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
9 3.Charts -->
10 Revenue&Ebitda
11 Cash flows
12 Ebitda bridge
13 Working capital
14 DCF results
15 4. Sources -->
16 P&L source
17 BS source
1.Input -->
P&L assumptions
case 1 optimistic case
case 2 base case
case 1 case 3 worst case
1

FY16 FY17 FY18 FY19 FY20 FY21

$ in thousands Actual Actual Actual Forecast Forecast Forecast
Revenues 177,203 188,618 208,366 229,203 252,123 277,335
y-o-y growth % 6.4% 10.5% 10% 10% 10%
Case 1: 10% 10% 10%
Case 2: 8% 8% 8%
Case 3: 6% 6% 6%

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

y-o-y growth % -31.4% 7.0% 0% 0% 0%
Case 1: 0% 0% 0%
Case 2: 0% 0% 0%
Case
Case 3:
3: 0% 0% 0%

Cost of goods sold (142,394) (150,572) (157,523) (174,194) (191,613) (210,775)

% of revenue -80% -80% -76% -76% -76% -76%
Case 1: -76% -76% -76%
Case 2: -78% -78% -78%
Case 3: -80% -80% -80%

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

% of revenue -10.2% -10.2% -11.5% -10% -10% -10%
Case 1: -10.0% -10.0% -10.0%
Case 2: -11.0% -11.0% -11.0%
Case
Case 3:
3: -11.5% -11.5% -11.5%

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

% of revenue -1.6% -2.5% -3.1% -2% -2% -2%
Case 1: -2% -2% -2%
Case 2: ### -3% -3% -3%
Case
Case 3:
3: -3%
3% -3% -3%

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

y-o-y growth % 0% 0% 0%
Case 1: 0% 0% 0%
Case 2: 0% 0% 0%
Case
Case 3:
3: 0% 0% 0%
Extraordinary income (318) (864) (320) - - -
y-o-y growth % 0% 0% 0%
Case 1: 0% 0% 0%
Case 2: 0% 0% 0%
Case 3: 0% 0% 0%

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

% EBT -24% -23% -19% -18% -18% -18%
Case 1: -18% -18% -18%
Case 2: -20% -20% -20%
Case 3: -22% -22% -22%
 FY22 FY23
Forecast Forecast
305,069 335,576
10% 10%
10% 10%
8% 8%
6% 6%

2,585 2,585
0% 0%
0% 0%
0% 0%
0% 0%

(231,852) (255,037)
-76% -76%
-76% -76%
-78% -78%
-80% -80%

(30,507) (33,558)
-10% -10%
-10.0% -10.0%
-11.0% -11.0%
-11.5% -11.5%

(6,101) (6,712)
-2% -2%
-2% -2%
-3% -3%
-3% -3%

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

-18% -18%
-18% -18%
-20% -20%
-22% -22%
P&L source

2016 2017 2018

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 assumptions

31Dec16 31Dec17 31Dec18 31Dec19 31Dec20 31Dec21 31Dec22

$ in thousands Actual Actual Actual Forecast Forecast Forecast Forecast
trade receivables 32,884 38,556 43,582 47,940 52,734 58,007 63,808
days 66.8 73.6 75.3 75.3 75.3 75.3 75.3

inventory 31,167 36,397 46,212 51,103 56,213 61,834 68,018

days 78.8 87.0 105.6 105.6 105.6 105.6 105.6

trade payables 15,891 26,352 36,190 40,020 44,022 48,424 53,266

days 40.2 63.0 82.7 82.7 82.7 82.7 82.7

other assets 8,842 11,359 17,603 14,868 16,354 17,990 19,789

% of revenue 5.0% 6.0% 8.4% 6% 6% 6% 6%

PP&E 45,106 49,072 56,109 59,898 65,888 72,477 79,724

% of revenue 25.5% 26.0% 26.9% 26% 26% 26% 26%

other liabilities 5,969 5,800 8,473 8,030 8,833 9,716 10,688

% of revenue 3.4% 3.1% 4.1% 4% 4% 4% 4%
31Dec23
Forecast
70,189
75.3

74,819
105.6

58,593
82.7

21,768
6%

87,697
26%

11,757
4%
BS source

31Dec16 31Dec17 31Dec18

USD in thousands Act Act Act
Intangible assets 5,962 5,840 5,650
PP&E 45,106 49,072 56,109
Financial assets 8,824 9,831 10,323

