Discounted Cash Flow (DCF) Analysis Unlevered

Smartphoto Group NV (SMAR.BR)

32.9 €

-0.10 (-0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.14 | 32.9 | 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 45.5946.5551.4761.3663.0568.5174.4580.9087.9195.52
Revenue (%)
EBITDA 6.506.307.8211.1510.3510.6311.5512.5513.6414.82
EBITDA (%)
EBIT 4.724.665.018.037.077.468.108.819.5710.40
EBIT (%)
Depreciation 1.781.632.813.123.273.173.453.744.074.42
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 6.9111.7214.4317.9520.8117.9019.4521.1422.9724.96
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 2.562.342.442.484.033.543.854.184.544.94
Inventories (%)
Accounts Payable 8.649.0311.0111.5614.0313.8115.0116.3117.7219.26
Accounts Payable (%)
Capital Expenditure -1.87-1.19-1.55-2.49-3.32-2.60-2.83-3.07-3.34-3.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 32.9
Beta 0.737
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 20.53
After-tax Cost of Debt 3.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.996
Total Debt 3.80
Total Equity 2,627.64
Total Capital 2,631.43
Debt Weighting 0.14
Equity Weighting 99.86
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 45.5946.5551.4761.3663.0568.5174.4580.9087.9195.52
EBITDA 6.506.307.8211.1510.3510.6311.5512.5513.6414.82
EBIT 4.724.665.018.037.077.468.108.819.5710.40
Tax Rate -13.25%11.23%-42.57%-6.76%20.53%-6.16%-6.16%-6.16%-6.16%-6.16%
EBIAT 5.354.147.148.585.627.928.609.3510.1611.04
Depreciation 1.781.632.813.123.273.173.453.744.074.42
Accounts Receivable ----------
Inventories -0.22-0.10-0.04-1.550.49-0.31-0.33-0.36-0.39
Accounts Payable -0.391.980.562.47-0.221.201.301.411.54
Capital Expenditure -1.87-1.19-1.55-2.49-3.32-2.60-2.83-3.07-3.34-3.63
UFCF 5.265.2010.299.726.508.7610.1110.9911.9412.98
WACC
PV UFCF 8.198.838.979.119.26
SUM PV UFCF 44.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.99
Free cash flow (t + 1) 13.23
Terminal Value 265.22
Present Value of Terminal Value 189.19

Intrinsic Value

Enterprise Value 233.55
Net Debt -17.01
Equity Value 250.56
Shares Outstanding 79.87
Equity Value Per Share 3.14