Discounted Cash Flow (DCF) Analysis Levered

Emakina Group SA (ALEMK.BR)

29 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 9.71 | 29 | overvalue

Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	76.53	78.09	93.40	94.07	99	105.83	113.13	120.93	129.28	138.20
Revenue (%)
Operating Cash Flow	-0.32	5.49	6.56	2.74	10.60	5.77	6.17	6.59	7.05	7.53
Operating Cash Flow (%)
Capital Expenditure	-1.39	-2.95	-2.37	-3.18	-2.71	-3.02	-3.23	-3.45	-3.69	-3.94
Capital Expenditure (%)
Free Cash Flow	-1.71	2.54	4.18	-0.44	7.89	2.75	2.94	3.14	3.36	3.59

Weighted Average Cost Of Capital

Share price	$ 29
Beta	1.664
Diluted Shares Outstanding	3.89
Cost of Debt
Tax Rate	75.26
After-tax Cost of Debt	0.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.621
Total Debt	15.96
Total Equity	112.91
Total Capital	128.87
Debt Weighting	12.38
Equity Weighting	87.62
Wacc

Build Up Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	76.53	78.09	93.40	94.07	99	105.83	113.13	120.93	129.28	138.20
Operating Cash Flow	-0.32	5.49	6.56	2.74	10.60	5.77	6.17	6.59	7.05	7.53
Capital Expenditure	-1.39	-2.95	-2.37	-3.18	-2.71	-3.02	-3.23	-3.45	-3.69	-3.94
Free Cash Flow	-1.71	2.54	4.18	-0.44	7.89	2.75	2.94	3.14	3.36	3.59
WACC
PV LFCF						1.61	1.57	1.53	1.50	1.46
SUM PV LFCF										12.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.39
Free cash flow (t + 1)	3.66
Terminal Value	49.58
Present Value of Terminal Value	31.65

Intrinsic Value

Enterprise Value	43.66
Net Debt	5.87
Equity Value	37.79
Shares Outstanding	3.89
Equity Value Per Share	9.71