Discounted Cash Flow (DCF) Analysis Unlevered
DF Deutsche Forfait AG (DFTK.DE)
2.22 €
-0.06 (-2.63%)
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 | 3.68 | 3.23 | 12.43 | 8.89 | 9.95 | 16.32 | 26.75 | 43.85 | 71.89 | 117.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.14 | -1.72 | 6.05 | 3.79 | 5.79 | 0.36 | 0.59 | 0.97 | 1.59 | 2.60 |
| EBITDA (%) | ||||||||||
| EBIT | -3.23 | -1.80 | 5.88 | 3.62 | 5.59 | 0.02 | 0.03 | 0.05 | 0.09 | 0.14 |
| EBIT (%) | ||||||||||
| Depreciation | 0.09 | 0.08 | 0.17 | 0.17 | 0.21 | 0.34 | 0.56 | 0.92 | 1.50 | 2.46 |
| 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 | 6.08 | 3.55 | 24.67 | 27.07 | 6.99 | 27.69 | 45.39 | 74.41 | 121.99 | 199.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.52 | 5.85 | 0.79 | 0.51 | 0.08 | 12.99 | 21.29 | 34.90 | 57.21 | 93.79 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.22 |
|---|---|
| Beta | 2.220 |
| Diluted Shares Outstanding | 79.87 |
| Cost of Debt | |
| Tax Rate | -24.01 |
| After-tax Cost of Debt | 0.81% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.857 |
| Total Debt | 16.43 |
| Total Equity | 177.31 |
| Total Capital | 193.73 |
| Debt Weighting | 8.48 |
| Equity Weighting | 91.52 |
| 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 | 3.68 | 3.23 | 12.43 | 8.89 | 9.95 | 16.32 | 26.75 | 43.85 | 71.89 | 117.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.14 | -1.72 | 6.05 | 3.79 | 5.79 | 0.36 | 0.59 | 0.97 | 1.59 | 2.60 |
| EBIT | -3.23 | -1.80 | 5.88 | 3.62 | 5.59 | 0.02 | 0.03 | 0.05 | 0.09 | 0.14 |
| Tax Rate | 16.27% | 4.45% | 44.53% | -89.10% | -24.01% | -9.57% | -9.57% | -9.57% | -9.57% | -9.57% |
| EBIAT | -2.70 | -1.72 | 3.26 | 6.84 | 6.93 | 0.02 | 0.04 | 0.06 | 0.10 | 0.16 |
| Depreciation | 0.09 | 0.08 | 0.17 | 0.17 | 0.21 | 0.34 | 0.56 | 0.92 | 1.50 | 2.46 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.67 | -5.06 | -0.28 | -0.43 | 12.91 | 8.30 | 13.61 | 22.31 | 36.58 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 13.27 | 8.90 | 14.59 | 23.91 | 39.20 |
| WACC | ||||||||||
| PV UFCF | 11.77 | 7 | 10.18 | 14.80 | 21.51 | |||||
| SUM PV UFCF | 65.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.75 |
| Free cash flow (t + 1) | 39.98 |
| Terminal Value | 371.92 |
| Present Value of Terminal Value | 204.11 |
Intrinsic Value
| Enterprise Value | 269.37 |
|---|---|
| Net Debt | 9.43 |
| Equity Value | 259.93 |
| Shares Outstanding | 79.87 |
| Equity Value Per Share | 3.25 |