Discounted Cash Flow (DCF) Analysis Levered

Batla Minerals SA (MLBAT.PA)

0.54 €

+0.05 (+10.20%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.77 | 0.54 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	19.16	10.79	8.12	5.34	3.51	2.31	1.52	1	0.66	0.43	0.28
Revenue (%)
Operating Cash Flow	4.83	0.77	2.06	1.03	0.68	0.44	0.29	0.19	0.13	0.08	0.05
Operating Cash Flow (%)
Capital Expenditure	-2.42	-0.99	-0.45	-0.49	-0.32	-0.21	-0.14	-0.09	-0.06	-0.04	-0.03
Capital Expenditure (%)
Free Cash Flow	2.41	-0.22	1.61	0.54	0.36	0.23	0.15	0.10	0.07	0.04	0.03

Weighted Average Cost Of Capital

Share price	$ 0.54
Beta	2.566
Diluted Shares Outstanding	5.35
Cost of Debt
Tax Rate	33.48
After-tax Cost of Debt	199.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity	15.804
Total Debt	0
Total Equity	2.89
Total Capital	2.89
Debt Weighting	0.07
Equity Weighting	99.93
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	19.16	10.79	8.12	5.34	3.51	2.31	1.52	1	0.66	0.43	0.28
Operating Cash Flow	4.83	0.77	2.06	1.03	0.68	0.44	0.29	0.19	0.13	0.08	0.05
Capital Expenditure	-2.42	-0.99	-0.45	-0.49	-0.32	-0.21	-0.14	-0.09	-0.06	-0.04	-0.03
Free Cash Flow	2.41	-0.22	1.61	0.54	0.36	0.23	0.15	0.10	0.07	0.04	0.03
WACC
PV LFCF				0.63	0.36	0.20	0.11	0.06	0.04	0.02	0.01
SUM PV LFCF											0.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	15.93
Free cash flow (t + 1)	0.03
Terminal Value	0.21
Present Value of Terminal Value	0.10

Intrinsic Value

Enterprise Value	0.39
Net Debt	-3.71
Equity Value	4.10
Shares Outstanding	5.35
Equity Value Per Share	0.77