Discounted Cash Flow (DCF) Analysis Levered

Montea Comm. VA (MONT.BR)

77.9 €

-1.50 (-1.89%)

All numbers are in Millions, Currency in USD

Stock DCF: -113.02 | 77.9 | overvalue

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	61.57	75.51	82.60	94.43	111.01	128.75	149.31	173.17	200.83	232.92
Revenue (%)
Operating Cash Flow	56.48	64.90	69.26	100.20	84.46	114.25	132.51	153.67	178.22	206.70
Operating Cash Flow (%)
Capital Expenditure	-174.24	-135.59	-16.08	-2.50	-0.60	-124.94	-144.90	-168.05	-194.90	-226.03
Capital Expenditure (%)
Free Cash Flow	-117.76	-70.69	53.18	97.69	83.86	-10.69	-12.39	-14.37	-16.67	-19.33

Weighted Average Cost Of Capital

Share price	$ 77.9
Beta	0.356
Diluted Shares Outstanding	16.13
Cost of Debt
Tax Rate	8.85
After-tax Cost of Debt	1.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.373
Total Debt	932.88
Total Equity	1,256.59
Total Capital	2,189.48
Debt Weighting	42.61
Equity Weighting	57.39
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	61.57	75.51	82.60	94.43	111.01	128.75	149.31	173.17	200.83	232.92
Operating Cash Flow	56.48	64.90	69.26	100.20	84.46	114.25	132.51	153.67	178.22	206.70
Capital Expenditure	-174.24	-135.59	-16.08	-2.50	-0.60	-124.94	-144.90	-168.05	-194.90	-226.03
Free Cash Flow	-117.76	-70.69	53.18	97.69	83.86	-10.69	-12.39	-14.37	-16.67	-19.33
WACC
PV LFCF						-10.29	-11.50	-12.84	-14.34	-16.02
SUM PV LFCF										-65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.83
Free cash flow (t + 1)	-19.72
Terminal Value	-1,077.62
Present Value of Terminal Value	-893

Intrinsic Value

Enterprise Value	-958
Net Debt	865.12
Equity Value	-1,823.12
Shares Outstanding	16.13
Equity Value Per Share	-113.02