Discounted Cash Flow (DCF) Analysis Unlevered

Ease2pay N.V. (EAS2P.AS)

1.748 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -3,646.31 | 1.748 | 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 0.010.120.170.190.351.435.7723.2994.04379.65
Revenue (%)
EBITDA -0.31-0.56-0.73-0.53-0.59-12.80-51.68-208.63-842.28-3,400.44
EBITDA (%)
EBIT -0.31-0.69-0.92-0.72-0.80-14.17-57.19-230.90-932.17-3,763.31
EBIT (%)
Depreciation -0.130.190.190.211.375.5122.2689.88362.87
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 0.380.583.603.987.6230.77124.21501.472,024.538,173.36
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.030.420.030.110.102.208.9035.91144.99585.33
Accounts Payable (%)
Capital Expenditure -0.24-0.23-0.03-1.64-3.14-12.66-51.13-206.42-833.36-3,364.42
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.748
Beta 2.189
Diluted Shares Outstanding 9.24
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.931
Total Debt 0.51
Total Equity 16.15
Total Capital 16.66
Debt Weighting 3.06
Equity Weighting 96.94
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 0.010.120.170.190.351.435.7723.2994.04379.65
EBITDA -0.31-0.56-0.73-0.53-0.59-12.80-51.68-208.63-842.28-3,400.44
EBIT -0.31-0.69-0.92-0.72-0.80-14.17-57.19-230.90-932.17-3,763.31
Tax Rate 19.94%-8.43%0.00%0.00%0.00%2.30%2.30%2.30%2.30%2.30%
EBIAT -0.25-0.75-0.92-0.72-0.80-13.84-55.88-225.58-910.70-3,676.64
Depreciation -0.130.190.190.211.375.5122.2689.88362.87
Accounts Receivable ----------
Inventories ----------
Accounts Payable -0.39-0.400.08-0.012.106.6927.02109.07440.35
Capital Expenditure -0.24-0.23-0.03-1.64-3.14-12.66-51.13-206.42-833.36-3,364.42
UFCF -0.49-0.46-1.16-2.09-3.73-23.04-94.80-382.72-1,545.10-6,237.84
WACC
PV UFCF -20.28-73.50-261.27-928.76-3,301.54
SUM PV UFCF -4,585.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.57
Free cash flow (t + 1) -6,362.60
Terminal Value -54,992.18
Present Value of Terminal Value -29,106.02

Intrinsic Value

Enterprise Value -33,691.37
Net Debt 0.51
Equity Value -33,691.88
Shares Outstanding 9.24
Equity Value Per Share -3,646.31