Discounted Cash Flow (DCF) Analysis Unlevered

Cimpress plc (CMPR)

$25.8

+0.24 (+0.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -186.01 | 25.8 | overvalue

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 2,592.542,751.082,481.362,592.512,887.562,975.423,065.953,159.243,255.373,354.42
Revenue (%)
EBITDA 285.36365.43246.16233.77280.68315.08324.67334.55344.73355.22
EBITDA (%)
EBIT 116.35191.6678.2160.56105122.46126.19130.03133.98138.06
EBIT (%)
Depreciation 169173.77167.94173.21175.68192.62198.48204.52210.75217.16
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 44.2335.2845.02335.27327.01172.93178.19183.61189.20194.96
Total Cash (%)
Account Receivables 55.6260.6534.6050.6863.8858.9860.7862.6264.5366.49
Account Receivables (%)
Inventories 60.6066.3180.1870.04126.7389.6892.4195.2298.11101.10
Inventories (%)
Accounts Payable 152.44185.10163.89199.83313.71224.85231.69238.74246.01253.49
Accounts Payable (%)
Capital Expenditure -102.09-119.28-94.46-99.46-119.34-119.31-122.94-126.68-130.54-134.51
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.8
Beta 1.503
Diluted Shares Outstanding 26.09
Cost of Debt
Tax Rate 682.26
After-tax Cost of Debt -32.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.058
Total Debt 1,792.51
Total Equity 673.25
Total Capital 2,465.76
Debt Weighting 72.70
Equity Weighting 27.30
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 2,592.542,751.082,481.362,592.512,887.562,975.423,065.953,159.243,255.373,354.42
EBITDA 285.36365.43246.16233.77280.68315.08324.67334.55344.73355.22
EBIT 116.35191.6678.2160.56105122.46126.19130.03133.98138.06
Tax Rate 34.10%25.10%-2,676.06%-38.68%682.26%-394.65%-394.65%-394.65%-394.65%-394.65%
EBIAT 76.67143.542,171.2483.98-611.38605.76624.19643.18662.75682.92
Depreciation 169173.77167.94173.21175.68192.62198.48204.52210.75217.16
Accounts Receivable --5.0326.05-16.08-13.214.90-1.79-1.85-1.91-1.96
Inventories --5.71-13.8710.14-56.6837.05-2.73-2.81-2.90-2.99
Accounts Payable -32.66-21.2135.94113.88-88.866.847.057.267.49
Capital Expenditure -102.08-119.28-94.46-99.46-119.34-119.31-122.94-126.68-130.54-134.51
UFCF 143.59219.962,235.70187.73-511.04632.17702.05723.41745.43768.11
WACC
PV UFCF 794.881,109.961,438.111,863.292,414.16
SUM PV UFCF 7,620.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -20.47
Free cash flow (t + 1) 783.47
Terminal Value -3,486.73
Present Value of Terminal Value -10,958.82

Intrinsic Value

Enterprise Value -3,338.41
Net Debt 1,515.46
Equity Value -4,853.87
Shares Outstanding 26.09
Equity Value Per Share -186.01