Fixed assets 59,892 64,743 72,082

Inventory 31,167 36,397 46,212

Trade receivables 32,884 38,556 43,582
Other assets 8,842 11,359 17,603

Cash and equivalents 11,791 19,409 8,174

Non fixed assets 84,684 105,721 115,570

Total Assets 144,576 170,464 187,652

 31Dec16 31Dec17 31Dec18
USD in thousands Act Act Act
Share Capital 6,785 6,800 7,508
Reserves 46,224 44,414 46,513
Retained earnings 16,394 25,994 21,516
Profit/(loss) for the year 12,020 10,459 16,331
Total Equity 81,422 87,667 91,868

Trade payable 15,891 26,352 36,190

Other liabilities 5,315 4,334 6,473
Deferred taxes 479 1,218 1,760
Provisions for retirement benefits 175 248 240

Bank borrowings 37,403 45,595 50,680

Other Financial liabilities 3,890 5,051 440
Total Liabilities 63,153 82,797 95,784

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

- - -
2.Output -->
P&L

FY16 FY17 FY18 FY19 FY20 FY21 FY22

$ in thousands Actual Actual Actual Forecast Forecast Forecast Forecast
Revenues 177,203 188,618 208,366### 229,203 252,123 277,335 305,069
Other revenues 3,520 2,416 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
Cost of goods sold (142,394) (150,572) (157,523)### (174,194) (191,613) (210,775) (231,852)
gross margin 38,329 40,462 53,428### 57,594 63,094 69,145 75,801
Operating expenses (18,011) (19,248) (23,867)### (22,920) (25,212) (27,734) (30,507)
EBITDA 20,317 21,214 29,561### 34,673 37,882 41,412 45,295
D&A (2,908) (4,650) (6,431)### (4,584) (5,042) (5,547) (6,101)
EBIT 17,410 16,564 23,130### 30,089 32,840 35,865 39,193
interest expense (1,266) (2,191) (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
Tax rate -24% -23% -19% -18% -18% -18% -18%
taxes (3,806) (3,050) (3,815)### (4,937) (5,432) (5,976) (6,575)
Netincome 12,020 10,459 16,331### 22,489 24,744 27,225 29,954

1.0
 FY23
Forecast Note
335,576
2,585
338,161
(255,037)
83,123
(33,558)
49,566
(6,712)
42,854
(2,664)
-
40,190
-18%
(7,234)
32,956
Balance Sheet

31Dec16 31Dec17 31Dec18 31Dec19 31Dec20 31Dec21 31Dec22

$ in thousands Actual Actual Actual Forecast Forecast Forecast Forecast
Intangible assets 5,962 5,840 5,650 5,650 5,650 5,650 5,650
PP&E 45,106 49,072 56,109 59,898 65,888 72,477 79,724
Financial assets 8,824 9,831 10,323 10,323 10,323 10,323 10,323
Inventory 31,167 36,397 46,212 51,103 56,213 61,834 68,018
Trade receivables 32,884 38,556 43,582 47,940 52,734 58,007 63,808
Other assets 8,842 11,359 17,603 14,868 16,354 17,990 19,789
Cash and equivalents 11,791 19,409 8,174
Total Assets 144,576 170,464 187,652 189,781 207,162 226,281 247,311
Trade payables 15,891 26,352 36,190 40,020 44,022 48,424 53,266
Other liabilities 5,969 5,800 8,473 8,030 8,833 9,716 10,688
Financial liabilities 41,293 50,645 51,121 51,121 51,121 51,121 51,121
Shareholders equity 81,422 87,667 91,868 114,357 139,101 166,326 196,280
Total liabilities 144,576 170,464 187,652 213,528 243,077 275,587 311,355
31Dec23
Forecast Note
5,650
87,697
10,323
74,819
70,189
21,768

270,445
58,593
11,757
51,121
229,236
350,706

Trade payable
Other liabilities
Financial liabilities

Shareholders equity

Total
Cash Flow

FY17 FY18 FY19 FY20

$ in thousands Actual Actual Forecast Forecast
EBIT 16,564.1
Operating taxes (3,740.0)
Operating tax rate -23%
NOPAT 12,824.1

Add-back D&A 4,649.8

Gross Cash Flow 17,473.9

Inventory (5,229.6)
Trade receivables (5,672.4)
Trade payables 10,460.4
Investments in working capital (441.6)
Investments in other assets/liabilities (2,686.3)

Capex (8,615.8)
Investments (other) (885.4)

Extraordinary items (864.3)

UFCF 19,490.9
 FY21 FY22 FY23
Forecast Forecast Forecast Note
DCF Valuation

FY16 FY17 FY18 FY19 FY20 FY21

$ in thousands Actual Actual Actual Forecast Forecast Forecast
 FY22 FY23
Forecast Forecast Note
3.Charts -->
Revenues & EBITDA
Cash flows
Ebitda bridge
Working capital
DCF results
4.Sources -->