Discounted Cash Flow (DCF) Analysis Unlevered

Cimpress plc (CMPR)

$91.6

+1.61 (+1.79%)
All numbers are in Millions, Currency in USD
Stock DCF: 410.41 | 91.6 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,751.082,481.362,592.512,887.563,079.633,177.473,278.413,382.563,490.033,600.90
Revenue (%)
EBITDA 357.41338.30298.73239.65267.94350.46361.60373.08384.94397.17
EBITDA (%)
EBIT 183.64170.36125.5263.97105.51152.67157.52162.52167.69173.02
EBIT (%)
Depreciation 173.77167.94173.21175.68162.43197.79204.08210.56217.25224.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 35.2845.02335.27327.01168.85208.67215.30222.14229.20236.48
Total Cash (%)
Account Receivables 60.6534.6050.6863.8867.3563.2565.2667.3369.4771.68
Account Receivables (%)
Inventories 66.3180.1870.04126.73107.83103.16106.44109.82113.31116.91
Inventories (%)
Accounts Payable 185.10163.89199.83313.71285.78261.73270.04278.62287.47296.61
Accounts Payable (%)
Capital Expenditure -119.28-94.46-99.46-119.34-111.56-125.41-129.39-133.50-137.75-142.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 91.6
Beta 1.927
Diluted Shares Outstanding 26.25
Cost of Debt
Tax Rate -515.37
After-tax Cost of Debt 6.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.380
Total Debt 1,756.94
Total Equity 2,404.76
Total Capital 4,161.70
Debt Weighting 42.22
Equity Weighting 57.78
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,751.082,481.362,592.512,887.563,079.633,177.473,278.413,382.563,490.033,600.90
EBITDA 357.41338.30298.73239.65267.94350.46361.60373.08384.94397.17
EBIT 183.64170.36125.5263.97105.51152.67157.52162.52167.69173.02
Tax Rate 25.10%-2,676.06%-33.73%641.96%-515.37%-511.62%-511.62%-511.62%-511.62%-511.62%
EBIAT 137.544,729.15167.86-346.70649.29933.76963.43994.031,025.611,058.20
Depreciation 173.77167.94173.21175.68162.43197.79204.08210.56217.25224.15
Accounts Receivable -26.05-16.08-13.21-3.474.10-2.01-2.07-2.14-2.21
Inventories --13.8710.14-56.6818.894.67-3.28-3.38-3.49-3.60
Accounts Payable --21.2135.94113.88-27.93-24.068.318.588.859.13
Capital Expenditure -119.28-94.46-99.46-119.34-111.56-125.41-129.39-133.50-137.75-142.12
UFCF 192.034,793.61271.61-246.37687.66990.861,041.141,074.211,108.341,143.55
WACC
PV UFCF 897.19853.60797.46745.02696.02
SUM PV UFCF 3,989.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.44
Free cash flow (t + 1) 1,166.42
Terminal Value 13,820.16
Present Value of Terminal Value 8,411.65

Intrinsic Value

Enterprise Value 12,400.95
Net Debt 1,626.63
Equity Value 10,774.32
Shares Outstanding 26.25
Equity Value Per Share 410.41