DCF Valuation

Sheet index

# Worksheet
1 1.Input -->
2 P&L assumptions
3 BS assumptions
4 2.Output -->
5 P&L
6 BS
7 Cash Flow
8 DCF valuation
P&L assumptions
Scenarios:
Case 1: Optimistic case
Case 2: Base case
Selected case 1 Case 3: Worst case

FY18 FY19 FY20 FY21 FY22 FY23 FY24

$ in thousands Actual Actual Actual Forecast Forecast Forecast Forecast
Revenues 177,203 188,618 208,366 229,203 252,123 277,335 305,069
y-o-y growth% 6.4% 10.5% 10% 10% 10% 10%
Case 1: 10% 10% 10% 10%
Case 2: 8% 8% 8% 8%
Case 3: 4% 4% 4% 4%

Other revenues 3,520 2,416 2,585 2,585 2,585 2,585 2,585

y-o-y growth % 0% 0% 0% 0%
Case 1 0% 0% 0% 0%
Case 2 0% 0% 0% 0%
Case 3 0% 0% 0% 0%

Cost of goods sold (142,394) (150,572) (157,523) (174,194) (191,613) (210,775) (231,852)
% of revenues -80% -80% -76% -76% -76% -76% -76%
Case 1 -76% -76% -76% -76%
Case 2 -78% -78% -78% -78%
Case 3 -80% -80% -80% -80%

Operating expenses (18,011) (19,248) (23,867) (22,920) (25,212) (27,734) (30,507)

% of revenues -10.2% -10.2% -11.5% -10% -10% -10% -10%
Case 1 -10% -10% -10% -10%
Case 2 -11% -11% -11% -11%
Case 3 -11% -11% -11% -11%

D&A (2,908) (4,650) (6,431) (4,584) (5,042) (5,547) (6,101)

% of revenues -1.6% -2.5% -3.1% -2% -2% -2% -2%
Case 1 -2% -2% -2% -2%
Case 2 -3% -3% -3% -3%
Case 3 -3% -3% -3% -3%

Interest expense (1,266) (2,191) (2,664) (2,664) (2,664) (2,664) (2,664)

y-o-y growth % 0% 0% 0% 0%
Case 1 0% 0% 0% 0%
Case 2 0% 0% 0% 0%
Case 3 0% 0% 0% 0%

Extraordinary income (318) (864) (320) - - - -

% of revenues -0.2% -0.5% -0.2% 0% 0% 0% 0%
Case 1 0% 0% 0% 0%
Case 2 0% 0% 0% 0%
Case 3 0% 0% 0% 0%

Taxes (3,806) (3,050) (3,815)

% of EBT -24% -23% -19% -18% -18% -18% -18%
Case 1 -18% -18% -18% -18%
Case 2 -20% -20% -20% -20%
Case 3 -22% -22% -22% -22%
 FY25
Forecast
335,576
10%
10%
8%
4%

2,585
0%
0%
0%
0%

(255,037)
-76%
-76%
-78%
-80%

(33,558)
-10%
-10%
-11%
-11%

(6,712)
-2%
-2%
-3%
-3%

(2,664)
0%
0%
0%
0%

-
0%
0%
 0%
0%

-18%
-18%
-20%
-22%
BS assumptions

31Dec18 31Dec19 31Dec20 31Dec21 31Dec22 31Dec23 31Dec24

$ in thousands Actual Actual Actual Forecast Forecast Forecast Forecast
Trade receivable 32,884 38,556 43,582 47,283 52,011 57,212 62,934
Days receivable 66.8 73.6 75.3 75.3 75.3 75.3 75.3

