Discounted Cash Flow (DCF) Analysis Unlevered
GK Software SE (GKS.DE)
139.4 €
-2.00 (-1.41%)
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 | 91.55 | 107.46 | 115.45 | 117.56 | 130.85 | 143.26 | 156.84 | 171.72 | 188.01 | 205.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 8.90 | 6.97 | 12.33 | 19.21 | 25.94 | 18.07 | 19.78 | 21.66 | 23.71 | 25.96 |
| EBITDA (%) | ||||||||||
| EBIT | 5.12 | 1.74 | 3.51 | 10.67 | 16.46 | 9.14 | 10.01 | 10.96 | 12 | 13.14 |
| EBIT (%) | ||||||||||
| Depreciation | 3.78 | 5.24 | 8.83 | 8.54 | 9.48 | 8.93 | 9.78 | 10.70 | 11.72 | 12.83 |
| 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 | 31.83 | 12.30 | 8.37 | 9.54 | 47.77 | 28.11 | 30.77 | 33.69 | 36.89 | 40.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.99 | 0.49 | 0.42 | 0.17 | 0.07 | 0.60 | 0.66 | 0.72 | 0.79 | 0.86 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.84 | 2.36 | 2.48 | 3.59 | 5.16 | 3.83 | 4.19 | 4.59 | 5.02 | 5.50 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -8.16 | -11.98 | -3.65 | -2.68 | -2.52 | -7.86 | -8.60 | -9.42 | -10.31 | -11.29 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 139.4 |
|---|---|
| Beta | 1.947 |
| Diluted Shares Outstanding | 2.38 |
| Cost of Debt | |
| Tax Rate | 20.04 |
| After-tax Cost of Debt | 0.44% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.866 |
| Total Debt | 26.94 |
| Total Equity | 331.91 |
| Total Capital | 358.85 |
| Debt Weighting | 7.51 |
| Equity Weighting | 92.49 |
| 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 | 91.55 | 107.46 | 115.45 | 117.56 | 130.85 | 143.26 | 156.84 | 171.72 | 188.01 | 205.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 8.90 | 6.97 | 12.33 | 19.21 | 25.94 | 18.07 | 19.78 | 21.66 | 23.71 | 25.96 |
| EBIT | 5.12 | 1.74 | 3.51 | 10.67 | 16.46 | 9.14 | 10.01 | 10.96 | 12 | 13.14 |
| Tax Rate | 10.54% | -440.94% | 354.42% | 31.68% | 20.04% | -4.85% | -4.85% | -4.85% | -4.85% | -4.85% |
| EBIAT | 4.58 | 9.39 | -8.92 | 7.29 | 13.16 | 9.58 | 10.49 | 11.49 | 12.58 | 13.77 |
| Depreciation | 3.78 | 5.24 | 8.83 | 8.54 | 9.48 | 8.93 | 9.78 | 10.70 | 11.72 | 12.83 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.50 | 0.07 | 0.24 | 0.10 | -0.53 | -0.06 | -0.06 | -0.07 | -0.07 |
| Accounts Payable | - | 0.53 | 0.12 | 1.11 | 1.57 | -1.34 | 0.36 | 0.40 | 0.44 | 0.48 |
| Capital Expenditure | -8.16 | -11.98 | -3.65 | -2.68 | -2.52 | -7.86 | -8.60 | -9.42 | -10.31 | -11.29 |
| UFCF | 0.20 | 3.68 | -3.55 | 14.50 | 21.80 | 8.79 | 11.97 | 13.11 | 14.35 | 15.71 |
| WACC | ||||||||||
| PV UFCF | 7.85 | 9.56 | 9.35 | 9.14 | 8.94 | |||||
| SUM PV UFCF | 44.85 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.93 |
| Free cash flow (t + 1) | 16.03 |
| Terminal Value | 161.40 |
| Present Value of Terminal Value | 91.87 |
Intrinsic Value
| Enterprise Value | 136.72 |
|---|---|
| Net Debt | -20.01 |
| Equity Value | 156.73 |
| Shares Outstanding | 2.38 |
| Equity Value Per Share | 65.82 |