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 116.73115.89112.21110.31179.95205.83235.44269.30308.04352.34
Revenue (%)
EBITDA 5.754.967.416.126.9810.3911.8813.5915.5517.79
EBITDA (%)
EBIT 4.783.424.794.175.517.488.559.7811.1912.80
EBIT (%)
Depreciation 0.981.542.621.951.472.913.333.814.364.99
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 8.9614.7013.3714.3716.8422.5025.7429.4433.6738.52
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 42.528.9818.8226.3170.5851.0558.4066.7976.4087.39
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 116.73115.89112.21110.31179.95205.83235.44269.30308.04352.34
EBITDA 5.754.967.416.126.9810.3911.8813.5915.5517.79
EBIT 4.783.424.794.175.517.488.559.7811.1912.80
Tax Rate 64.96%80.01%67.32%65.32%65.50%68.62%68.62%68.62%68.62%68.62%
EBIAT 1.670.681.571.451.902.352.683.073.514.02
Depreciation 0.981.542.621.951.472.913.333.814.364.99
Accounts Receivable ----------
Inventories ----------
Accounts Payable --33.549.847.4944.27-19.537.348.409.6110.99
Capital Expenditure -0.38-0.14-0.61-0.71-0.74-0.85-0.97-1.11-1.27-1.45
UFCF 2.27-31.4613.4110.1746.90-15.1212.3914.1816.2118.55
WACC
PV UFCF -14.3411.1612.1113.1414.27
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