Discounted Cash Flow (DCF) Analysis Levered

Miko NV (MIKO.BR)

79 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 154.11 | 79 | 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	$ 79
Beta	0.316
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	5.276
Total Debt	63.87
Total Equity	98.19
Total Capital	162.06
Debt Weighting	39.41
Equity Weighting	60.59
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	4.55	4.03	3.57
SUM PV LFCF										23.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.95
Free cash flow (t + 1)	4.42
Terminal Value	226.42
Present Value of Terminal Value	186.55

Intrinsic Value

Enterprise Value	209.67
Net Debt	18.11
Equity Value	191.56
Shares Outstanding	1.24
Equity Value Per Share	154.11