Inventory 31,167 36,397 46,212 41,201 43,568 45,579 41,201

Days Inventory 78.8 87.0 105.6 105.6 105.6 105.6 105.6

Trade payable 15,891 26,352 36,190 32,266 34,119 35,694 32,266

Days payable 40.2 63.0 82.7 82.7 82.7 82.7 82.7

PP&E 45,106 49,072 56,109 59,898 66,743 73,579 80,242

as a % of revenue 25.5% 26.0% 26.9% 26% 26% 27% 26%

Other assets 8,842 11,359 17,603 14,868 18,242 20,710 20,930

as a % of revenue 5.0% 6.0% 8.4% 6% 7% 7% 7%

Other liabilities 5,969 5,800 8,473 8,030 9,003 10,497 10,791

as a % of revenue 3.4% 3.1% 4.1% 4% 4% 4% 4%
31Dec25
Forecast
69,227
75.3

50,403
105.6

39,471
82.7

88,521
26%

23,702
7%

12,147
4%
P&L

FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

$ in thousands Actual Actual Actual Forecast Forecast Forecast Forecast Forecast
Revenues 177,203 188,618 208,366 229,203 252,123 277,335 305,069 335,576
Other revenues 3,520 2,416 2,585 2,585 2,585 2,585 2,585 2,585
Total revenues 180,723 191,034 210,951 - 231,788 254,708 279,920 307,654 338,161
Cost of goods sold (142,394) (150,572) (157,523) (174,194) (191,613) (210,775) (231,852) (255,037)
Gross margin 38,329 40,462 53,428 - 57,594 63,094 69,145 75,801 83,123
Operating expenses (18,011) (19,248) (23,867) (22,920) (25,212) (27,734) (30,507) (33,558)
EBITDA 20,317 21,214 29,561 - 34,673 37,882 41,412 45,295 49,566
D&A (2,908) (4,650) (6,431) (4,584) (5,042) (5,547) (6,101) (6,712)
EBIT 17,410 16,564 23,130 - 30,089 32,840 35,865 39,193 42,854
Interest expense (1,266) (2,191) (2,664) (2,664) (2,664) (2,664) (2,664) (2,664)
Extraordinary income (318) (864) (320) - - - - -
EBT 15,826 13,509 20,146 - 27,425 30,176 33,201 36,529 40,190
Tax rate -24% -23% -19% -18% -18% -18% -18% -18%
Taxes (3,806) (3,050) (3,815) (4,937) (5,432) (5,976) (6,575) (7,234)
Net income 12,020 10,459 16,331 - 22,489 24,744 27,225 29,954 32,956
Balance Sheet

31Dec18 31Dec19 31Dec20 31Dec21 31Dec22

$ in thousands Actual Actual Actual Forecast Forecast
Intangible assets 5,962 5,840 5,650 5,650 5,650
PP&E 45,106 49,072 56,109### 59,898 66,743
Financial assets 8,824 9,831 10,323 10,323 10,323

Inventory 31,167 36,397 46,212### 41,201 43,568

Trade receivable 32,884 38,556 43,582### 47,283 52,011
Other assets 8,842 11,359 17,603### 14,868 18,242

Cash and equivalents 11,791 19,409 8,174 26,551 36,807

Total Assets 144,576 170,464 187,652 205,774 233,344

Trade payable 15,891 26,352 36,190### 32,266 34,119

Other liabilities 5,969 5,800 8,473### 8,030 9,003

Financial liabilities 41,293 50,645 51,121 51,121 51,121

Shareholders' equity 81,422 87,667 91,868 114,357 139,101

Total Liabilities & Equities 144,576 170,464 187,652 205,774 233,344

Check - - - - -
31Dec23 31Dec24 31Dec25
Forecast Forecast Forecast
5,650 5,650 5,650
73,579 80,242 88,521
10,323 10,323 10,323

45,579 41,201 50,403

57,212 62,934 69,227
20,710 20,930 23,702

50,585 69,177 84,150

263,638 290,458 331,976

35,694 32,266 39,471

10,497 10,791 12,147

51,121 51,121 51,121

166,326 196,280 229,236

263,638 290,458 331,976

- - -
Cash Flow

FY19 FY20 FY21 FY22

$ in thousands Actual Actual Forecast Forecast
EBIT 16,564 23,130.2 30,089.3 32,839.7
Operating taxes (3,740) (4,380.0) (5,416.1) (5,911.2)
Operating tax rate -23% -19% -18% -18%
NOPAT 12,824 18,750.2 24,673.2 26,928.6
Add-back D&A 4,650 6,430.7 4,584.1 5,042.5
Gross Cash Flow 17,474 25,180.9 29,257.3 31,971.0
Inventory (5,230) (9,815.2) 5,010.5 (2,366.2)
Trade receivables (5,672) (5,025.6) (3,701.5) (4,728.3)
Trade payables 10,460 9,838.0 (3,923.8) 1,853.0
Investments in working capital (442) (5,002.8) (2,614.8) (5,241.5)
Investments in other assets/liabilities (2,686) (3,570.5) 2,291.8 (2,400.9)
Capex (8,616) (13,467.5) (8,372.9) (11,887.7)
Other investments (885) (302.0) - -
Extraordinary items (864) (320.3) - -
UFCF 3,981 2,517.9 20,561.4 12,441.0
Interest expenses (2,191) (2,663.9) (2,663.9) (2,663.9)
Delta Taxes vs. Operating taxes 690 565.1 479.5 479.5
Delta Financial liabilities 9,352 475.4 - -
Delta Equity (incl. dividends) (4,214) (12,129.6) - -
Net Cash Flow 7,618 (11,235.2) 18,377.0 10,256.6
Opening cash 11,791.2 19,408.8 8,173.6 26,550.6
Closing cash 19,408.8 8,173.6 26,550.6 36,807.2

