Discounted Cash Flow (DCF) Analysis Unlevered

Aumann AG (AAG.DE)

13.2 €

+0.28 (+2.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.19 | 13.2 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 210.38290.81259.57295.25335.84382.01434.52494.25562.18639.46
Revenue (%)
EBITDA 22.8632.6821.3829.8633.9738.6443.9549.9956.8664.68
EBITDA (%)
EBIT 20.3126.8816.4124.8228.2332.1136.5341.5547.2653.76
EBIT (%)
Depreciation 2.555.804.985.045.746.537.428.449.6010.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 110.62109.0280.4469.7972.82127.11144.59164.46187.07212.78
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 5.745.564.783.243.346.557.458.479.6410.96
Inventories (%)
Accounts Payable 21.9630.8928.6025.8821.0235.9940.9346.5652.9660.24
Accounts Payable (%)
Capital Expenditure -9.67-6.32-6.15-8.99-10.23-11.63-13.23-15.05-17.12-19.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.2
Beta 2.055
Diluted Shares Outstanding 15.53
Cost of Debt
Tax Rate 28.31
After-tax Cost of Debt 4.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.371
Total Debt 12.94
Total Equity 205.03
Total Capital 217.97
Debt Weighting 5.94
Equity Weighting 94.06
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 210.38290.81259.57295.25335.84382.01434.52494.25562.18639.46
EBITDA 22.8632.6821.3829.8633.9738.6443.9549.9956.8664.68
EBIT 20.3126.8816.4124.8228.2332.1136.5341.5547.2653.76
Tax Rate 31.88%28.78%28.49%29.36%28.31%29.36%29.36%29.36%29.36%29.36%
EBIAT 13.8419.1411.7317.5320.2422.6825.8029.3533.3837.97
Depreciation 2.555.804.985.045.746.537.428.449.6010.92
Accounts Receivable ----------
Inventories -0.180.771.54-0.10-3.21-0.90-1.02-1.16-1.32
Accounts Payable -8.93-2.30-2.72-4.8614.964.955.636.407.28
Capital Expenditure -9.67-6.32-6.15-8.99-4.08-11.63-13.23-15.05-17.12-19.48
UFCF 6.7227.749.0412.4110.7929.3324.0427.3431.1035.37
WACC
PV UFCF 1410.7925.9918.8819.0419.2019.35
SUM PV UFCF 102.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.82
Free cash flow (t + 1) 36.08
Terminal Value 333.46
Present Value of Terminal Value 182.44

Intrinsic Value

Enterprise Value 284.90
Net Debt -59.81
Equity Value 344.72
Shares Outstanding 15.53
Equity Value Per Share 22.19