Discounted Cash Flow (DCF) Analysis Unlevered

CropEnergies AG (CE2.DE)

12.24 €

+0.30 (+2.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.28 | 12.24 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 881.96778.61899.17833.121,075.351,143.881,216.791,294.341,376.841,464.60
Revenue (%)
EBITDA 110.0682.61144.11149.78167.31166.21176.81188.08200.06212.81
EBITDA (%)
EBIT 70.9043.34101.86108.41125.48113.51120.74128.44136.62145.33
EBIT (%)
Depreciation 39.1639.2742.2541.3741.8352.7156.0659.6463.4467.48
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 36.872.8128.352146.4533.2535.3737.6340.0342.58
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 6678.7366.5673.16107.95100.25106.63113.43120.66128.35
Inventories (%)
Accounts Payable 55.4949.1554.1959.37101.8080.5985.7291.1997103.18
Accounts Payable (%)
Capital Expenditure -19.50-13.22-29.88-28.83-35.77-32.07-34.12-36.29-38.61-41.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.24
Beta 0.776
Diluted Shares Outstanding 87.25
Cost of Debt
Tax Rate 28.05
After-tax Cost of Debt 7.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.194
Total Debt 11.53
Total Equity 1,067.94
Total Capital 1,079.47
Debt Weighting 1.07
Equity Weighting 98.93
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 881.96778.61899.17833.121,075.351,143.881,216.791,294.341,376.841,464.60
EBITDA 110.0682.61144.11149.78167.31166.21176.81188.08200.06212.81
EBIT 70.9043.34101.86108.41125.48113.51120.74128.44136.62145.33
Tax Rate 27.23%50.03%26.00%20.95%28.05%30.45%30.45%30.45%30.45%30.45%
EBIAT 51.5921.6675.3885.6990.2978.9483.9789.3395.02101.08
Depreciation 39.1639.2742.2541.3741.8352.7156.0659.6463.4467.48
Accounts Receivable ----------
Inventories --12.7312.17-6.61-34.797.71-6.39-6.80-7.23-7.69
Accounts Payable --6.345.045.1842.43-21.225.145.465.816.18
Capital Expenditure -19.50-13.22-29.88-28.83-35.77-32.07-34.12-36.29-38.61-41.07
UFCF 71.2528.64104.9596.81103.9986.06104.67111.34118.43125.98
WACC
PV UFCF 80.2891.0890.3889.6888.99
SUM PV UFCF 440.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.20
Free cash flow (t + 1) 128.50
Terminal Value 2,471.21
Present Value of Terminal Value 1,745.57

Intrinsic Value

Enterprise Value 2,185.98
Net Debt -19.95
Equity Value 2,205.93
Shares Outstanding 87.25
Equity Value Per Share 25.28