Discounted Cash Flow (DCF) Analysis Levered

Surteco Group SE (SUR.DE)

20.6 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 75.34 | 20.6 | undervalue

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	689.65	698.98	675.27	626.99	757.06	778.93	801.44	824.59	848.41	872.92
Revenue (%)
Operating Cash Flow	82.90	60.70	84.04	82.66	43.75	81.18	83.53	85.94	88.43	90.98
Operating Cash Flow (%)
Capital Expenditure	-42.71	-50	-36.81	-38.42	-33.10	-45.64	-46.96	-48.31	-49.71	-51.15
Capital Expenditure (%)
Free Cash Flow	40.19	10.70	47.23	44.24	10.65	35.54	36.57	37.63	38.71	39.83

Weighted Average Cost Of Capital

Share price	$ 20.6
Beta	0.762
Diluted Shares Outstanding	15.51
Cost of Debt
Tax Rate	31.68
After-tax Cost of Debt	1.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.128
Total Debt	225.61
Total Equity	319.42
Total Capital	545.03
Debt Weighting	41.39
Equity Weighting	58.61
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	689.65	698.98	675.27	626.99	757.06	778.93	801.44	824.59	848.41	872.92
Operating Cash Flow	82.90	60.70	84.04	82.66	43.75	81.18	83.53	85.94	88.43	90.98
Capital Expenditure	-42.71	-50	-36.81	-38.42	-33.10	-45.64	-46.96	-48.31	-49.71	-51.15
Free Cash Flow	40.19	10.70	47.23	44.24	10.65	35.54	36.57	37.63	38.71	39.83
WACC
PV LFCF						33.92	33.31	32.71	32.12	31.54
SUM PV LFCF										163.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.78
Free cash flow (t + 1)	40.63
Terminal Value	1,461.52
Present Value of Terminal Value	1,157.21

Intrinsic Value

Enterprise Value	1,320.81
Net Debt	152.56
Equity Value	1,168.26
Shares Outstanding	15.51
Equity Value Per Share	75.34