Discounted Cash Flow (DCF) Analysis Unlevered

DGNV N.V. (DPA.AS)

0.1 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.72 | 0.1 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 125.56137.26158.82151.65135.15138.40141.73145.14148.64152.21
Revenue (%)
EBITDA 12.666.1713.1920.1813.1012.7013.0113.3213.6413.97
EBITDA (%)
EBIT 9.933.7810.6911.635.338.038.228.428.628.83
EBIT (%)
Depreciation 2.722.392.508.557.774.674.784.905.025.14
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.210.710.280.414.141.161.191.221.251.28
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 24.2025.4424.9829.796.1721.5222.0422.5723.1123.67
Accounts Payable (%)
Capital Expenditure -0.45-0.59-1-0.14-0.08-0.44-0.45-0.46-0.47-0.48
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.1
Beta 2.096
Diluted Shares Outstanding 46.97
Cost of Debt
Tax Rate 61.15
After-tax Cost of Debt 1.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.103
Total Debt 10.59
Total Equity 4.70
Total Capital 15.28
Debt Weighting 69.27
Equity Weighting 30.73
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 125.56137.26158.82151.65135.15138.40141.73145.14148.64152.21
EBITDA 12.666.1713.1920.1813.1012.7013.0113.3213.6413.97
EBIT 9.933.7810.6911.635.338.038.228.428.628.83
Tax Rate 18.09%23.28%10.58%25.82%61.15%27.78%27.78%27.78%27.78%27.78%
EBIAT 8.142.909.568.632.075.805.946.086.236.38
Depreciation 2.722.392.508.557.774.674.784.905.025.14
Accounts Receivable ----------
Inventories ----------
Accounts Payable -1.24-0.464.81-23.6215.350.520.530.540.56
Capital Expenditure -0.45-0.59-1-0.14-0.08-0.44-0.45-0.46-0.47-0.48
UFCF 10.405.9310.6021.85-13.8625.3910.7911.0511.3211.59
WACC
PV UFCF 24.079.709.429.158.88
SUM PV UFCF 61.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.47
Free cash flow (t + 1) 11.82
Terminal Value 340.70
Present Value of Terminal Value 261.05

Intrinsic Value

Enterprise Value 322.27
Net Debt 6.45
Equity Value 315.82
Shares Outstanding 46.97
Equity Value Per Share 6.72