Discounted Cash Flow (DCF) Analysis Unlevered
mwb fairtrade Wertpapierhandelsbank... (MWB.DE)
4.3 €
+0.06 (+1.42%)
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 | 22.47 | 17.20 | 19.34 | 57.37 | 53.34 | 77.15 | 111.61 | 161.45 | 233.55 | 337.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 5.28 | 0.96 | 2.25 | 25.01 | 19.55 | 18.67 | 27 | 39.06 | 56.50 | 81.74 |
| EBITDA (%) | ||||||||||
| EBIT | 5.28 | 0.96 | 2.25 | 25.01 | 19.55 | 18.67 | 27 | 39.06 | 56.50 | 81.74 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 0 | 0.04 | 0.04 | 11.98 | 5.53 | 4.89 | 7.08 | 10.24 | 14.82 | 21.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.07 | 0.08 | 0.11 | 0.09 | 0.15 | 0.27 | 0.39 | 0.57 | 0.82 | 1.18 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | 0.27 | 0.41 | 1.05 | 0.98 | 1.41 | 2.04 | 2.95 | 4.27 | 6.18 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.3 |
|---|---|
| Beta | 0.721 |
| Diluted Shares Outstanding | 7.46 |
| Cost of Debt | |
| Tax Rate | 34.57 |
| After-tax Cost of Debt | 0.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.883 |
| Total Debt | 12.84 |
| Total Equity | 32.07 |
| Total Capital | 44.91 |
| Debt Weighting | 28.58 |
| Equity Weighting | 71.42 |
| 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 | 22.47 | 17.20 | 19.34 | 57.37 | 53.34 | 77.15 | 111.61 | 161.45 | 233.55 | 337.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5.28 | 0.96 | 2.25 | 25.01 | 19.55 | 18.67 | 27 | 39.06 | 56.50 | 81.74 |
| EBIT | 5.28 | 0.96 | 2.25 | 25.01 | 19.55 | 18.67 | 27 | 39.06 | 56.50 | 81.74 |
| Tax Rate | 12.11% | 5.57% | 10.01% | 27.65% | 34.57% | 17.98% | 17.98% | 17.98% | 17.98% | 17.98% |
| EBIAT | 4.64 | 0.91 | 2.02 | 18.10 | 12.79 | 15.31 | 22.15 | 32.04 | 46.34 | 67.04 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0 | -0.03 | 0.02 | -0.07 | -0.12 | -0.12 | -0.17 | -0.25 | -0.37 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | 0.14 | 0.64 | -0.07 | 0.44 | 0.63 | 0.91 | 1.32 | 1.91 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | 4.64 | 0.91 | 2.13 | 18.76 | 12.65 | 15.63 | 22.66 | 32.77 | 47.41 | 68.58 |
| WACC | ||||||||||
| PV UFCF | 14.87 | 20.51 | 28.24 | 38.87 | 53.50 | |||||
| SUM PV UFCF | 156 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 69.95 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 7.31 |
| Equity Value | - |
| Shares Outstanding | 7.46 |
| Equity Value Per Share | - |