Discounted Cash Flow (DCF) Analysis Unlevered

capsensixx AG (CPX.DE)

15.7 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 148.46 | 15.7 | undervalue

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	116.73	115.89	112.21	110.31	179.95	205.83	235.44	269.30	308.04	352.34
Revenue (%)
EBITDA	5.75	4.96	7.41	6.12	6.98	10.39	11.88	13.59	15.55	17.79
EBITDA (%)
EBIT	4.78	3.42	4.79	4.17	5.51	7.48	8.55	9.78	11.19	12.80
EBIT (%)
Depreciation	0.98	1.54	2.62	1.95	1.47	2.91	3.33	3.81	4.36	4.99
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	8.96	14.70	13.37	14.37	16.84	22.50	25.74	29.44	33.67	38.52
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	42.52	8.98	18.82	26.31	70.58	51.05	58.40	66.79	76.40	87.39
Accounts Payable (%)
Capital Expenditure	-0.38	-0.14	-0.61	-0.71	-0.74	-0.85	-0.97	-1.11	-1.27	-1.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 15.7
Beta	0.523
Diluted Shares Outstanding	3.19
Cost of Debt
Tax Rate	65.50
After-tax Cost of Debt	0.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.988
Total Debt	5.87
Total Equity	50.05
Total Capital	55.92
Debt Weighting	10.49
Equity Weighting	89.51
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	116.73	115.89	112.21	110.31	179.95	205.83	235.44	269.30	308.04	352.34
EBITDA	5.75	4.96	7.41	6.12	6.98	10.39	11.88	13.59	15.55	17.79
EBIT	4.78	3.42	4.79	4.17	5.51	7.48	8.55	9.78	11.19	12.80
Tax Rate	64.96%	80.01%	67.32%	65.32%	65.50%	68.62%	68.62%	68.62%	68.62%	68.62%
EBIAT	1.67	0.68	1.57	1.45	1.90	2.35	2.68	3.07	3.51	4.02
Depreciation	0.98	1.54	2.62	1.95	1.47	2.91	3.33	3.81	4.36	4.99
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-33.54	9.84	7.49	44.27	-19.53	7.34	8.40	9.61	10.99
Capital Expenditure	-0.38	-0.14	-0.61	-0.71	-0.74	-0.85	-0.97	-1.11	-1.27	-1.45
UFCF	2.27	-31.46	13.41	10.17	46.90	-15.12	12.39	14.18	16.21	18.55
WACC
PV UFCF						-14.34	11.16	12.11	13.14	14.27
SUM PV UFCF										36.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.39
Free cash flow (t + 1)	18.92
Terminal Value	558.06
Present Value of Terminal Value	429.22

Intrinsic Value

Enterprise Value	465.56
Net Debt	-7.74
Equity Value	473.30
Shares Outstanding	3.19
Equity Value Per Share	148.46