Discounted Cash Flow (DCF) Analysis Unlevered
creditshelf Aktiengesellschaft (CSQ.DE)
21.2 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 1.20 | 2.40 | 4.68 | 4.91 | 7.25 | 11.73 | 18.98 | 30.71 | 49.68 | 80.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.11 | 0.26 | 0.80 | 1.22 | 1.18 | 1.83 | 2.96 | 4.79 | 7.75 | 12.53 |
| 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 | 2.03 | 12.42 | 6.04 | 3.85 | 4.48 | 22.42 | 36.27 | 58.68 | 94.93 | 153.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.71 | 2.64 | 1.89 | 3.78 | 3.69 | 9.86 | 15.95 | 25.80 | 41.74 | 67.53 |
| 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 | 1.20 | 2.40 | 4.68 | 4.91 | 7.25 | 11.73 | 18.98 | 30.71 | 49.68 | 80.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.11 | 0.26 | 0.80 | 1.22 | 1.18 | 1.83 | 2.96 | 4.79 | 7.75 | 12.53 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.93 | -0.75 | 1.89 | -0.08 | 6.16 | 6.09 | 9.85 | 15.94 | 25.79 |
| 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 |