Discounted Cash Flow (DCF) Analysis Unlevered

Adler Group S.A. (ADJ.DE)

1.315 €

-0.04 (-3.02%)
All numbers are in Millions, Currency in USD
Stock DCF: 52,252.86 | 1.315 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 128.85154.85156.52758.741,143.732,449.735,247.0311,238.5024,071.4951,558.18
Revenue (%)
EBITDA 445.56483.99710.17464.43-804.925,403.6411,573.9424,789.9753,097.07113,727.43
EBITDA (%)
EBIT 445.11483.47708.69453.13-824.575,379.8811,523.0524,680.9652,863.60113,227.37
EBIT (%)
Depreciation 0.450.531.4911.3019.6523.7650.89109233.47500.06
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 121.5327.97387.56399.71664.652,306.574,940.3910,581.7222,664.7448,545.11
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 42.9635.0325.861,254.461,093.451,633.593,498.967,494.3416,051.9634,381.33
Inventories (%)
Accounts Payable 13.6418.5022.08118.6176.38288.82618.621,3252,8386,078.64
Accounts Payable (%)
Capital Expenditure -0.80-1.18-3.12-7.88-3.95-23.31-49.93-106.95-229.08-490.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.315
Beta 1.267
Diluted Shares Outstanding 117.51
Cost of Debt
Tax Rate -15.11
After-tax Cost of Debt 3.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.613
Total Debt 7,020.43
Total Equity 154.53
Total Capital 7,174.96
Debt Weighting 97.85
Equity Weighting 2.15
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 128.85154.85156.52758.741,143.732,449.735,247.0311,238.5024,071.4951,558.18
EBITDA 445.56483.99710.17464.43-804.925,403.6411,573.9424,789.9753,097.07113,727.43
EBIT 445.11483.47708.69453.13-824.575,379.8811,523.0524,680.9652,863.60113,227.37
Tax Rate 18.27%17.28%12.01%54.18%-15.11%17.33%17.33%17.33%17.33%17.33%
EBIAT 363.78399.90623.58207.62-949.174,447.719,526.4420,404.4743,703.8893,608.36
Depreciation 0.450.531.4911.3019.6523.7650.89109233.47500.06
Accounts Receivable ----------
Inventories -7.939.17-1,228.60161.01-540.14-1,865.36-3,995.38-8,557.62-18,329.37
Accounts Payable -4.853.5896.53-42.23212.44329.80706.391,512.993,240.65
Capital Expenditure -0.80-1.18-3.12-7.88-3.95-23.31-49.93-106.95-229.08-490.66
UFCF 363.44412.03634.69-921.03-814.694,120.457,991.8317,117.5236,663.6478,529.03
WACC
PV UFCF 3,995.017,512.6315,601.2632,398.6667,281.34
SUM PV UFCF 126,788.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.14
Free cash flow (t + 1) 80,099.61
Terminal Value 7,026,281.70
Present Value of Terminal Value 6,019,908.95

Intrinsic Value

Enterprise Value 6,146,697.84
Net Debt 6,464.73
Equity Value 6,140,233.11
Shares Outstanding 117.51
Equity Value Per Share 52,252.86