Discounted Cash Flow (DCF) Analysis Levered

SÜSS MicroTec SE (SMHN.DE)

18.36 €

+0.10 (+0.55%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.74 | 18.36 | 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	166.52	203.93	213.80	252.91	263.44	296.21	333.06	374.49	421.07	473.45
Revenue (%)
Operating Cash Flow	9.38	1.92	-30.80	55.16	24.33	13.75	15.46	17.38	19.55	21.98
Operating Cash Flow (%)
Capital Expenditure	-6.49	-6.94	-6.13	-7.95	-9.62	-10.05	-11.30	-12.70	-14.29	-16.06
Capital Expenditure (%)
Free Cash Flow	2.89	-5.02	-36.93	47.21	14.71	3.70	4.16	4.68	5.26	5.92

Weighted Average Cost Of Capital

Share price	$ 18.36
Beta	2.028
Diluted Shares Outstanding	107.49
Cost of Debt
Tax Rate	27.52
After-tax Cost of Debt	1.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.050
Total Debt	18.32
Total Equity	1,973.44
Total Capital	1,991.76
Debt Weighting	0.92
Equity Weighting	99.08
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	166.52	203.93	213.80	252.91	263.44	296.21	333.06	374.49	421.07	473.45
Operating Cash Flow	9.38	1.92	-30.80	55.16	24.33	13.75	15.46	17.38	19.55	21.98
Capital Expenditure	-6.49	-6.94	-6.13	-7.95	-9.62	-10.05	-11.30	-12.70	-14.29	-16.06
Free Cash Flow	2.89	-5.02	-36.93	47.21	14.71	3.70	4.16	4.68	5.26	5.92
WACC
PV LFCF						3.28	3.26	3.25	3.23	3.22
SUM PV LFCF										16.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.95
Free cash flow (t + 1)	6.03
Terminal Value	55.11
Present Value of Terminal Value	29.98

Intrinsic Value

Enterprise Value	46.22
Net Debt	-33.76
Equity Value	79.98
Shares Outstanding	107.49
Equity Value Per Share	0.74