Discounted Cash Flow (DCF) Analysis Unlevered

SÜSS MicroTec SE (SMHN.DE)

19.08 €

+0.38 (+2.03%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.26 | 19.08 | 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 166.52203.93213.80252.91263.44296.21333.06374.49421.07473.45
Revenue (%)
EBITDA 17.9815.70-5.2728.1529.5522.7425.5728.7532.3236.34
EBITDA (%)
EBIT 13.9110.86-13.8420.3922.5014.1015.8617.8320.0522.54
EBIT (%)
Depreciation 4.074.858.577.777.058.649.7110.9212.2813.80
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 3730.9810.4441.0352.2446.4152.1958.6865.9874.18
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 97.9593.4675.0572.9899.55122.27137.48154.58173.81195.43
Inventories (%)
Accounts Payable 7.299.0210.019.8324.4415.7917.7519.9622.4425.23
Accounts Payable (%)
Capital Expenditure -6.49-6.94-6.13-7.95-9.62-10.05-11.30-12.70-14.29-16.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.08
Beta 2.028
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 27.52
After-tax Cost of Debt 1.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.089
Total Debt 18.32
Total Equity 2,050.83
Total Capital 2,069.15
Debt Weighting 0.89
Equity Weighting 99.11
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 166.52203.93213.80252.91263.44296.21333.06374.49421.07473.45
EBITDA 17.9815.70-5.2728.1529.5522.7425.5728.7532.3236.34
EBIT 13.9110.86-13.8420.3922.5014.1015.8617.8320.0522.54
Tax Rate 51.24%55.44%-15.16%38.24%27.52%31.46%31.46%31.46%31.46%31.46%
EBIAT 6.784.84-15.9412.5916.319.6710.8712.2213.7415.45
Depreciation 4.074.858.577.777.058.649.7110.9212.2813.80
Accounts Receivable ----------
Inventories -4.4918.412.06-26.57-22.72-15.21-17.10-19.23-21.62
Accounts Payable -1.731-0.1814.61-8.661.962.212.482.79
Capital Expenditure -6.49-6.94-6.13-7.95-9.62-10.05-11.30-12.70-14.29-16.06
UFCF 4.378.965.9114.291.78-23.13-3.97-4.46-5.02-5.64
WACC
PV UFCF -20.47-3.11-3.09-3.08-3.06
SUM PV UFCF -32.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.99
Free cash flow (t + 1) -5.75
Terminal Value -52.34
Present Value of Terminal Value -28.42

Intrinsic Value

Enterprise Value -61.23
Net Debt -33.76
Equity Value -27.47
Shares Outstanding 107.49
Equity Value Per Share -0.26