Discounted Cash Flow (DCF) Analysis Unlevered

SLM Solutions Group AG (AM3D.DE)

17.6 €

+0.08 (+0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: -18.56 | 17.6 | overvalue

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 82.4971.6648.9661.7675.1175.6776.2376.7977.3677.93
Revenue (%)
EBITDA 1.76-8.17-26.07-14.96-8.66-14.87-14.98-15.09-15.21-15.32
EBITDA (%)
EBIT -5.13-14.72-34.73-23.57-16.36-23.86-24.03-24.21-24.39-24.57
EBIT (%)
Depreciation 6.896.548.668.617.708.989.059.129.189.25
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 63.6927.7923.4017.6623.2433.8034.0534.3034.5534.81
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 27.1736.3227.5020.5125.0831.2431.4731.7031.9332.17
Inventories (%)
Accounts Payable 8.599.845.346.9811.019.239.309.379.449.51
Accounts Payable (%)
Capital Expenditure -21.02-12.33-12.85-11.19-9.53-15.09-15.21-15.32-15.43-15.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.6
Beta 1.438
Diluted Shares Outstanding 22.70
Cost of Debt
Tax Rate 5.51
After-tax Cost of Debt 6.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.294
Total Debt 81.21
Total Equity 399.55
Total Capital 480.76
Debt Weighting 16.89
Equity Weighting 83.11
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 82.4971.6648.9661.7675.1175.6776.2376.7977.3677.93
EBITDA 1.76-8.17-26.07-14.96-8.66-14.87-14.98-15.09-15.21-15.32
EBIT -5.13-14.72-34.73-23.57-16.36-23.86-24.03-24.21-24.39-24.57
Tax Rate 37.77%28.32%-21.79%-8.61%5.51%8.24%8.24%8.24%8.24%8.24%
EBIAT -3.19-10.55-42.30-25.60-15.46-21.89-22.05-22.22-22.38-22.55
Depreciation 6.896.548.668.617.708.989.059.129.189.25
Accounts Receivable ----------
Inventories --9.158.826.99-4.57-6.16-0.23-0.23-0.23-0.24
Accounts Payable -1.25-4.501.644.03-1.770.070.070.070.07
Capital Expenditure -21.02-12.33-12.85-11.19-9.53-15.09-15.21-15.32-15.43-15.54
UFCF -17.32-24.23-42.18-19.54-17.84-35.93-28.37-28.58-28.79-29
WACC
PV UFCF -32.79-23.63-21.72-19.97-18.36
SUM PV UFCF -116.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.58
Free cash flow (t + 1) -29.58
Terminal Value -390.30
Present Value of Terminal Value -247.02

Intrinsic Value

Enterprise Value -363.49
Net Debt 57.97
Equity Value -421.45
Shares Outstanding 22.70
Equity Value Per Share -18.56