Discounted Cash Flow (DCF) Analysis Unlevered

Almunda Professionals N.V. (NOVI.AS)

1.25 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.78 | 1.25 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 63.2420.9417.8913.7612.619.066.504.673.352.41
Revenue (%)
EBITDA -0.361.690.920.811.160.500.360.260.190.13
EBITDA (%)
EBIT -0.481.530.780.430.790.370.260.190.140.10
EBIT (%)
Depreciation 0.110.160.140.380.370.130.100.070.050.04
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 5.797.333.853.087.692.701.941.3910.72
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 9.064.670.930.500.190.850.610.440.310.23
Accounts Payable (%)
Capital Expenditure --0.03-0.03-0.02-0.01-0.01-0.01-0.01-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.25
Beta 0.627
Diluted Shares Outstanding 11.75
Cost of Debt
Tax Rate 21.67
After-tax Cost of Debt 2.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.675
Total Debt 0.59
Total Equity 14.69
Total Capital 15.28
Debt Weighting 3.86
Equity Weighting 96.14
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 63.2420.9417.8913.7612.619.066.504.673.352.41
EBITDA -0.361.690.920.811.160.500.360.260.190.13
EBIT -0.481.530.780.430.790.370.260.190.140.10
Tax Rate 17.78%-6.74%-2.50%-49.12%21.67%-3.78%-3.78%-3.78%-3.78%-3.78%
EBIAT -0.391.640.800.640.620.380.270.200.140.10
Depreciation 0.110.160.140.380.370.130.100.070.050.04
Accounts Receivable ----------
Inventories ----------
Accounts Payable --4.39-3.74-0.43-0.310.66-0.24-0.17-0.12-0.09
Capital Expenditure --0.03-0.03-0.02-0.01-0.01-0.01-0.01-0-0
UFCF -0.28-2.62-2.830.570.671.160.120.090.060.04
WACC
PV UFCF 1.090.110.070.050.03
SUM PV UFCF 1.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.53
Free cash flow (t + 1) 0.05
Terminal Value 1.01
Present Value of Terminal Value 0.74

Intrinsic Value

Enterprise Value 2.09
Net Debt -7.10
Equity Value 9.19
Shares Outstanding 11.75
Equity Value Per Share 0.78