Discounted Cash Flow (DCF) Analysis Unlevered

Centogene N.V. (CNTG)

$0.85

+0.01 (+1.09%)
All numbers are in Millions, Currency in USD
Stock DCF: -125.10 | 0.85 | 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 40.4848.78128.38189.9247.4766.0691.93127.93178.02247.72
Revenue (%)
EBITDA -4.50-12.74-0.82-23.53-26-13.88-19.31-26.88-37.40-52.05
EBITDA (%)
EBIT -9.68-19.32-15.95-44.82-36.38-23.28-32.39-45.07-62.72-87.29
EBIT (%)
Depreciation 5.186.5815.1321.2910.389.4013.0818.2025.3235.24
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 9.2236.6043.1613.3832.0127.2037.8552.6873.30102.01
Total Cash (%)
Account Receivables 13.0719.3629.2024.3416.5518.8126.1836.4350.7070.55
Account Receivables (%)
Inventories 1.351.8111.403.871.822.884.015.577.7610.79
Inventories (%)
Accounts Payable 5.438.5531.7411.256.329.9013.7719.1626.6737.11
Accounts Payable (%)
Capital Expenditure -11.77-7.58-16.55-5.70-2.09-8.58-11.93-16.61-23.11-32.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.85
Beta -0.729
Diluted Shares Outstanding 26.81
Cost of Debt
Tax Rate -0.28
After-tax Cost of Debt 5.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 0.890
Total Debt 60.12
Total Equity 22.79
Total Capital 82.91
Debt Weighting 72.51
Equity Weighting 27.49
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 40.4848.78128.38189.9247.4766.0691.93127.93178.02247.72
EBITDA -4.50-12.74-0.82-23.53-26-13.88-19.31-26.88-37.40-52.05
EBIT -9.68-19.32-15.95-44.82-36.38-23.28-32.39-45.07-62.72-87.29
Tax Rate 2.66%-0.76%-1.33%0.05%-0.28%0.07%0.07%0.07%0.07%0.07%
EBIAT -9.42-19.47-16.16-44.79-36.48-23.26-32.37-45.04-62.68-87.23
Depreciation 5.186.5815.1321.2910.389.4013.0818.2025.3235.24
Accounts Receivable --6.29-9.844.867.79-2.27-7.37-10.25-14.27-19.85
Inventories --0.46-9.607.542.05-1.06-1.13-1.57-2.18-3.04
Accounts Payable -3.1223.18-20.48-4.933.583.875.397.5010.44
Capital Expenditure -11.77-7.58-16.55-5.70-2.09-8.58-11.93-16.61-23.11-32.16
UFCF -16.01-24.09-13.84-37.29-23.29-22.19-35.84-49.88-69.41-96.59
WACC
PV UFCF -21.22-32.79-43.65-58.10-77.32
SUM PV UFCF -233.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.55
Free cash flow (t + 1) -98.52
Terminal Value -3,863.67
Present Value of Terminal Value -3,093

Intrinsic Value

Enterprise Value -3,326.08
Net Debt 28.11
Equity Value -3,354.19
Shares Outstanding 26.81
Equity Value Per Share -125.10