Discounted Cash Flow (DCF) Analysis Levered

Miko NV (MIKO.BR)

84.2 €

-4.80 (-5.39%)

All numbers are in Millions, Currency in USD

Stock DCF: 158.46 | 84.2 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	199.79	204.21	215.34	186.40	137.41	126.40	116.27	106.95	98.38	90.49
Revenue (%)
Operating Cash Flow	16.96	17.30	24.67	28.39	26.97	15.99	14.71	13.53	12.45	11.45
Operating Cash Flow (%)
Capital Expenditure	-16.37	-12.50	-25.65	-12.45	-8.86	-9.95	-9.15	-8.42	-7.74	-7.12
Capital Expenditure (%)
Free Cash Flow	0.59	4.80	-0.98	15.94	18.11	6.05	5.56	5.12	4.71	4.33

Weighted Average Cost Of Capital

Share price	$ 84.2
Beta	0.328
Diluted Shares Outstanding	1.24
Cost of Debt
Tax Rate	-786.67
After-tax Cost of Debt	1.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.111
Total Debt	63.87
Total Equity	104.66
Total Capital	168.53
Debt Weighting	37.90
Equity Weighting	62.10
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	199.79	204.21	215.34	186.40	137.41	126.40	116.27	106.95	98.38	90.49
Operating Cash Flow	16.96	17.30	24.67	28.39	26.97	15.99	14.71	13.53	12.45	11.45
Capital Expenditure	-16.37	-12.50	-25.65	-12.45	-8.86	-9.95	-9.15	-8.42	-7.74	-7.12
Free Cash Flow	0.59	4.80	-0.98	15.94	18.11	6.05	5.56	5.12	4.71	4.33
WACC
PV LFCF						5.82	5.15	4.56	4.04	3.57
SUM PV LFCF										23.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.90
Free cash flow (t + 1)	4.42
Terminal Value	232.38
Present Value of Terminal Value	191.92

Intrinsic Value

Enterprise Value	215.07
Net Debt	18.11
Equity Value	196.96
Shares Outstanding	1.24
Equity Value Per Share	158.46