Discounted Cash Flow (DCF) Analysis Unlevered

Varengold Bank AG (VG8.DE)

7.8 €

-0.20 (-2.50%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 7.8 | 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 15.2320.8921.5526.4652.2373.19102.56143.71201.38282.19
Revenue (%)
EBITDA 2.224.105.703.2620.0416.3022.8432.0144.8562.85
EBITDA (%)
EBIT 2.224.105.703.2620.0416.3022.8432.0144.8562.85
EBIT (%)
Depreciation ----------
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 79.97134.50261.37400.80956.27838.341,174.761,646.182,306.773,232.44
Total Cash (%)
Account Receivables -0.170.170.210.420.580.821.151.612.25
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.440.611.170.991.962.743.845.387.5410.56
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.8
Beta 0.058
Diluted Shares Outstanding 10.04
Cost of Debt
Tax Rate 19.80
After-tax Cost of Debt -2.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.792
Total Debt 47.76
Total Equity 78.30
Total Capital 126.06
Debt Weighting 37.89
Equity Weighting 62.11
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 15.2320.8921.5526.4652.2373.19102.56143.71201.38282.19
EBITDA 2.224.105.703.2620.0416.3022.8432.0144.8562.85
EBIT 2.224.105.703.2620.0416.3022.8432.0144.8562.85
Tax Rate 95.92%77.43%55.04%7.58%19.80%51.15%51.15%51.15%51.15%51.15%
EBIAT 0.090.932.563.0116.077.9611.1615.6421.9130.70
Depreciation ----------
Accounts Receivable ---0-0.04-0.21-0.17-0.23-0.33-0.46-0.65
Inventories ----------
Accounts Payable -0.170.57-0.180.960.781.101.542.163.03
Capital Expenditure ----------
UFCF 0.091.093.132.7916.838.5812.0216.8523.6133.08
WACC
PV UFCF 8.4611.6916.1522.3130.83
SUM PV UFCF 89.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 33.74
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -908.51
Equity Value -
Shares Outstanding 10.04
Equity Value Per Share -