Discounted Cash Flow (DCF) Analysis Unlevered
Laiqon AG (L1OA.DE)
7.78 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 7.46 | 7.92 | 8.22 | 27.74 | 26.12 | 41.89 | 67.19 | 107.76 | 172.83 | 277.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1.77 | -0.60 | -3.21 | 6.60 | 18.57 | 6.04 | 9.69 | 15.54 | 24.92 | 39.97 |
| EBITDA (%) | ||||||||||
| EBIT | 1.29 | -0.71 | -4.47 | 2.86 | 14.63 | 1.71 | 2.74 | 4.40 | 7.06 | 11.32 |
| EBIT (%) | ||||||||||
| Depreciation | 0.48 | 0.11 | 1.26 | 3.74 | 3.94 | 4.33 | 6.94 | 11.14 | 17.86 | 28.65 |
| 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 | 12.75 | 17.10 | 14.45 | 8.39 | 26.24 | 58.10 | 93.18 | 149.44 | 239.67 | 384.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.77 | 2.09 | 4.15 | 3.74 | 3.74 | 9.63 | 15.45 | 24.78 | 39.75 | 63.75 |
| 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 | 7.46 | 7.92 | 8.22 | 27.74 | 26.12 | 41.89 | 67.19 | 107.76 | 172.83 | 277.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.77 | -0.60 | -3.21 | 6.60 | 18.57 | 6.04 | 9.69 | 15.54 | 24.92 | 39.97 |
| EBIT | 1.29 | -0.71 | -4.47 | 2.86 | 14.63 | 1.71 | 2.74 | 4.40 | 7.06 | 11.32 |
| 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 | -0.08 | 0.68 | 11.74 | 1.28 | 2.06 | 3.30 | 5.29 | 8.48 |
| Depreciation | 0.48 | 0.11 | 1.26 | 3.74 | 3.94 | 4.33 | 6.94 | 11.14 | 17.86 | 28.65 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.32 | 2.06 | -0.41 | 0 | 5.89 | 5.82 | 9.33 | 14.96 | 24 |
| 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 | -1.68 | 2.81 | 14.48 | 4.50 | 3.59 | 5.76 | 9.23 | 14.80 |
| WACC | ||||||||||
| PV UFCF | 3.92 | 2.72 | 3.80 | 5.31 | 7.41 | |||||
| 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 |