Discounted Cash Flow (DCF) Analysis Unlevered

Stratasys Ltd. (SSYS)

$19.13

-0.18 (-0.93%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 19.13 | undervalue

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 668.36663.24636.08520.82607.22597.51587.97578.57569.32560.22
Revenue (%)
EBITDA 35.9355.0243.62-410.55-9.79-71.60-70.45-69.33-68.22-67.13
EBITDA (%)
EBIT -30.71-6.23-7.33-460.11-65.89-126.53-124.51-122.52-120.56-118.63
EBIT (%)
Depreciation 66.6461.2550.9449.5656.1054.9354.0553.1952.3451.50
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 335.97395.83321.78299.09502.18359.30353.56347.91342.35336.88
Total Cash (%)
Account Receivables 132.67138.15132.56106.07129.38123.32121.35119.41117.50115.62
Account Receivables (%)
Inventories 115.72123.52168.50131.67129.15130.23128.15126.10124.09122.11
Inventories (%)
Accounts Payable 39.8545.8535.8216.9951.9836.2435.6635.0934.5333.98
Accounts Payable (%)
Capital Expenditure -23.85-24.81-25.30-29.01-26.75-25.41-25-24.60-24.21-23.82
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.13
Beta 1.292
Diluted Shares Outstanding 54.92
Cost of Debt
Tax Rate 7.26
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.986
Total Debt 14.97
Total Equity 1,050.58
Total Capital 1,065.55
Debt Weighting 1.40
Equity Weighting 98.60
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 668.36663.24636.08520.82607.22597.51587.97578.57569.32560.22
EBITDA 35.9355.0243.62-410.55-9.79-71.60-70.45-69.33-68.22-67.13
EBIT -30.71-6.23-7.33-460.11-65.89-126.53-124.51-122.52-120.56-118.63
Tax Rate -35.64%-33.48%-51.86%2.81%7.26%-22.18%-22.18%-22.18%-22.18%-22.18%
EBIAT -41.65-8.31-11.13-447.17-61.10-154.60-152.13-149.69-147.30-144.95
Depreciation 66.6461.2550.9449.5656.1054.9354.0553.1952.3451.50
Accounts Receivable --5.475.5926.49-23.316.061.971.941.911.88
Inventories --7.81-44.9836.832.53-1.092.082.052.021.98
Accounts Payable -6.01-10.04-18.8334.99-15.73-0.58-0.57-0.56-0.55
Capital Expenditure -23.85-24.81-25.30-29.01-26.75-25.41-25-24.60-24.21-23.82
UFCF 1.1320.85-34.91-382.13-17.56-135.83-119.60-117.69-115.81-113.96
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -116.24
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -228.21
Equity Value -
Shares Outstanding 54.92
Equity Value Per Share -