	6.17
SUM PV LFCF										36.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.00
Free cash flow (t + 1)	10.81
Terminal Value	216.23
Present Value of Terminal Value	154.17

Intrinsic Value

Enterprise Value	190.81
Net Debt	-17.01
Equity Value	207.83
Shares Outstanding	79.87
Equity Value Per Share	2.60