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
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 | 166.52 | 203.93 | 213.80 | 252.91 | 263.44 | 296.21 | 333.06 | 374.49 | 421.07 | 473.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 17.98 | 15.70 | -5.27 | 28.15 | 29.55 | 22.74 | 25.57 | 28.75 | 32.32 | 36.34 |
| EBITDA (%) | ||||||||||
| EBIT | 13.91 | 10.86 | -13.84 | 20.39 | 22.50 | 14.10 | 15.86 | 17.83 | 20.05 | 22.54 |
| EBIT (%) | ||||||||||
| Depreciation | 4.07 | 4.85 | 8.57 | 7.77 | 7.05 | 8.64 | 9.71 | 10.92 | 12.28 | 13.80 |
| 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 | 37 | 30.98 | 10.44 | 41.03 | 52.24 | 46.41 | 52.19 | 58.68 | 65.98 | 74.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 97.95 | 93.46 | 75.05 | 72.98 | 99.55 | 122.27 | 137.48 | 154.58 | 173.81 | 195.43 |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.29 | 9.02 | 10.01 | 9.83 | 24.44 | 15.79 | 17.75 | 19.96 | 22.44 | 25.23 |
| 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 | 166.52 | 203.93 | 213.80 | 252.91 | 263.44 | 296.21 | 333.06 | 374.49 | 421.07 | 473.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 17.98 | 15.70 | -5.27 | 28.15 | 29.55 | 22.74 | 25.57 | 28.75 | 32.32 | 36.34 |
| EBIT | 13.91 | 10.86 | -13.84 | 20.39 | 22.50 | 14.10 | 15.86 | 17.83 | 20.05 | 22.54 |
| Tax Rate | 51.24% | 55.44% | -15.16% | 38.24% | 27.52% | 31.46% | 31.46% | 31.46% | 31.46% | 31.46% |
| EBIAT | 6.78 | 4.84 | -15.94 | 12.59 | 16.31 | 9.67 | 10.87 | 12.22 | 13.74 | 15.45 |
| Depreciation | 4.07 | 4.85 | 8.57 | 7.77 | 7.05 | 8.64 | 9.71 | 10.92 | 12.28 | 13.80 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 4.49 | 18.41 | 2.06 | -26.57 | -22.72 | -15.21 | -17.10 | -19.23 | -21.62 |
| Accounts Payable | - | 1.73 | 1 | -0.18 | 14.61 | -8.66 | 1.96 | 2.21 | 2.48 | 2.79 |
| Capital Expenditure | -6.49 | -6.94 | -6.13 | -7.95 | -9.62 | -10.05 | -11.30 | -12.70 | -14.29 | -16.06 |
| UFCF | 4.37 | 8.96 | 5.91 | 14.29 | 1.78 | -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 |