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DCF Valuation with Sensitivity Analysis

The document presents a Discounted Cash Flow (DCF) analysis with a discount rate of 14% and a long-term cash flow growth rate of 1.5%. It details projected free cash flows, terminal values, and adjustments leading to an enterprise value of $13,016 and an equity value of $11,906. Additionally, a sensitivity analysis is included to evaluate the impact of varying WACC and growth rates on the valuation outcomes.

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106 views6 pages

DCF Valuation with Sensitivity Analysis

The document presents a Discounted Cash Flow (DCF) analysis with a discount rate of 14% and a long-term cash flow growth rate of 1.5%. It details projected free cash flows, terminal values, and adjustments leading to an enterprise value of $13,016 and an equity value of $11,906. Additionally, a sensitivity analysis is included to evaluate the impact of varying WACC and growth rates on the valuation outcomes.

Uploaded by

b552g9zpwq
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

DCF WITH SENSITIVITY ANALYSIS

1 DCF

Assumptions

Discount rate - WACC 14.00%


Long term CF growth rate 1.5%

Discounted Cash Flows 2024 2025


$ thousands

EBIT 1,492 1,502

Tax (240) (239)


Non-cash items added back 293 375
Net Working capital adjustments (164) (218)
CAPEX adjustments (750) (900)
Free Cash Flow 632 520

Discount factor 1.140 1.300

DCF 554 400

Valuation
Valuation date

Cumulated DCF 5,022

Terminal Value 31,771


Discounted Terminal Value 6,594

DCF value of operations 11,617

Excess cash and marketable securities 1,310


Excess real estate 25
Investments in nonconsolidated companies 12
Tax loss carryforwards 12
Discontinued operations 40
Non-operating assets adjustments 1,399

Enterprise value 13,016


Financial liabilities (720)
Interest bearing debt (720)

Long-term operating provisions (50)


Nonoperating provisions (75)
Contingent liabilities (40)
Debt equivalents (165)

Convertible debt (25)


Employee stock options (50)
Noncontrolling
Hybrid interests
claims and non controlling interests (150)
(225)

Equity value 11,906

2 SENSITIVITY ANALYSIS

11,906
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
WACC
10.00%
11.00%
12.00%
13.00%
14.00%
15.00%
16.00%

Check -1
2026 2027 2028 2029 2030 2031 2032

1,721 1,739 1,971 2,236 2,067 2,010 1,825

(270) (257) (306) (346) (318) (307) (278)


406 503 513 653 1,101 1,574 2,232
(136) (154) (175) (164) (183) (205) (230)
(200) (355) (135) (1,290) (2,300) (2,600) (4,900)
1,521 1,476 1,869 1,089 367 471 (1,350)

1.482 1.689 1.925 2.195 2.502 2.853 3.252

1,027 874 971 496 147 165 (415)

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Long term CF growth rate


0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%
2033 2034 2035

1,631 1,451 1,875

(246) (217) (294)


2,968 3,769 4,056
(257) (289) (325)
(4,400) (4,400) (1,400)
(305) 313 3,913

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