Discounted Cash Flow (DCF) Analysis Unlevered

STS Group AG (SF3.DE)

4.16 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.00 | 4.16 | 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 309.99401.23362.80235242234.50227.24220.20213.37206.76
Revenue (%)
EBITDA 8.1411.9714.685.4019.309.359.068.788.508.24
EBITDA (%)
EBIT 46.92-1.24-6.39-10.703.804.734.584.444.304.17
EBIT (%)
Depreciation -38.7813.2121.0716.1015.504.624.474.344.204.07
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 16.5431.7317.6421.6030.2018.6518.0817.5216.9716.45
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 27.7429.6932.0423.4029.8022.2521.5720.9020.2519.62
Inventories (%)
Accounts Payable 65.4669.9669.714546.8045.1443.7542.3941.0839.80
Accounts Payable (%)
Capital Expenditure -12.04-12.02-17.34-10.90-13.50-10.26-9.94-9.63-9.34-9.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.16
Beta 2.299
Diluted Shares Outstanding 6.50
Cost of Debt
Tax Rate -63.64
After-tax Cost of Debt 6.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.359
Total Debt 40
Total Equity 27.04
Total Capital 67.04
Debt Weighting 59.67
Equity Weighting 40.33
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 309.99401.23362.80235242234.50227.24220.20213.37206.76
EBITDA 8.1411.9714.685.4019.309.359.068.788.508.24
EBIT 46.92-1.24-6.39-10.703.804.734.584.444.304.17
Tax Rate -7.12%-43.72%-22.22%-341.67%-63.64%-95.67%-95.67%-95.67%-95.67%-95.67%
EBIAT 50.26-1.78-7.81-47.266.229.258.968.698.428.16
Depreciation -38.7813.2121.0716.1015.504.624.474.344.204.07
Accounts Receivable ----------
Inventories --1.95-2.358.64-6.407.550.690.670.650.63
Accounts Payable -4.50-0.26-24.711.80-1.66-1.40-1.36-1.31-1.27
Capital Expenditure -12.04-12.02-17.34-10.90-13.50-10.26-9.94-9.63-9.34-9.05
UFCF -0.561.96-6.69-58.133.629.502.792.702.622.54
WACC
PV UFCF 8.662.322.051.811.60
SUM PV UFCF 16.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.67
Free cash flow (t + 1) 2.59
Terminal Value 33.73
Present Value of Terminal Value 21.26

Intrinsic Value

Enterprise Value 37.69
Net Debt 11.70
Equity Value 25.99
Shares Outstanding 6.50
Equity Value Per Share 4.00