Discounted Cash Flow (DCF) Analysis Unlevered
TIE Kinetix N.V. (TIE.AS)
18.2 €
-0.50 (-2.67%)
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 | 16.88 | 15.29 | 15.55 | 14.86 | 14.36 | 13.80 | 13.27 | 12.75 | 12.26 | 11.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1.81 | 0.25 | 8.59 | 2.22 | -1.40 | 2.01 | 1.93 | 1.86 | 1.78 | 1.71 |
| EBITDA (%) | ||||||||||
| EBIT | 0.58 | -1.05 | 6.70 | 0.56 | -2.96 | 0.63 | 0.61 | 0.58 | 0.56 | 0.54 |
| EBIT (%) | ||||||||||
| Depreciation | 1.23 | 1.30 | 1.89 | 1.66 | 1.56 | 1.38 | 1.33 | 1.27 | 1.22 | 1.18 |
| 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 | 0.58 | 2.04 | 5.89 | 9.92 | 9.56 | 5.19 | 4.99 | 4.79 | 4.61 | 4.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.81 | 0.80 | 0.86 | 0.83 | 1.30 | 0.83 | 0.80 | 0.77 | 0.74 | 0.71 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.34 | -1.12 | -1.02 | -0.90 | -1.22 | -1.01 | -0.97 | -0.93 | -0.89 | -0.86 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 18.2 |
|---|---|
| Beta | 0.434 |
| Diluted Shares Outstanding | 1.62 |
| Cost of Debt | |
| Tax Rate | 44.11 |
| After-tax Cost of Debt | 4.58% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.786 |
| Total Debt | 0.45 |
| Total Equity | 29.54 |
| Total Capital | 29.99 |
| Debt Weighting | 1.51 |
| Equity Weighting | 98.49 |
| 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 | 16.88 | 15.29 | 15.55 | 14.86 | 14.36 | 13.80 | 13.27 | 12.75 | 12.26 | 11.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.81 | 0.25 | 8.59 | 2.22 | -1.40 | 2.01 | 1.93 | 1.86 | 1.78 | 1.71 |
| EBIT | 0.58 | -1.05 | 6.70 | 0.56 | -2.96 | 0.63 | 0.61 | 0.58 | 0.56 | 0.54 |
| Tax Rate | 66.18% | -23.94% | -7,560.00% | -22.72% | 44.11% | -1,499.27% | -1,499.27% | -1,499.27% | -1,499.27% | -1,499.27% |
| EBIAT | 0.20 | -1.30 | 513.22 | 0.68 | -1.65 | 10.07 | 9.68 | 9.31 | 8.95 | 8.60 |
| Depreciation | 1.23 | 1.30 | 1.89 | 1.66 | 1.56 | 1.38 | 1.33 | 1.27 | 1.22 | 1.18 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.02 | 0.06 | -0.02 | 0.47 | -0.47 | -0.03 | -0.03 | -0.03 | -0.03 |
| Capital Expenditure | -1.34 | -1.12 | -1.02 | -0.90 | -1.22 | -1.01 | -0.97 | -0.93 | -0.89 | -0.86 |
| UFCF | 0.08 | -1.13 | 514.14 | 1.42 | -0.85 | 9.98 | 10.01 | 9.62 | 9.25 | 8.89 |
| WACC | ||||||||||
| PV UFCF | 9.43 | 8.95 | 8.13 | 7.39 | 6.71 | |||||
| SUM PV UFCF | 40.61 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.77 |
| Free cash flow (t + 1) | 9.07 |
| Terminal Value | 240.48 |
| Present Value of Terminal Value | 181.66 |
Intrinsic Value
| Enterprise Value | 222.28 |
|---|---|
| Net Debt | -9.11 |
| Equity Value | 231.38 |
| Shares Outstanding | 1.62 |
| Equity Value Per Share | 142.57 |