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
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 | 15.23 | 20.89 | 21.55 | 26.46 | 52.23 | 73.19 | 102.56 | 143.71 | 201.38 | 282.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.22 | 4.10 | 5.70 | 3.26 | 20.04 | 16.30 | 22.84 | 32.01 | 44.85 | 62.85 |
| EBITDA (%) | ||||||||||
| EBIT | 2.22 | 4.10 | 5.70 | 3.26 | 20.04 | 16.30 | 22.84 | 32.01 | 44.85 | 62.85 |
| 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 | 79.97 | 134.50 | 261.37 | 400.80 | 956.27 | 838.34 | 1,174.76 | 1,646.18 | 2,306.77 | 3,232.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | 0.17 | 0.17 | 0.21 | 0.42 | 0.58 | 0.82 | 1.15 | 1.61 | 2.25 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.44 | 0.61 | 1.17 | 0.99 | 1.96 | 2.74 | 3.84 | 5.38 | 7.54 | 10.56 |
| 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 | 15.23 | 20.89 | 21.55 | 26.46 | 52.23 | 73.19 | 102.56 | 143.71 | 201.38 | 282.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.22 | 4.10 | 5.70 | 3.26 | 20.04 | 16.30 | 22.84 | 32.01 | 44.85 | 62.85 |
| EBIT | 2.22 | 4.10 | 5.70 | 3.26 | 20.04 | 16.30 | 22.84 | 32.01 | 44.85 | 62.85 |
| Tax Rate | 95.92% | 77.43% | 55.04% | 7.58% | 19.80% | 51.15% | 51.15% | 51.15% | 51.15% | 51.15% |
| EBIAT | 0.09 | 0.93 | 2.56 | 3.01 | 16.07 | 7.96 | 11.16 | 15.64 | 21.91 | 30.70 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | -0 | -0.04 | -0.21 | -0.17 | -0.23 | -0.33 | -0.46 | -0.65 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.17 | 0.57 | -0.18 | 0.96 | 0.78 | 1.10 | 1.54 | 2.16 | 3.03 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | 0.09 | 1.09 | 3.13 | 2.79 | 16.83 | 8.58 | 12.02 | 16.85 | 23.61 | 33.08 |
| WACC | ||||||||||
| PV UFCF | 8.46 | 11.69 | 16.15 | 22.31 | 30.83 | |||||
| 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 | - |