Check 19,408.8 8,173.6 26,550.6 36,807.2

 FY23 FY24 FY25
Forecast Forecast Forecast
35,865.2 39,193.2 42,854.1
(6,455.7) (7,054.8) (7,713.7)
-18% -18% -18%
29,409.5 32,138.5 35,140.3
5,546.7 6,101.4 6,711.5
34,956.2 38,239.8 41,851.8
(2,011.2) 4,377.5 (9,201.1)
(5,201.1) (5,721.2) (6,293.4)
1,575.0 (3,428.1) 7,205.6
(5,637.3) (4,771.9) (8,288.9)
(973.8) 72.6 (1,415.1)
(12,382.4) (12,764.2) (14,990.6)
- - -
- - -
15,962.6 20,776.4 17,157.3
(2,663.9) (2,663.9) (2,663.9)
479.5 479.5 479.5
- - -
- - -
13,778.1 18,592.0 14,972.9
36,807.2 50,585.3 69,177.3
50,585.3 69,177.3 84,150.2

50,585.3 69,177.3 84,150.2

DCF Valuation

WACC 10.0%
g 2.0%
1.0 2.0 3.0 4.0
FY18 FY19 FY20 FY21 FY22 FY23 FY24
$ in thousands Actual Actual Actual Forecast Forecast Forecast Forecast
UFCF 3,981 2,518 20,561 12,441 15,963 20,776
Discount factor 0.91 0.83 0.75 0.68
Present value of UFCF 18,692 10,282 11,993 14,191

PV of Cash flows 65,811

Continuing value 218,756
PV of Continuing value 135,830.2
Enterprise value 201,641.1
() Financial liabilities (51,120.8)
WACC
Cash 8,174
Equity value 158,693.9 - 9% 10% 11%
1%

g 2%
3%
4%
 5.0
FY25
Forecast
17,157
0.62
Continuing value=
10,653 {UFCF*(1+g)}/WACC-g

ACC
12%
P&L source

2018 2019 2020

USD in thousands Act Act Act
Revenue from sales and services 177,203 188,618 208,366
Other revenue 3,520 2,416 2,585
Revenue 180,723 191,034 210,951

Raw materials (139,903) (138,923) (150,080)

Direct costs (2,491) (11,649) (7,443)
Cost for services (16,390) (17,878) (22,293)
Lease costs (291) (246) (121)
Other operating expenses (1,331) (1,123) (1,453)

EBITDA 20,317 21,214 29,561

D&A (2,908) (4,650) (6,431)

EBIT 17,410 16,564 23,130

Financial income/expenses (1,266) (2,191) (2,664)

Extraordinary income (318) (864) (320)

EBT 15,826 13,509 20,146

Taxes (3,806) (3,050) (3,815)

Net Income 12,020 10,459 16,331

BS source

31Dec18 31Dec19 31Dec20

USD in thousands Act Act Act USD in thousands
Intangible assets 5,962 5,840 5,650 Share Capital
PP&E 45,106 49,072 56,109 Reserves
Financial assets 8,824 9,831 10,323 Retained earnings
Profit/(loss) for the year
Fixed assets 59,892 64,743 72,082 Total Equity

Inventory 31,167 36,397 46,212 Trade payable

Trade receivables 32,884 38,556 43,582 Other liabilities
Other assets 8,842 11,359 17,603 Deferred taxes
Provisions for retirement benefits
Cash and equivalents 11,791 19,409 8,174
Non fixed assets 84,684 105,721 115,570 Bank borrowings
Other Financial liabilities
Total Liabilities

Total Assets 144,576 170,464 187,652 Total Liabilities & Equity

31Dec18 31Dec19 31Dec20
Act Act Act
6,785 6,800 7,508
46,224 44,414 46,513
16,394 25,994 21,516
12,020 10,459 16,331
81,422 87,667 91,868

15,891 26,352 36,190

5,315 4,334 6,473
479 1,218 1,760
175 248 240

37,403 45,595 50,680

3,890 5,051 440
63,153 82,797 95,784

144,576 170,464 187,652