Discounted Cash Flow (DCF) Analysis Unlevered
FRIWO AG (CEA.DE)
41 €
-0.20 (-0.49%)
All numbers are in Millions, Currency in USD
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 | 141.31 | 120.53 | 95.76 | 99.36 | 100.55 | 92.93 | 85.89 | 79.38 | 73.37 | 67.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.23 | 10.79 | -11.25 | 0.40 | -4.08 | 0.54 | 0.50 | 0.46 | 0.43 | 0.39 |
| EBITDA (%) | ||||||||||
| EBIT | 10.01 | 7.53 | -15.59 | -3.85 | -7.97 | -2.74 | -2.53 | -2.34 | -2.16 | -2 |
| EBIT (%) | ||||||||||
| Depreciation | 3.22 | 3.26 | 4.35 | 4.24 | 3.89 | 3.28 | 3.03 | 2.80 | 2.59 | 2.40 |
| 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 | 8.04 | 3.84 | 7.18 | 5.83 | 5.16 | 5.09 | 4.70 | 4.35 | 4.02 | 3.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 30.43 | 27.80 | 19.87 | 19.92 | 33.31 | 22.03 | 20.36 | 18.82 | 17.39 | 16.07 |
| Inventories (%) | ||||||||||
| Accounts Payable | 12.20 | 16.15 | 11.13 | 12.35 | 20.44 | 12.34 | 11.41 | 10.54 | 9.74 | 9.01 |
| 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 | 141.31 | 120.53 | 95.76 | 99.36 | 100.55 | 92.93 | 85.89 | 79.38 | 73.37 | 67.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.23 | 10.79 | -11.25 | 0.40 | -4.08 | 0.54 | 0.50 | 0.46 | 0.43 | 0.39 |
| EBIT | 10.01 | 7.53 | -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 | 7.40 | 5.69 | -10.79 | -4.06 | -8.28 | -2.35 | -2.17 | -2 | -1.85 | -1.71 |
| Depreciation | 3.22 | 3.26 | 4.35 | 4.24 | 3.89 | 3.28 | 3.03 | 2.80 | 2.59 | 2.40 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 2.64 | 7.93 | -0.05 | -13.39 | 11.28 | 1.67 | 1.54 | 1.43 | 1.32 |
| Accounts Payable | - | 3.95 | -5.02 | 1.23 | 8.08 | -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 | 7.31 | 12.83 | -5.19 | -1.71 | -12.31 | 1.89 | -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 |