Discounted Cash Flow (DCF) Analysis Unlevered

Stemmer Imaging AG (S9I.DE)

38.2 €

+0.50 (+1.33%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.13 | 38.2 | 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 88.30100.63108.97105.18130.11143.93159.22176.12194.82215.51
Revenue (%)
EBITDA 5.826.317.437.2517.6311.5512.7814.1315.6417.30
EBITDA (%)
EBIT 4.054.245.97-2.1113.706.567.268.038.889.82
EBIT (%)
Depreciation 1.782.071.469.363.934.995.526.116.767.47
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 5.5151.7646.4534.9136.1446.4251.3556.8062.8369.51
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 6.218.5510.7210.7614.6213.4814.9116.5018.2520.19
Inventories (%)
Accounts Payable 5.766.598.469.6410.7511.0112.1813.4814.9116.49
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 $ 38.2
Beta 1.640
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 11.275
Total Debt 9.38
Total Equity 1,200.53
Total Capital 1,209.90
Debt Weighting 0.78
Equity Weighting 99.22
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 88.30100.63108.97105.18130.11143.93159.22176.12194.82215.51
EBITDA 5.826.317.437.2517.6311.5512.7814.1315.6417.30
EBIT 4.054.245.97-2.1113.706.567.268.038.889.82
Tax Rate 34.23%29.94%26.29%-48.81%23.33%13.00%13.00%13.00%13.00%13.00%
EBIAT 2.662.974.40-3.1410.505.716.316.987.738.55
Depreciation 1.782.071.469.363.934.995.526.116.767.47
Accounts Receivable ----------
Inventories --2.33-2.18-0.03-3.871.14-1.43-1.58-1.75-1.94
Accounts Payable -0.821.871.171.110.261.171.291.431.58
Capital Expenditure -1.48-0.40-1.30-0.42-0.25-1.11-1.23-1.36-1.51-1.67
UFCF 2.953.134.256.9411.4310.9910.3411.4412.6514
WACC
PV UFCF 9.888.368.328.288.24
SUM PV UFCF 43.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.19
Free cash flow (t + 1) 14.28
Terminal Value 155.35
Present Value of Terminal Value 91.41

Intrinsic Value

Enterprise Value 134.49
Net Debt -26.64
Equity Value 161.13
Shares Outstanding 31.43
Equity Value Per Share 5.13