Discounted Cash Flow (DCF) Analysis Unlevered
Stratasys Ltd. (SSYS)
$13.61
+0.40 (+3.03%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 663.24 | 636.08 | 520.82 | 607.22 | 651.48 | 654.19 | 656.91 | 659.65 | 662.39 | 665.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -8.85 | 39.24 | 316.31 | -37.47 | -96.29 | 58.38 | 58.62 | 58.86 | 59.11 | 59.36 |
| EBITDA (%) | ||||||||||
| EBIT | -70.10 | -11.70 | 266.75 | -93.56 | -156.06 | -0.72 | -0.73 | -0.73 | -0.73 | -0.74 |
| EBIT (%) | ||||||||||
| Depreciation | 61.25 | 50.94 | 49.56 | 56.10 | 59.77 | 59.10 | 59.35 | 59.60 | 59.84 | 60.09 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 395.83 | 321.78 | 299.09 | 502.18 | 327.84 | 393.46 | 395.09 | 396.74 | 398.39 | 400.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 138.15 | 132.56 | 106.07 | 129.38 | 144.74 | 138.11 | 138.69 | 139.26 | 139.84 | 140.42 |
| Account Receivables (%) | ||||||||||
| Inventories | 123.52 | 168.50 | 131.67 | 129.15 | 194.05 | 158.91 | 159.57 | 160.23 | 160.90 | 161.57 |
| Inventories (%) | ||||||||||
| Accounts Payable | 45.85 | 35.82 | 16.99 | 51.98 | 72.92 | 46.53 | 46.72 | 46.91 | 47.11 | 47.30 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -24.81 | -25.30 | -29.01 | -26.75 | -19.75 | -27.12 | -27.23 | -27.34 | -27.46 | -27.57 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 13.61 |
|---|---|
| Beta | 1.451 |
| Diluted Shares Outstanding | 66.49 |
| Cost of Debt | |
| Tax Rate | -30.65 |
| After-tax Cost of Debt | 1.28% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.423 |
| Total Debt | 17.84 |
| Total Equity | 904.94 |
| Total Capital | 922.78 |
| Debt Weighting | 1.93 |
| Equity Weighting | 98.07 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 663.24 | 636.08 | 520.82 | 607.22 | 651.48 | 654.19 | 656.91 | 659.65 | 662.39 | 665.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -8.85 | 39.24 | 316.31 | -37.47 | -96.29 | 58.38 | 58.62 | 58.86 | 59.11 | 59.36 |
| EBIT | -70.10 | -11.70 | 266.75 | -93.56 | -156.06 | -0.72 | -0.73 | -0.73 | -0.73 | -0.74 |
| Tax Rate | -33.48% | -49.31% | 3.59% | 5.84% | -30.65% | -20.80% | -20.80% | -20.80% | -20.80% | -20.80% |
| EBIAT | -93.57 | -17.47 | 257.17 | -88.09 | -203.90 | -0.88 | -0.88 | -0.88 | -0.89 | -0.89 |
| Depreciation | 61.25 | 50.94 | 49.56 | 56.10 | 59.77 | 59.10 | 59.35 | 59.60 | 59.84 | 60.09 |
| Accounts Receivable | - | 5.59 | 26.49 | -23.31 | -15.36 | 6.63 | -0.57 | -0.58 | -0.58 | -0.58 |
| Inventories | - | -44.98 | 36.83 | 2.53 | -64.91 | 35.15 | -0.66 | -0.66 | -0.67 | -0.67 |
| Accounts Payable | - | -10.04 | -18.83 | 34.99 | 20.94 | -26.40 | 0.19 | 0.19 | 0.20 | 0.20 |
| Capital Expenditure | -24.81 | -25.30 | -29.01 | -26.75 | -19.75 | -27.12 | -27.23 | -27.34 | -27.46 | -27.57 |
| UFCF | -57.13 | -41.26 | 322.21 | -44.55 | -223.20 | 46.49 | 30.20 | 30.32 | 30.45 | 30.58 |
| WACC | ||||||||||
| PV UFCF | 41.79 | 24.41 | 22.03 | 19.89 | 17.96 | |||||
| SUM PV UFCF | 126.09 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.23 |
| Free cash flow (t + 1) | 31.19 |
| Terminal Value | 337.88 |
| Present Value of Terminal Value | 198.45 |
Intrinsic Value
| Enterprise Value | 324.54 |
|---|---|
| Net Debt | -132.63 |
| Equity Value | 457.17 |
| Shares Outstanding | 66.49 |
| Equity Value Per Share | 6.88 |