Discounted Cash Flow (DCF) Analysis Unlevered

The New Germany Fund, Inc. (GF)

$8.44

+0.01 (+0.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 28,501.89 | 8.44 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 80.1998.8310.84-105.03292.39-813.972,265.94-6,307.9817,560.30
Revenue (%)
EBITDA 78.9497.499.19-106.36280.09-779.732,170.64-6,042.6716,821.71
EBITDA (%)
EBIT ----280.09-779.732,170.64-6,042.6716,821.71
EBIT (%)
Depreciation ---------
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 2.0619.040.270.0217.75-49.42137.57-382.971,066.13
Total Cash (%)
Account Receivables 0.020.380.020.010.42-1.173.27-9.0925.31
Account Receivables (%)
Inventories 9.980.3912.842.4994.27-262.44730.59-2,033.845,661.86
Inventories (%)
Accounts Payable 3.2332.7376.390.75541.99-1,508.814,200.27-11,692.8132,550.70
Accounts Payable (%)
Capital Expenditure ---------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.44
Beta 1.139
Diluted Shares Outstanding 16.62
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.638
Total Debt -
Total Equity 140.27
Total Capital 140.27
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 80.1998.8310.84-105.03292.39-813.972,265.94-6,307.9817,560.30
EBITDA 78.9497.499.19-106.36280.09-779.732,170.64-6,042.6716,821.71
EBIT ----280.09-779.732,170.64-6,042.6716,821.71
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ----280.09-779.732,170.64-6,042.6716,821.71
Depreciation ---------
Accounts Receivable --0.360.360.01-0.411.59-4.4412.36-34.40
Inventories -9.59-12.4510.35-91.78356.72-993.042,764.44-7,695.70
Accounts Payable -29.5043.66-75.64541.24-2,050.815,709.09-15,893.0844,243.50
Capital Expenditure ---------
UFCF ----729.14-2,472.236,882.25-19,158.9553,335.11
WACC
PV UFCF 729.14-2,254.865,725.22-14,536.6636,909.41
SUM PV UFCF 24,235.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.64
Free cash flow (t + 1) 54,401.81
Terminal Value 712,065.60
Present Value of Terminal Value 449,443.26

Intrinsic Value

Enterprise Value 473,679.17
Net Debt -0.02
Equity Value 473,679.19
Shares Outstanding 16.62
Equity Value Per Share 28,501.89