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
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 356.81 | 235.65 | 346.51 | 369.19 | 393.36 | 419.11 | 446.54 | 475.76 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| EBITDA | 7.53 | -3.48 | 1.64 | 1.36 | 1.45 | 1.55 | 1.65 | 1.75 |
| EBITDA (%) | ||||||||
| EBIT | 3.14 | -7.19 | -2.08 | -3.41 | -3.64 | -3.87 | -4.13 | -4.40 |
| EBIT (%) | ||||||||
| Depreciation | 4.39 | 3.71 | 3.72 | 4.77 | 5.09 | 5.42 | 5.77 | 6.15 |
| 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 | 29.13 | 128.05 | 43.55 | 92.38 | 98.43 | 104.87 | 111.74 | 119.05 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | 117.53 | 64 | 154.61 | 128.87 | 137.31 | 146.30 | 155.87 | 166.07 |
| Account Receivables (%) | ||||||||
| Inventories | 25.46 | 22.88 | 65.59 | 44.03 | 46.91 | 49.98 | 53.25 | 56.73 |
| Inventories (%) | ||||||||
| Accounts Payable | 89.33 | 33.12 | 159.62 | 104.80 | 111.65 | 118.96 | 126.75 | 135.05 |
| 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 | 356.81 | 235.65 | 346.51 | 369.19 | 393.36 | 419.11 | 446.54 | 475.76 |
|---|---|---|---|---|---|---|---|---|
| EBITDA | 7.53 | -3.48 | 1.64 | 1.36 | 1.45 | 1.55 | 1.65 | 1.75 |
| 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 | 4.39 | 3.71 | 3.72 | 4.77 | 5.09 | 5.42 | 5.77 | 6.15 |
| Accounts Receivable | - | 53.53 | -90.61 | 25.74 | -8.44 | -8.99 | -9.58 | -10.20 |
| Inventories | - | 2.58 | -42.70 | 21.56 | -2.88 | -3.07 | -3.27 | -3.49 |
| Accounts Payable | - | -56.22 | 126.50 | -54.83 | 6.86 | 7.31 | 7.79 | 8.30 |
| 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 |