Discounted Cash Flow (DCF) Analysis Unlevered

ifa systems AG (IS8.DE)

4.1 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -13.69 | 4.1 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 8.868.556.619.677.307.227.147.066.986.91
Revenue (%)
EBITDA 1.03-5.391.323.961.480.430.430.420.420.41
EBITDA (%)
EBIT -2.21-10.240.161.270.19-1.83-1.81-1.79-1.77-1.75
EBIT (%)
Depreciation 3.254.851.162.691.292.262.232.212.192.16
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.224.333.693.521.642.422.402.372.342.32
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.560.050.030.030.020.110.110.110.110.11
Inventories (%)
Accounts Payable 0.800.460.080.100.100.260.260.250.250.25
Accounts Payable (%)
Capital Expenditure -1.70-0.84-0.54-0.53-3.21-1.25-1.24-1.22-1.21-1.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.1
Beta 1.064
Diluted Shares Outstanding 2.75
Cost of Debt
Tax Rate 7.23
After-tax Cost of Debt 12.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.540
Total Debt 0.19
Total Equity 11.27
Total Capital 11.47
Debt Weighting 1.68
Equity Weighting 98.32
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 8.868.556.619.677.307.227.147.066.986.91
EBITDA 1.03-5.391.323.961.480.430.430.420.420.41
EBIT -2.21-10.240.161.270.19-1.83-1.81-1.79-1.77-1.75
Tax Rate 0.80%9.64%-578.90%0.50%7.23%-112.15%-112.15%-112.15%-112.15%-112.15%
EBIAT -2.19-9.261.081.260.18-3.88-3.84-3.79-3.75-3.71
Depreciation 3.254.851.162.691.292.262.232.212.192.16
Accounts Receivable ----------
Inventories -0.520.0200.01-0.100000
Accounts Payable --0.35-0.380.0200.16-0-0-0-0
Capital Expenditure -1.70-0.84-0.54-0.53-3.21-1.25-1.24-1.22-1.21-1.20
UFCF -0.64-5.071.343.44-1.73-2.80-2.84-2.81-2.78-2.75
WACC
PV UFCF -2.58-2.41-2.19-2-1.82
SUM PV UFCF -10.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.60
Free cash flow (t + 1) -2.80
Terminal Value -42.44
Present Value of Terminal Value -28.09

Intrinsic Value

Enterprise Value -39.09
Net Debt -1.45
Equity Value -37.64
Shares Outstanding 2.75
Equity Value Per Share -13.69