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 199.79204.21215.34186.40137.41126.40116.27106.9598.3890.49
Revenue (%)
Operating Cash Flow 16.9617.3024.6728.3926.9715.9914.7113.5312.4511.45
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 0.594.80-0.9815.9418.116.055.565.124.714.33

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 199.79204.21215.34186.40137.41126.40116.27106.9598.3890.49
Operating Cash Flow 16.9617.3024.6728.3926.9715.9914.7113.5312.4511.45
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 0.594.80-0.9815.9418.116.055.565.124.714.33
WACC
PV LFCF 5.825.154.564.043.57
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