Discounted Cash Flow (DCF) Analysis Unlevered

creditshelf Aktiengesellschaft (CSQ.DE)

21.2 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,939.77 | 21.2 | overvalue

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 1.202.404.684.917.2511.7318.9830.7149.6880.38
Revenue (%)
EBITDA -0.98-5.08-4.05-4.11-0.98-11.19-18.10-29.29-47.38-76.66
EBITDA (%)
EBIT -1.09-5.34-4.85-5.33-2.17-13.02-21.06-34.07-55.13-89.19
EBIT (%)
Depreciation 0.110.260.801.221.181.832.964.797.7512.53
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 2.0312.426.043.854.4822.4236.2758.6894.93153.59
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.712.641.893.783.699.8615.9525.8041.7467.53
Accounts Payable (%)
Capital Expenditure -0.51-1.84-1.22-0.22-0.04-3.52-5.70-9.21-14.91-24.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.2
Beta 0.169
Diluted Shares Outstanding 1.38
Cost of Debt
Tax Rate -0.35
After-tax Cost of Debt 4.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.329
Total Debt 2.54
Total Equity 29.18
Total Capital 31.72
Debt Weighting 8.00
Equity Weighting 92.00
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 1.202.404.684.917.2511.7318.9830.7149.6880.38
EBITDA -0.98-5.08-4.05-4.11-0.98-11.19-18.10-29.29-47.38-76.66
EBIT -1.09-5.34-4.85-5.33-2.17-13.02-21.06-34.07-55.13-89.19
Tax Rate 32.04%-16.31%-1.44%0.64%-0.35%2.92%2.92%2.92%2.92%2.92%
EBIAT -0.74-6.21-4.92-5.30-2.17-12.64-20.45-33.08-53.52-86.59
Depreciation 0.110.260.801.221.181.832.964.797.7512.53
Accounts Receivable ----------
Inventories ----------
Accounts Payable -0.93-0.751.89-0.086.166.099.8515.9425.79
Capital Expenditure -0.51-1.84-1.22-0.22-0.04-3.52-5.70-9.21-14.91-24.12
UFCF -1.14-6.86-6.09-2.40-1.12-8.17-17.09-27.66-44.74-72.39
WACC
PV UFCF -7.83-15.69-24.33-37.72-58.48
SUM PV UFCF -144.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.36
Free cash flow (t + 1) -73.84
Terminal Value -3,128.66
Present Value of Terminal Value -2,527.48

Intrinsic Value

Enterprise Value -2,671.53
Net Debt -1.92
Equity Value -2,669.61
Shares Outstanding 1.38
Equity Value Per Share -1,939.77