Discounted Cash Flow (DCF) Analysis Unlevered

FRIWO AG (CEA.DE)

41 €

-0.20 (-0.49%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.51 | 41 | 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 141.31120.5395.7699.36100.5592.9385.8979.3873.3767.81
Revenue (%)
EBITDA 13.2310.79-11.250.40-4.080.540.500.460.430.39
EBITDA (%)
EBIT 10.017.53-15.59-3.85-7.97-2.74-2.53-2.34-2.16-2
EBIT (%)
Depreciation 3.223.264.354.243.893.283.032.802.592.40
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 8.043.847.185.835.165.094.704.354.023.71
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 30.4327.8019.8719.9233.3122.0320.3618.8217.3916.07
Inventories (%)
Accounts Payable 12.2016.1511.1312.3520.4412.3411.4110.549.749.01
Accounts Payable (%)
Capital Expenditure -3.31-2.70-1.65-3.07-2.61-2.23-2.06-1.91-1.76-1.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 41
Beta 0.497
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate -3.94
After-tax Cost of Debt 5.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.865
Total Debt 36.45
Total Equity 3,274.56
Total Capital 3,311.01
Debt Weighting 1.10
Equity Weighting 98.90
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 141.31120.5395.7699.36100.5592.9385.8979.3873.3767.81
EBITDA 13.2310.79-11.250.40-4.080.540.500.460.430.39
EBIT 10.017.53-15.59-3.85-7.97-2.74-2.53-2.34-2.16-2
Tax Rate 26.08%24.44%30.84%-5.49%-3.94%14.38%14.38%14.38%14.38%14.38%
EBIAT 7.405.69-10.79-4.06-8.28-2.35-2.17-2-1.85-1.71
Depreciation 3.223.264.354.243.893.283.032.802.592.40
Accounts Receivable ----------
Inventories -2.647.93-0.05-13.3911.281.671.541.431.32
Accounts Payable -3.95-5.021.238.08-8.09-0.94-0.86-0.80-0.74
Capital Expenditure -3.31-2.70-1.66-3.07-2.61-2.23-2.06-1.91-1.76-1.63
UFCF 7.3112.83-5.19-1.71-12.311.89-0.46-0.43-0.40-0.37
WACC
PV UFCF 1.78-0.41-0.36-0.32-0.28
SUM PV UFCF 0.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.87
Free cash flow (t + 1) -0.37
Terminal Value -9.65
Present Value of Terminal Value -7.26

Intrinsic Value

Enterprise Value -6.84
Net Debt 33.58
Equity Value -40.42
Shares Outstanding 79.87
Equity Value Per Share -0.51