Discounted Cash Flow (DCF) Analysis Unlevered

NFON AG (NFN.DE)

7.2 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.64 | 7.2 | 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 35.6543.0357.1267.6075.8991.84111.14134.49162.75196.94
Revenue (%)
EBITDA -1.02-7.77-6.952.34-2.01-5.93-7.17-8.68-10.50-12.71
EBITDA (%)
EBIT -1.69-8.46-9.95-1.81-8.95-10.34-12.51-15.14-18.32-22.17
EBIT (%)
Depreciation 0.670.693.014.156.944.415.346.467.829.46
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 2.5741.8336.8123.0327.6743.9753.2164.3977.9294.29
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.020.090.210.150.160.190.230.280.340.41
Inventories (%)
Accounts Payable 2.583.245.174.936.087.188.6910.5212.7315.41
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 35.6543.0357.1267.6075.8991.84111.14134.49162.75196.94
EBITDA -1.02-7.77-6.952.34-2.01-5.93-7.17-8.68-10.50-12.71
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 0.670.693.014.156.944.415.346.467.829.46
Accounts Receivable ----------
Inventories --0.07-0.120.06-0.01-0.04-0.04-0.05-0.06-0.07
Accounts Payable -0.661.94-0.241.151.101.511.832.212.68
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