Discounted Cash Flow (DCF) Analysis Unlevered

OHB SE (OHB.DE)

42.55 €

-0.10 (-0.23%)

All numbers are in Millions, Currency in USD

Stock DCF: 35.95 | 42.55 | overvalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	976.55	1,004.62	880.32	905	944.52	939.02	933.56	928.12	922.72	917.35
Revenue (%)
EBITDA	65.57	71.63	71.98	83.59	65.33	71.69	71.28	70.86	70.45	70.04
EBITDA (%)
EBIT	48.31	42.41	36.59	47	29.25	40.59	40.36	40.12	39.89	39.65
EBIT (%)
Depreciation	17.26	29.22	35.39	36.60	36.09	31.10	30.92	30.74	30.56	30.38
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	48.73	91.53	93.99	98.64	128.87	92.63	92.09	91.55	91.02	90.49
Total Cash (%)
Account Receivables	361.15	438.25	381.15	448.21	560.75	437.20	434.66	432.13	429.61	427.11
Account Receivables (%)
Inventories	43.52	43.17	50.71	23.05	18.68	35.76	35.55	35.34	35.13	34.93
Inventories (%)
Accounts Payable	176.96	166.65	104.53	85.43	100.30	125.16	124.43	123.70	122.98	122.27
Accounts Payable (%)
Capital Expenditure	-24.18	-20.95	-21.15	-22.59	-20.48	-21.84	-21.71	-21.59	-21.46	-21.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 42.55
Beta	0.917
Diluted Shares Outstanding	17.36
Cost of Debt
Tax Rate	35.49
After-tax Cost of Debt	2.30%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.957
Total Debt	254.94
Total Equity	738.71
Total Capital	993.65
Debt Weighting	25.66
Equity Weighting	74.34
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	976.55	1,004.62	880.32	905	944.52	939.02	933.56	928.12	922.72	917.35
EBITDA	65.57	71.63	71.98	83.59	65.33	71.69	71.28	70.86	70.45	70.04
EBIT	48.31	42.41	36.59	47	29.25	40.59	40.36	40.12	39.89	39.65
Tax Rate	43.30%	34.75%	30.01%	33.89%	35.49%	35.49%	35.49%	35.49%	35.49%	35.49%
EBIAT	27.39	27.67	25.61	31.07	18.87	26.19	26.03	25.88	25.73	25.58
Depreciation	17.26	29.22	35.39	36.60	36.09	31.10	30.92	30.74	30.56	30.38
Accounts Receivable	-	-77.10	57.10	-67.06	-112.54	123.54	2.54	2.53	2.52	2.50
Inventories	-	0.35	-7.53	27.66	4.37	-17.08	0.21	0.21	0.21	0.20
Accounts Payable	-	-10.31	-62.13	-19.10	14.87	24.86	-0.73	-0.72	-0.72	-0.72
Capital Expenditure	-24.18	-20.95	-21.16	-22.59	-20.48	-21.84	-21.71	-21.59	-21.46	-21.34
UFCF	20.47	-51.11	27.28	-13.43	-58.83	166.78	37.27	37.05	36.83	36.62
WACC
PV UFCF						155.50	32.40	30.03	27.84	25.81
SUM PV UFCF										271.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.25
Free cash flow (t + 1)	37.35
Terminal Value	711.46
Present Value of Terminal Value	501.38

Intrinsic Value

Enterprise Value	772.96
Net Debt	148.83
Equity Value	624.13
Shares Outstanding	17.36
Equity Value Per Share	35.95