Discounted Cash Flow (DCF) Analysis Unlevered

Soltec Power Holdings, S.A. (SOL.MC)

6.03 €

+0.33 (+5.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -7.46 | 6.03 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 356.81235.65346.51369.19393.36419.11446.54475.76
Revenue (%)
EBITDA 7.53-3.481.641.361.451.551.651.75
EBITDA (%)
EBIT 3.14-7.19-2.08-3.41-3.64-3.87-4.13-4.40
EBIT (%)
Depreciation 4.393.713.724.775.095.425.776.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 29.13128.0543.5592.3898.43104.87111.74119.05
Total Cash (%)
Account Receivables 117.5364154.61128.87137.31146.30155.87166.07
Account Receivables (%)
Inventories 25.4622.8865.5944.0346.9149.9853.2556.73
Inventories (%)
Accounts Payable 89.3333.12159.62104.80111.65118.96126.75135.05
Accounts Payable (%)
Capital Expenditure -5.30-7.54-95.54-39.69-42.29-45.06-48.01-51.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.03
Beta 1.875
Diluted Shares Outstanding 90.97
Cost of Debt
Tax Rate 79.57
After-tax Cost of Debt 0.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.399
Total Debt 108.66
Total Equity 548.56
Total Capital 657.22
Debt Weighting 16.53
Equity Weighting 83.47
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 356.81235.65346.51369.19393.36419.11446.54475.76
EBITDA 7.53-3.481.641.361.451.551.651.75
EBIT 3.14-7.19-2.08-3.41-3.64-3.87-4.13-4.40
Tax Rate -271.67%54.34%79.57%-45.92%-45.92%-45.92%-45.92%-45.92%
EBIAT 11.67-3.28-0.43-4.98-5.31-5.65-6.02-6.42
Depreciation 4.393.713.724.775.095.425.776.15
Accounts Receivable -53.53-90.6125.74-8.44-8.99-9.58-10.20
Inventories -2.58-42.7021.56-2.88-3.07-3.27-3.49
Accounts Payable --56.22126.50-54.836.867.317.798.30
Capital Expenditure -5.30-7.54-95.54-39.69-42.29-45.06-48.01-51.15
UFCF 10.75-7.22-99.05-47.43-46.97-50.04-53.32-56.81
WACC
PV UFCF -52.38-46.97-45.31-43.71-42.16
SUM PV UFCF -188.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.45
Free cash flow (t + 1) -57.95
Terminal Value -685.75
Present Value of Terminal Value -417.19

Intrinsic Value

Enterprise Value -606.16
Net Debt 72.48
Equity Value -678.64
Shares Outstanding 90.97
Equity Value Per Share -7.46