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
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 | 45.59 | 46.55 | 51.47 | 61.36 | 63.05 | 68.51 | 74.45 | 80.90 | 87.91 | 95.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.50 | 6.30 | 7.82 | 11.15 | 10.35 | 10.63 | 11.55 | 12.55 | 13.64 | 14.82 |
| EBITDA (%) | ||||||||||
| EBIT | 4.72 | 4.66 | 5.01 | 8.03 | 7.07 | 7.46 | 8.10 | 8.81 | 9.57 | 10.40 |
| EBIT (%) | ||||||||||
| Depreciation | 1.78 | 1.63 | 2.81 | 3.12 | 3.27 | 3.17 | 3.45 | 3.74 | 4.07 | 4.42 |
| 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 | 6.91 | 11.72 | 14.43 | 17.95 | 20.81 | 17.90 | 19.45 | 21.14 | 22.97 | 24.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 2.56 | 2.34 | 2.44 | 2.48 | 4.03 | 3.54 | 3.85 | 4.18 | 4.54 | 4.94 |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.64 | 9.03 | 11.01 | 11.56 | 14.03 | 13.81 | 15.01 | 16.31 | 17.72 | 19.26 |
| 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 | 45.59 | 46.55 | 51.47 | 61.36 | 63.05 | 68.51 | 74.45 | 80.90 | 87.91 | 95.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.50 | 6.30 | 7.82 | 11.15 | 10.35 | 10.63 | 11.55 | 12.55 | 13.64 | 14.82 |
| EBIT | 4.72 | 4.66 | 5.01 | 8.03 | 7.07 | 7.46 | 8.10 | 8.81 | 9.57 | 10.40 |
| Tax Rate | -13.25% | 11.23% | -42.57% | -6.76% | 20.53% | -6.16% | -6.16% | -6.16% | -6.16% | -6.16% |
| EBIAT | 5.35 | 4.14 | 7.14 | 8.58 | 5.62 | 7.92 | 8.60 | 9.35 | 10.16 | 11.04 |
| Depreciation | 1.78 | 1.63 | 2.81 | 3.12 | 3.27 | 3.17 | 3.45 | 3.74 | 4.07 | 4.42 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.22 | -0.10 | -0.04 | -1.55 | 0.49 | -0.31 | -0.33 | -0.36 | -0.39 |
| Accounts Payable | - | 0.39 | 1.98 | 0.56 | 2.47 | -0.22 | 1.20 | 1.30 | 1.41 | 1.54 |
| Capital Expenditure | -1.87 | -1.19 | -1.55 | -2.49 | -3.32 | -2.60 | -2.83 | -3.07 | -3.34 | -3.63 |
| UFCF | 5.26 | 5.20 | 10.29 | 9.72 | 6.50 | 8.76 | 10.11 | 10.99 | 11.94 | 12.98 |
| WACC | ||||||||||
| PV UFCF | 8.19 | 8.83 | 8.97 | 9.11 | 9.26 | |||||
| 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 |