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
Stock DCF: 65.82 | 139.4 | 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 91.55107.46115.45117.56130.85143.26156.84171.72188.01205.84
Revenue (%)
EBITDA 8.906.9712.3319.2125.9418.0719.7821.6623.7125.96
EBITDA (%)
EBIT 5.121.743.5110.6716.469.1410.0110.961213.14
EBIT (%)
Depreciation 3.785.248.838.549.488.939.7810.7011.7212.83
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 31.8312.308.379.5447.7728.1130.7733.6936.8940.38
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.990.490.420.170.070.600.660.720.790.86
Inventories (%)
Accounts Payable 1.842.362.483.595.163.834.194.595.025.50
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 91.55107.46115.45117.56130.85143.26156.84171.72188.01205.84
EBITDA 8.906.9712.3319.2125.9418.0719.7821.6623.7125.96
EBIT 5.121.743.5110.6716.469.1410.0110.961213.14
Tax Rate 10.54%-440.94%354.42%31.68%20.04%-4.85%-4.85%-4.85%-4.85%-4.85%
EBIAT 4.589.39-8.927.2913.169.5810.4911.4912.5813.77
Depreciation 3.785.248.838.549.488.939.7810.7011.7212.83
Accounts Receivable ----------
Inventories -0.500.070.240.10-0.53-0.06-0.06-0.07-0.07
Accounts Payable -0.530.121.111.57-1.340.360.400.440.48
Capital Expenditure -8.16-11.98-3.65-2.68-2.52-7.86-8.60-9.42-10.31-11.29
UFCF 0.203.68-3.5514.5021.808.7911.9713.1114.3515.71
WACC
PV UFCF 7.859.569.359.148.94
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