Discounted Cash Flow (DCF) Analysis Unlevered
SNP Schneider-Neureither & Partner ... (SHF.DE)
28.5 €
-0.70 (-2.40%)
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 | 122.34 | 130.98 | 145.19 | 143.78 | 166.97 | 180.77 | 195.71 | 211.89 | 229.41 | 248.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.15 | 1.41 | 15.40 | 9.49 | 16.80 | 10.89 | 11.79 | 12.76 | 13.81 | 14.96 |
| EBITDA (%) | ||||||||||
| EBIT | -1.62 | -3.44 | 7.27 | 1.11 | 6.85 | 2.14 | 2.32 | 2.51 | 2.72 | 2.94 |
| EBIT (%) | ||||||||||
| Depreciation | 3.78 | 4.85 | 8.13 | 8.39 | 9.95 | 8.74 | 9.47 | 10.25 | 11.10 | 12.01 |
| 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 | 33.88 | 39.97 | 19.14 | 45.96 | 41.35 | 46.32 | 50.15 | 54.30 | 58.78 | 63.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.37 | 0.37 | 0.37 | 0.40 | 0.47 | 0.51 | 0.55 | 0.60 | 0.65 | 0.70 |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.42 | 8.95 | 10.24 | 4.61 | 8.34 | 11.36 | 12.30 | 13.32 | 14.42 | 15.61 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.44 | -2.92 | -3.87 | -2.12 | -2.72 | -4.50 | -4.87 | -5.27 | -5.71 | -6.18 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 28.5 |
|---|---|
| Beta | 1.263 |
| Diluted Shares Outstanding | 7.12 |
| Cost of Debt | |
| Tax Rate | 78.61 |
| After-tax Cost of Debt | 0.45% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.343 |
| Total Debt | 86.63 |
| Total Equity | 202.78 |
| Total Capital | 289.41 |
| Debt Weighting | 29.93 |
| Equity Weighting | 70.07 |
| 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 | 122.34 | 130.98 | 145.19 | 143.78 | 166.97 | 180.77 | 195.71 | 211.89 | 229.41 | 248.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.15 | 1.41 | 15.40 | 9.49 | 16.80 | 10.89 | 11.79 | 12.76 | 13.81 | 14.96 |
| EBIT | -1.62 | -3.44 | 7.27 | 1.11 | 6.85 | 2.14 | 2.32 | 2.51 | 2.72 | 2.94 |
| Tax Rate | -30.77% | 61.11% | 58.81% | -106.52% | 78.61% | 12.25% | 12.25% | 12.25% | 12.25% | 12.25% |
| EBIAT | -2.12 | -1.34 | 2.99 | 2.29 | 1.46 | 1.88 | 2.04 | 2.20 | 2.39 | 2.58 |
| Depreciation | 3.78 | 4.85 | 8.13 | 8.39 | 9.95 | 8.74 | 9.47 | 10.25 | 11.10 | 12.01 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0 | -0 | -0.03 | -0.07 | -0.04 | -0.04 | -0.05 | -0.05 | -0.05 |
| Accounts Payable | - | -2.48 | 1.29 | -5.63 | 3.73 | 3.02 | 0.94 | 1.02 | 1.10 | 1.19 |
| Capital Expenditure | -5.44 | -2.92 | -3.87 | -2.12 | -2.72 | -4.50 | -4.87 | -5.27 | -5.71 | -6.18 |
| UFCF | -3.79 | -1.88 | 8.55 | 2.90 | 12.36 | 9.11 | 7.53 | 8.15 | 8.83 | 9.56 |
| WACC | ||||||||||
| PV UFCF | 8.54 | 6.62 | 6.71 | 6.81 | 6.92 | |||||
| SUM PV UFCF | 35.60 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.68 |
| Free cash flow (t + 1) | 9.75 |
| Terminal Value | 208.26 |
| Present Value of Terminal Value | 150.73 |
Intrinsic Value
| Enterprise Value | 186.33 |
|---|---|
| Net Debt | 46.29 |
| Equity Value | 140.03 |
| Shares Outstanding | 7.12 |
| Equity Value Per Share | 19.68 |