Discounted Cash Flow (DCF) Analysis Unlevered

voxeljet AG (VJET)

$3.15

+0.01 (+0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: -22.70 | 3.15 | overvalue

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 23.1826.0124.6021.5724.8325.4226.0326.6527.2927.94
Revenue (%)
EBITDA -5.08-4.07-8.50-10.21-5.04-7.11-7.28-7.45-7.63-7.81
EBITDA (%)
EBIT -8.24-7.57-12.72-13.66-8.14-10.80-11.06-11.32-11.60-11.87
EBIT (%)
Depreciation 3.163.514.213.443.103.703.783.873.974.06
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 21.6120.318.036.3123.2116.6117.0117.4217.8318.26
Total Cash (%)
Account Receivables 5.106.047.234.716.136.166.316.466.616.77
Account Receivables (%)
Inventories 9.5410.0612.4611.399.4811.2611.5311.8112.0912.38
Inventories (%)
Accounts Payable 3.062.952.801.962.592.822.882.953.023.10
Accounts Payable (%)
Capital Expenditure -3.37-3.81-1.10-0.14-1.04-1.96-2.01-2.05-2.10-2.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.15
Beta 1.652
Diluted Shares Outstanding 6.30
Cost of Debt
Tax Rate 0.10
After-tax Cost of Debt 8.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.600
Total Debt 27.29
Total Equity 19.85
Total Capital 47.14
Debt Weighting 57.89
Equity Weighting 42.11
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 23.1826.0124.6021.5724.8325.4226.0326.6527.2927.94
EBITDA -5.08-4.07-8.50-10.21-5.04-7.11-7.28-7.45-7.63-7.81
EBIT -8.24-7.57-12.72-13.66-8.14-10.80-11.06-11.32-11.60-11.87
Tax Rate -0.76%0.29%1.79%1.48%0.10%0.58%0.58%0.58%0.58%0.58%
EBIAT -8.30-7.55-12.49-13.45-8.13-10.74-11-11.26-11.53-11.80
Depreciation 3.163.514.213.443.103.703.783.873.974.06
Accounts Receivable --0.95-1.192.52-1.42-0.03-0.15-0.15-0.15-0.16
Inventories --0.52-2.391.071.91-1.78-0.27-0.28-0.28-0.29
Accounts Payable --0.11-0.15-0.840.640.220.070.070.070.07
Capital Expenditure -3.37-3.81-1.10-0.14-1.04-1.96-2.01-2.05-2.10-2.15
UFCF -8.51-9.44-13.11-7.41-4.94-10.59-9.57-9.80-10.03-10.27
WACC
PV UFCF -9.64-7.94-7.40-6.91-6.44
SUM PV UFCF -38.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.78
Free cash flow (t + 1) -10.48
Terminal Value -134.65
Present Value of Terminal Value -84.45

Intrinsic Value

Enterprise Value -122.78
Net Debt 20.26
Equity Value -143.04
Shares Outstanding 6.30
Equity Value Per Share -22.70