Discounted Cash Flow (DCF) Analysis Unlevered

SMT Scharf AG (S4A.DE)

12.4 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.26 | 12.4 | 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 52.1370.8075.4050.1885.87103.04123.64148.37178.03213.63
Revenue (%)
EBITDA 6.658.4810.700.7417.6512.5615.0718.0921.7126.05
EBITDA (%)
EBIT 5.366.807.85-5.95157.408.8810.6612.7915.35
EBIT (%)
Depreciation 1.301.672.846.692.655.166.197.438.9110.70
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 12.895.416.384.559.5612.5815.0918.1121.7326.08
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 15.1025.8328.6129.5332.9441.3449.6159.5371.4385.72
Inventories (%)
Accounts Payable 5.416.396.544.875.018.9910.7912.9515.5318.64
Accounts Payable (%)
Capital Expenditure -3.35-2.58-3.91-3.24-4.14-5.47-6.56-7.87-9.44-11.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.4
Beta 0.998
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 10.74
After-tax Cost of Debt 29.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.960
Total Debt 2.80
Total Equity 1,332.83
Total Capital 1,335.62
Debt Weighting 0.21
Equity Weighting 99.79
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 52.1370.8075.4050.1885.87103.04123.64148.37178.03213.63
EBITDA 6.658.4810.700.7417.6512.5615.0718.0921.7126.05
EBIT 5.366.807.85-5.95157.408.8810.6612.7915.35
Tax Rate 22.60%25.44%20.53%-19.69%10.74%11.92%11.92%11.92%11.92%11.92%
EBIAT 4.155.076.24-7.1213.396.527.829.3911.2713.52
Depreciation 1.301.672.846.692.655.166.197.438.9110.70
Accounts Receivable ----------
Inventories --10.73-2.79-0.92-3.41-8.40-8.27-9.92-11.90-14.28
Accounts Payable -0.980.15-1.670.143.981.802.162.593.11
Capital Expenditure -3.35-2.58-3.91-3.24-4.14-5.47-6.56-7.87-9.44-11.33
UFCF 2.10-5.582.54-6.268.641.790.991.181.421.71
WACC
PV UFCF 1.640.830.911.011.11
SUM PV UFCF 5.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.00
Free cash flow (t + 1) 1.74
Terminal Value 24.85
Present Value of Terminal Value 16.15

Intrinsic Value

Enterprise Value 21.66
Net Debt -6.72
Equity Value 28.37
Shares Outstanding 107.49
Equity Value Per Share 0.26