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	1,667.86	1,589.09	1,470.92	1,343.24	1,433.07	1,382.37	1,333.46	1,286.29	1,240.78	1,196.88
Revenue (%)
EBITDA	147.89	180.58	111.36	138.56	152.34	134.77	130.01	125.41	120.97	116.69
EBITDA (%)
EBIT	69.55	99.61	26.60	45.38	46.04	52.08	50.24	48.46	46.75	45.10
EBIT (%)
Depreciation	78.34	80.97	84.76	93.18	106.30	82.69	79.77	76.94	74.22	71.60
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	59.59	70.96	49.10	60.06	55.43	54.51	52.58	50.72	48.92	47.19
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	416.72	410.26	458.32	434.97	457.49	404.39	390.08	376.28	362.97	350.13
Inventories (%)
Accounts Payable	284.60	224.50	240.28	179.56	198.01	206.56	199.25	192.20	185.40	178.84
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	1,667.86	1,589.09	1,470.92	1,343.24	1,433.07	1,382.37	1,333.46	1,286.29	1,240.78	1,196.88
EBITDA	147.89	180.58	111.36	138.56	152.34	134.77	130.01	125.41	120.97	116.69
EBIT	69.55	99.61	26.60	45.38	46.04	52.08	50.24	48.46	46.75	45.10
Tax Rate	92.24%	65.72%	-228.20%	151.43%	102.65%	36.77%	36.77%	36.77%	36.77%	36.77%
EBIAT	5.40	34.14	87.32	-23.34	-1.22	32.93	31.77	30.65	29.56	28.52
Depreciation	78.34	80.97	84.76	93.18	106.30	82.69	79.77	76.94	74.22	71.60
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	6.47	-48.06	23.35	-22.52	53.10	14.31	13.80	13.31	12.84
Accounts Payable	-	-60.10	15.78	-60.72	18.44	8.55	-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	-33.06	38.03	-80.78	-37.56	77.05	21.85	21.07	20.33	19.61
WACC
PV UFCF						75.22	20.82	19.61	18.47	17.39
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