Discounted Cash Flow (DCF) Analysis Unlevered
LEONI AG (LEO.DE)
2.832 €
-0.11 (-3.61%)
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 | 4,922.81 | 5,101.12 | 4,845.71 | 4,133.54 | 5,118.92 | 5,218.19 | 5,319.39 | 5,422.54 | 5,527.70 | 5,634.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 375.22 | 305.66 | -180.46 | -58.89 | 289.61 | 147.39 | 150.25 | 153.17 | 156.14 | 159.16 |
| EBITDA (%) | ||||||||||
| EBIT | 225.70 | 147.07 | -385.01 | -280.63 | 85.34 | -58.44 | -59.57 | -60.73 | -61.90 | -63.10 |
| EBIT (%) | ||||||||||
| Depreciation | 149.52 | 158.59 | 204.55 | 221.74 | 204.27 | 205.83 | 209.82 | 213.89 | 218.04 | 222.27 |
| 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 | 214.55 | 184.87 | 200.33 | 213.61 | 237.42 | 228.79 | 233.23 | 237.75 | 242.36 | 247.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 669.49 | 609.29 | 536.70 | 499.61 | 470.02 | 604.15 | 615.86 | 627.81 | 639.98 | 652.39 |
| Inventories (%) | ||||||||||
| Accounts Payable | 909.41 | 956.83 | 766.48 | 824.55 | 739.92 | 912.67 | 930.37 | 948.41 | 966.80 | 985.55 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -275.20 | -315.68 | -304.30 | -197.73 | -174.80 | -274.03 | -279.34 | -284.76 | -290.28 | -295.91 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.832 |
|---|---|
| Beta | 1.293 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 331.20 |
| After-tax Cost of Debt | -9.34% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.482 |
| Total Debt | 1,598.52 |
| Total Equity | 304.40 |
| Total Capital | 1,902.92 |
| Debt Weighting | 84.00 |
| Equity Weighting | 16.00 |
| 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 | 4,922.81 | 5,101.12 | 4,845.71 | 4,133.54 | 5,118.92 | 5,218.19 | 5,319.39 | 5,422.54 | 5,527.70 | 5,634.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 375.22 | 305.66 | -180.46 | -58.89 | 289.61 | 147.39 | 150.25 | 153.17 | 156.14 | 159.16 |
| EBIT | 225.70 | 147.07 | -385.01 | -280.63 | 85.34 | -58.44 | -59.57 | -60.73 | -61.90 | -63.10 |
| Tax Rate | 27.61% | 37.46% | -3.74% | 2.08% | 331.20% | 78.92% | 78.92% | 78.92% | 78.92% | 78.92% |
| EBIAT | 163.37 | 91.98 | -399.40 | -274.80 | -197.32 | -12.32 | -12.56 | -12.80 | -13.05 | -13.30 |
| Depreciation | 149.52 | 158.59 | 204.55 | 221.74 | 204.27 | 205.83 | 209.82 | 213.89 | 218.04 | 222.27 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 60.19 | 72.59 | 37.09 | 29.60 | -134.13 | -11.72 | -11.94 | -12.17 | -12.41 |
| Accounts Payable | - | 47.41 | -190.34 | 58.07 | -84.63 | 172.75 | 17.70 | 18.04 | 18.39 | 18.75 |
| Capital Expenditure | -275.19 | -315.68 | -304.31 | -197.73 | -174.80 | -274.03 | -279.34 | -284.76 | -290.28 | -295.91 |
| UFCF | 37.70 | 42.50 | -616.91 | -155.63 | -222.88 | -41.89 | -76.09 | -77.57 | -79.07 | -80.60 |
| WACC | ||||||||||
| PV UFCF | -44.72 | -86.72 | -94.38 | -102.71 | -111.78 | |||||
| SUM PV UFCF | -440.31 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -6.33 |
| Free cash flow (t + 1) | -82.22 |
| Terminal Value | 986.99 |
| Present Value of Terminal Value | 1,368.71 |
Intrinsic Value
| Enterprise Value | 928.40 |
|---|---|
| Net Debt | 1,433.88 |
| Equity Value | -505.48 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | -4.70 |