Discounted Cash Flow (DCF) Analysis Unlevered
NFON AG (NFN.DE)
7.2 €
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 | 35.65 | 43.03 | 57.12 | 67.60 | 75.89 | 91.84 | 111.14 | 134.49 | 162.75 | 196.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.02 | -7.77 | -6.95 | 2.34 | -2.01 | -5.93 | -7.17 | -8.68 | -10.50 | -12.71 |
| EBITDA (%) | ||||||||||
| EBIT | -1.69 | -8.46 | -9.95 | -1.81 | -8.95 | -10.34 | -12.51 | -15.14 | -18.32 | -22.17 |
| EBIT (%) | ||||||||||
| Depreciation | 0.67 | 0.69 | 3.01 | 4.15 | 6.94 | 4.41 | 5.34 | 6.46 | 7.82 | 9.46 |
| 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 | 2.57 | 41.83 | 36.81 | 23.03 | 27.67 | 43.97 | 53.21 | 64.39 | 77.92 | 94.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.02 | 0.09 | 0.21 | 0.15 | 0.16 | 0.19 | 0.23 | 0.28 | 0.34 | 0.41 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.58 | 3.24 | 5.17 | 4.93 | 6.08 | 7.18 | 8.69 | 10.52 | 12.73 | 15.41 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.10 | -1.06 | -5.22 | -7.60 | -7.90 | -6.67 | -8.07 | -9.77 | -11.82 | -14.31 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.2 |
|---|---|
| Beta | 1.272 |
| Diluted Shares Outstanding | 16.47 |
| Cost of Debt | |
| Tax Rate | 3.37 |
| After-tax Cost of Debt | 5.30% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.531 |
| Total Debt | 5.01 |
| Total Equity | 118.61 |
| Total Capital | 123.63 |
| Debt Weighting | 4.06 |
| Equity Weighting | 95.94 |
| 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 | 35.65 | 43.03 | 57.12 | 67.60 | 75.89 | 91.84 | 111.14 | 134.49 | 162.75 | 196.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.02 | -7.77 | -6.95 | 2.34 | -2.01 | -5.93 | -7.17 | -8.68 | -10.50 | -12.71 |
| EBIT | -1.69 | -8.46 | -9.95 | -1.81 | -8.95 | -10.34 | -12.51 | -15.14 | -18.32 | -22.17 |
| Tax Rate | -10.92% | 5.97% | -1.10% | 3.74% | 3.37% | 0.21% | 0.21% | 0.21% | 0.21% | 0.21% |
| EBIAT | -1.87 | -7.96 | -10.06 | -1.75 | -8.65 | -10.32 | -12.48 | -15.11 | -18.28 | -22.12 |
| Depreciation | 0.67 | 0.69 | 3.01 | 4.15 | 6.94 | 4.41 | 5.34 | 6.46 | 7.82 | 9.46 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.07 | -0.12 | 0.06 | -0.01 | -0.04 | -0.04 | -0.05 | -0.06 | -0.07 |
| Accounts Payable | - | 0.66 | 1.94 | -0.24 | 1.15 | 1.10 | 1.51 | 1.83 | 2.21 | 2.68 |
| Capital Expenditure | -1.10 | -1.05 | -5.22 | -7.60 | -7.90 | -6.67 | -8.07 | -9.77 | -11.82 | -14.31 |
| UFCF | -2.30 | -7.73 | -10.45 | -5.38 | -8.46 | -11.51 | -13.75 | -16.64 | -20.14 | -24.37 |
| WACC | ||||||||||
| PV UFCF | -10.53 | -11.50 | -12.72 | -14.08 | -15.58 | |||||
| SUM PV UFCF | -64.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.36 |
| Free cash flow (t + 1) | -24.85 |
| Terminal Value | -337.69 |
| Present Value of Terminal Value | -215.88 |
Intrinsic Value
| Enterprise Value | -280.29 |
|---|---|
| Net Debt | -22.66 |
| Equity Value | -257.63 |
| Shares Outstanding | 16.47 |
| Equity Value Per Share | -15.64 |