Discounted Cash Flow (DCF) Analysis Unlevered
ifa systems AG (IS8.DE)
3.88 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 8.86 | 8.55 | 6.61 | 9.67 | 7.30 | 7.22 | 7.14 | 7.06 | 6.98 | 6.91 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1.03 | -5.39 | 1.32 | 3.96 | 1.48 | 0.43 | 0.43 | 0.42 | 0.42 | 0.41 |
| EBITDA (%) | ||||||||||
| EBIT | -2.21 | -10.24 | 0.16 | 1.27 | 0.19 | -1.83 | -1.81 | -1.79 | -1.77 | -1.75 |
| EBIT (%) | ||||||||||
| Depreciation | 3.25 | 4.85 | 1.16 | 2.69 | 1.29 | 2.26 | 2.23 | 2.21 | 2.19 | 2.16 |
| 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 | 0.22 | 4.33 | 3.69 | 3.52 | 1.64 | 2.42 | 2.40 | 2.37 | 2.34 | 2.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.56 | 0.05 | 0.03 | 0.03 | 0.02 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.80 | 0.46 | 0.08 | 0.10 | 0.10 | 0.26 | 0.26 | 0.25 | 0.25 | 0.25 |
| 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 | $ 3.88 |
|---|---|
| Beta | 1.037 |
| 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 | 8.275 |
| Total Debt | 0.19 |
| Total Equity | 10.67 |
| Total Capital | 10.86 |
| Debt Weighting | 1.78 |
| Equity Weighting | 98.22 |
| 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 | 8.86 | 8.55 | 6.61 | 9.67 | 7.30 | 7.22 | 7.14 | 7.06 | 6.98 | 6.91 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.03 | -5.39 | 1.32 | 3.96 | 1.48 | 0.43 | 0.43 | 0.42 | 0.42 | 0.41 |
| EBIT | -2.21 | -10.24 | 0.16 | 1.27 | 0.19 | -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 | -9.26 | 1.08 | 1.26 | 0.18 | -3.88 | -3.84 | -3.79 | -3.75 | -3.71 |
| Depreciation | 3.25 | 4.85 | 1.16 | 2.69 | 1.29 | 2.26 | 2.23 | 2.21 | 2.19 | 2.16 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.52 | 0.02 | 0 | 0.01 | -0.10 | 0 | 0 | 0 | 0 |
| Accounts Payable | - | -0.35 | -0.38 | 0.02 | 0 | 0.16 | -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 | -5.07 | 1.34 | 3.44 | -1.73 | -2.80 | -2.84 | -2.81 | -2.78 | -2.75 |
| WACC | ||||||||||
| PV UFCF | -2.59 | -2.42 | -2.21 | -2.02 | -1.84 | |||||
| SUM PV UFCF | -11.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.34 |
| Free cash flow (t + 1) | -2.80 |
| Terminal Value | -44.18 |
| Present Value of Terminal Value | -29.60 |
Intrinsic Value
| Enterprise Value | -40.67 |
|---|---|
| Net Debt | -1.45 |
| Equity Value | -39.22 |
| Shares Outstanding | 2.75 |
| Equity Value Per Share | -14.26 |