Discounted Cash Flow (DCF) Analysis Unlevered

Laiqon AG (L1OA.DE)

7.78 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.02 | 7.78 | 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 7.467.928.2227.7426.1241.8967.19107.76172.83277.19
Revenue (%)
EBITDA 1.77-0.60-3.216.6018.576.049.6915.5424.9239.97
EBITDA (%)
EBIT 1.29-0.71-4.472.8614.631.712.744.407.0611.32
EBIT (%)
Depreciation 0.480.111.263.743.944.336.9411.1417.8628.65
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 12.7517.1014.458.3926.2458.1093.18149.44239.67384.38
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.772.094.153.743.749.6315.4524.7839.7563.75
Accounts Payable (%)
Capital Expenditure -0.17-1-4.91-1.20-1.20-7-11.23-18.01-28.89-46.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.78
Beta 1.329
Diluted Shares Outstanding 13.37
Cost of Debt
Tax Rate 19.75
After-tax Cost of Debt 43.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.905
Total Debt 17.85
Total Equity 104.06
Total Capital 121.90
Debt Weighting 14.64
Equity Weighting 85.36
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 7.467.928.2227.7426.1241.8967.19107.76172.83277.19
EBITDA 1.77-0.60-3.216.6018.576.049.6915.5424.9239.97
EBIT 1.29-0.71-4.472.8614.631.712.744.407.0611.32
Tax Rate -13.14%-55.58%98.17%76.17%19.75%25.07%25.07%25.07%25.07%25.07%
EBIAT 1.46-1.10-0.080.6811.741.282.063.305.298.48
Depreciation 0.480.111.263.743.944.336.9411.1417.8628.65
Accounts Receivable ----------
Inventories ----------
Accounts Payable -1.322.06-0.4105.895.829.3314.9624
Capital Expenditure -0.17-1-4.91-1.20-1.20-7-11.23-18.01-28.89-46.33
UFCF 1.77-0.67-1.682.8114.484.503.595.769.2314.80
WACC
PV UFCF 3.922.723.805.317.41
SUM PV UFCF 23.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.84
Free cash flow (t + 1) 15.10
Terminal Value 117.60
Present Value of Terminal Value 58.88

Intrinsic Value

Enterprise Value 82.04
Net Debt 1.52
Equity Value 80.52
Shares Outstanding 13.37
Equity Value Per Share 6.02