Discounted Cash Flow (DCF) Analysis Levered

Martifer SGPS, S.A. (MAR.LS)

1.26 €

-0.04 (-3.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.60 | 1.26 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 200.59235.91226.12209.32190.40188.97187.55186.14184.74183.35
Revenue (%)
Operating Cash Flow 13.5210.7110.986.2413.349.879.809.729.659.58
Operating Cash Flow (%)
Capital Expenditure -1.85-0.37-1.76-1.80-1.16-1.26-1.25-1.24-1.23-1.22
Capital Expenditure (%)
Free Cash Flow 11.6710.349.224.4412.188.628.558.498.428.36

Weighted Average Cost Of Capital

Share price $ 1.26
Beta 0.701
Diluted Shares Outstanding 97.78
Cost of Debt
Tax Rate 13.62
After-tax Cost of Debt 3.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.907
Total Debt 123.46
Total Equity 123.21
Total Capital 246.67
Debt Weighting 50.05
Equity Weighting 49.95
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 200.59235.91226.12209.32190.40188.97187.55186.14184.74183.35
Operating Cash Flow 13.5210.7110.986.2413.349.879.809.729.659.58
Capital Expenditure -1.85-0.37-1.76-1.80-1.16-1.26-1.25-1.24-1.23-1.22
Free Cash Flow 11.6710.349.224.4412.188.628.558.498.428.36
WACC
PV LFCF 8.177.687.236.806.40
SUM PV LFCF 36.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.49
Free cash flow (t + 1) 8.53
Terminal Value 244.33
Present Value of Terminal Value 187.04

Intrinsic Value

Enterprise Value 223.32
Net Debt 67.13
Equity Value 156.19
Shares Outstanding 97.78
Equity Value Per Share 1.60