Discounted Cash Flow (DCF) Analysis Unlevered
Stemmer Imaging AG (S9I.DE)
43.9 €
+0.10 (+0.23%)
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 | 88.30 | 100.63 | 108.97 | 105.18 | 130.11 | 143.93 | 159.22 | 176.12 | 194.82 | 215.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 5.82 | 6.31 | 7.43 | 7.25 | 17.63 | 11.55 | 12.78 | 14.13 | 15.64 | 17.30 |
| EBITDA (%) | ||||||||||
| EBIT | 4.05 | 4.24 | 5.97 | -2.11 | 13.70 | 6.56 | 7.26 | 8.03 | 8.88 | 9.82 |
| EBIT (%) | ||||||||||
| Depreciation | 1.78 | 2.07 | 1.46 | 9.36 | 3.93 | 4.99 | 5.52 | 6.11 | 6.76 | 7.47 |
| 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 | 5.51 | 51.76 | 46.45 | 34.91 | 36.14 | 46.42 | 51.35 | 56.80 | 62.83 | 69.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 6.21 | 8.55 | 10.72 | 10.76 | 14.62 | 13.48 | 14.91 | 16.50 | 18.25 | 20.19 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.76 | 6.59 | 8.46 | 9.64 | 10.75 | 11.01 | 12.18 | 13.48 | 14.91 | 16.49 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.48 | -0.40 | -1.30 | -0.42 | -0.25 | -1.11 | -1.23 | -1.36 | -1.51 | -1.67 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 43.9 |
|---|---|
| Beta | 1.602 |
| Diluted Shares Outstanding | 31.43 |
| Cost of Debt | |
| Tax Rate | 23.33 |
| After-tax Cost of Debt | 0.54% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.044 |
| Total Debt | 9.38 |
| Total Equity | 1,379.66 |
| Total Capital | 1,389.04 |
| Debt Weighting | 0.68 |
| Equity Weighting | 99.32 |
| 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 | 88.30 | 100.63 | 108.97 | 105.18 | 130.11 | 143.93 | 159.22 | 176.12 | 194.82 | 215.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5.82 | 6.31 | 7.43 | 7.25 | 17.63 | 11.55 | 12.78 | 14.13 | 15.64 | 17.30 |
| EBIT | 4.05 | 4.24 | 5.97 | -2.11 | 13.70 | 6.56 | 7.26 | 8.03 | 8.88 | 9.82 |
| Tax Rate | 34.23% | 29.94% | 26.29% | -48.81% | 23.33% | 13.00% | 13.00% | 13.00% | 13.00% | 13.00% |
| EBIAT | 2.66 | 2.97 | 4.40 | -3.14 | 10.50 | 5.71 | 6.31 | 6.98 | 7.73 | 8.55 |
| Depreciation | 1.78 | 2.07 | 1.46 | 9.36 | 3.93 | 4.99 | 5.52 | 6.11 | 6.76 | 7.47 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -2.33 | -2.18 | -0.03 | -3.87 | 1.14 | -1.43 | -1.58 | -1.75 | -1.94 |
| Accounts Payable | - | 0.82 | 1.87 | 1.17 | 1.11 | 0.26 | 1.17 | 1.29 | 1.43 | 1.58 |
| Capital Expenditure | -1.48 | -0.40 | -1.30 | -0.42 | -0.25 | -1.11 | -1.23 | -1.36 | -1.51 | -1.67 |
| UFCF | 2.95 | 3.13 | 4.25 | 6.94 | 11.43 | 10.99 | 10.34 | 11.44 | 12.65 | 14 |
| WACC | ||||||||||
| PV UFCF | 9.90 | 8.40 | 8.37 | 8.34 | 8.32 | |||||
| SUM PV UFCF | 43.33 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.97 |
| Free cash flow (t + 1) | 14.28 |
| Terminal Value | 159.16 |
| Present Value of Terminal Value | 94.58 |
Intrinsic Value
| Enterprise Value | 137.91 |
|---|---|
| Net Debt | -26.64 |
| Equity Value | 164.55 |
| Shares Outstanding | 31.43 |
| Equity Value Per Share | 5.24 |