Discounted Cash Flow (DCF) Analysis Unlevered
GeoJunxion N.V. (GOJXN.AS)
1.37 €
-0.02 (-1.79%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1.38 | 1 | 1.06 | 0.95 | 0.85 | 0.76 | 0.68 | 0.61 | 0.55 | 0.49 | 0.44 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| EBITDA | -2.88 | -2.83 | -4 | -2.75 | -2.46 | -2.20 | -1.97 | -1.76 | -1.58 | -1.41 | -1.26 |
| EBITDA (%) | |||||||||||
| EBIT | -3.80 | -3.68 | -4.87 | -3.49 | -3.12 | -2.80 | -2.50 | -2.24 | -2 | -1.79 | -1.60 |
| EBIT (%) | |||||||||||
| Depreciation | 0.92 | 0.85 | 0.87 | 0.74 | 0.66 | 0.59 | 0.53 | 0.48 | 0.43 | 0.38 | 0.34 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 4.11 | 2.19 | 0.52 | 1.80 | 1.61 | 1.44 | 1.29 | 1.15 | 1.03 | 0.92 | 0.83 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | |||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||||
| Accounts Payable | 0.19 | 0.06 | 0.17 | 0.11 | 0.10 | 0.09 | 0.08 | 0.07 | 0.07 | 0.06 | 0.05 |
| Accounts Payable (%) | |||||||||||
| Capital Expenditure | -0.42 | -0.55 | -0.34 | -0.37 | -0.33 | -0.30 | -0.27 | -0.24 | -0.21 | -0.19 | -0.17 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.37 |
|---|---|
| Beta | 0.522 |
| Diluted Shares Outstanding | 5.22 |
| Cost of Debt | |
| Tax Rate | -0.24 |
| After-tax Cost of Debt | 266.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.094 |
| Total Debt | 0.11 |
| Total Equity | 7.15 |
| Total Capital | 7.26 |
| Debt Weighting | 1.53 |
| Equity Weighting | 98.47 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1.38 | 1 | 1.06 | 0.95 | 0.85 | 0.76 | 0.68 | 0.61 | 0.55 | 0.49 | 0.44 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -2.88 | -2.83 | -4 | -2.75 | -2.46 | -2.20 | -1.97 | -1.76 | -1.58 | -1.41 | -1.26 |
| EBIT | -3.80 | -3.68 | -4.87 | -3.49 | -3.12 | -2.80 | -2.50 | -2.24 | -2 | -1.79 | -1.60 |
| Tax Rate | 25.28% | 15.34% | 19.70% | 15.02% | 15.02% | -0.24% | 15.02% | 15.02% | 15.02% | 15.02% | 15.02% |
| EBIAT | -2.84 | -3.11 | -3.91 | -2.97 | -2.65 | -2.80 | -2.13 | -1.90 | -1.70 | -1.52 | -1.36 |
| Depreciation | 0.92 | 0.85 | 0.87 | 0.74 | 0.66 | 0.59 | 0.53 | 0.48 | 0.43 | 0.38 | 0.34 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.13 | 0.11 | -0.05 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 | -0.01 |
| Capital Expenditure | -0.42 | -0.55 | -0.34 | -0.37 | -0.33 | -0.56 | -0.27 | -0.24 | -0.21 | -0.19 | -0.17 |
| UFCF | -2.34 | -2.95 | -3.27 | -2.65 | -2.34 | -2.52 | -1.87 | -1.67 | -1.50 | -1.34 | -1.20 |
| WACC | |||||||||||
| PV UFCF | -2.92 | -2.34 | -2.29 | -1.54 | -1.26 | -1.02 | -0.83 | -0.67 | |||
| SUM PV UFCF | -5.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.08 |
| Free cash flow (t + 1) | -1.22 |
| Terminal Value | -15.14 |
| Present Value of Terminal Value | -9.37 |
Intrinsic Value
| Enterprise Value | -15.23 |
|---|---|
| Net Debt | -0.84 |
| Equity Value | -14.39 |
| Shares Outstanding | 5.22 |
| Equity Value Per Share | -2.76 |