Discounted Cash Flow (DCF) Analysis Unlevered
ALBIS Leasing AG (ALG.DE)
2.16 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 17.57 | 18.53 | 21.10 | 21.94 | 21.97 | 23.26 | 24.63 | 26.07 | 27.60 | 29.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.41 | 4.35 | 5.21 | 3.76 | 4.10 | 5.08 | 5.37 | 5.69 | 6.02 | 6.37 |
| EBITDA (%) | ||||||||||
| EBIT | 4.31 | 4.28 | 3.70 | 1.93 | 1.97 | 3.86 | 4.09 | 4.33 | 4.58 | 4.85 |
| EBIT (%) | ||||||||||
| Depreciation | 0.10 | 0.07 | 1.51 | 1.83 | 2.13 | 1.22 | 1.29 | 1.36 | 1.44 | 1.53 |
| 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 | 28.15 | 10.73 | 10.43 | 5.02 | 2.67 | 14.08 | 14.90 | 15.78 | 16.70 | 17.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.27 | 2.14 | 1.15 | 1.88 | 2.34 | 2.55 | 2.70 | 2.86 | 3.02 | 3.20 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.23 | -0.15 | -8.56 | -0.78 | -0.08 | -2.17 | -2.30 | -2.43 | -2.57 | -2.73 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.16 |
|---|---|
| Beta | 0.394 |
| Diluted Shares Outstanding | 21.20 |
| Cost of Debt | |
| Tax Rate | -63.66 |
| After-tax Cost of Debt | 0.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.349 |
| Total Debt | 197.68 |
| Total Equity | 45.78 |
| Total Capital | 243.46 |
| Debt Weighting | 81.20 |
| Equity Weighting | 18.80 |
| 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 | 17.57 | 18.53 | 21.10 | 21.94 | 21.97 | 23.26 | 24.63 | 26.07 | 27.60 | 29.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.41 | 4.35 | 5.21 | 3.76 | 4.10 | 5.08 | 5.37 | 5.69 | 6.02 | 6.37 |
| EBIT | 4.31 | 4.28 | 3.70 | 1.93 | 1.97 | 3.86 | 4.09 | 4.33 | 4.58 | 4.85 |
| Tax Rate | -33.52% | -17.77% | 36.34% | 33.31% | -63.66% | -9.06% | -9.06% | -9.06% | -9.06% | -9.06% |
| EBIAT | 5.76 | 5.04 | 2.35 | 1.29 | 3.23 | 4.21 | 4.46 | 4.72 | 4.99 | 5.29 |
| Depreciation | 0.10 | 0.07 | 1.51 | 1.83 | 2.13 | 1.22 | 1.29 | 1.36 | 1.44 | 1.53 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.13 | -0.99 | 0.73 | 0.46 | 0.21 | 0.15 | 0.16 | 0.17 | 0.18 |
| Capital Expenditure | -0.23 | -0.15 | -8.56 | -0.78 | -0.09 | -2.17 | -2.30 | -2.43 | -2.57 | -2.73 |
| UFCF | 5.62 | 3.84 | -5.68 | 3.07 | 5.73 | 3.46 | 3.60 | 3.81 | 4.03 | 4.27 |
| WACC | ||||||||||
| PV UFCF | 3.42 | 3.51 | 3.66 | 3.83 | 4.01 | |||||
| SUM PV UFCF | 18.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 1.27 |
| Free cash flow (t + 1) | 4.35 |
| Terminal Value | -596.06 |
| Present Value of Terminal Value | -559.61 |
Intrinsic Value
| Enterprise Value | -541.19 |
|---|---|
| Net Debt | 195 |
| Equity Value | -736.19 |
| Shares Outstanding | 21.20 |
| Equity Value Per Share | -34.73 |