Discounted Cash Flow (DCF) Analysis Unlevered

BAUER Aktiengesellschaft (B5A.DE)

6.56 €

+0.14 (+2.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 121.54 | 6.56 | 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 1,667.861,589.091,470.921,343.241,433.071,382.371,333.461,286.291,240.781,196.88
Revenue (%)
EBITDA 147.89180.58111.36138.56152.34134.77130.01125.41120.97116.69
EBITDA (%)
EBIT 69.5599.6126.6045.3846.0452.0850.2448.4646.7545.10
EBIT (%)
Depreciation 78.3480.9784.7693.18106.3082.6979.7776.9474.2271.60
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 59.5970.9649.1060.0655.4354.5152.5850.7248.9247.19
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 416.72410.26458.32434.97457.49404.39390.08376.28362.97350.13
Inventories (%)
Accounts Payable 284.60224.50240.28179.56198.01206.56199.25192.20185.40178.84
Accounts Payable (%)
Capital Expenditure -88.16-94.54-101.77-113.25-138.56-100.23-96.69-93.27-89.97-86.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.56
Beta 1.092
Diluted Shares Outstanding 31.43
Cost of Debt
Tax Rate 102.65
After-tax Cost of Debt -0.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.670
Total Debt 498.58
Total Equity 206.16
Total Capital 704.74
Debt Weighting 70.75
Equity Weighting 29.25
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 1,667.861,589.091,470.921,343.241,433.071,382.371,333.461,286.291,240.781,196.88
EBITDA 147.89180.58111.36138.56152.34134.77130.01125.41120.97116.69
EBIT 69.5599.6126.6045.3846.0452.0850.2448.4646.7545.10
Tax Rate 92.24%65.72%-228.20%151.43%102.65%36.77%36.77%36.77%36.77%36.77%
EBIAT 5.4034.1487.32-23.34-1.2232.9331.7730.6529.5628.52
Depreciation 78.3480.9784.7693.18106.3082.6979.7776.9474.2271.60
Accounts Receivable ----------
Inventories -6.47-48.0623.35-22.5253.1014.3113.8013.3112.84
Accounts Payable --60.1015.78-60.7218.448.55-7.31-7.05-6.80-6.56
Capital Expenditure -88.16-94.54-101.77-113.25-138.56-100.23-96.69-93.27-89.97-86.78
UFCF -4.42-33.0638.03-80.78-37.5677.0521.8521.0720.3319.61
WACC
PV UFCF 75.2220.8219.6118.4717.39
SUM PV UFCF 151.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.43
Free cash flow (t + 1) 20
Terminal Value 4,651.59
Present Value of Terminal Value 4,125.40

Intrinsic Value

Enterprise Value 4,276.91
Net Debt 457.28
Equity Value 3,819.63
Shares Outstanding 31.43
Equity Value Per Share 121.54