Discounted Cash Flow (DCF) Analysis Levered

Manitou BF SA (MTU.PA)

16.4 €

+0.20 (+1.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.04 | 16.4 | overvalue

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 1,590.971,883.582,093.581,585.101,874.581,984.792,101.482,225.022,355.832,494.33
Revenue (%)
Operating Cash Flow 35.25-4.7163.07221.55129.99102.77108.81115.21121.98129.15
Operating Cash Flow (%)
Capital Expenditure -40.75-46.41-68.34-50.08-51.85-56.43-59.75-63.26-66.98-70.92
Capital Expenditure (%)
Free Cash Flow -5.50-51.12-5.27171.4778.1346.3449.0651.955558.24

Weighted Average Cost Of Capital

Share price $ 16.4
Beta 1.505
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 25.33
After-tax Cost of Debt 2.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.906
Total Debt 193.74
Total Equity 1,762.77
Total Capital 1,956.51
Debt Weighting 9.90
Equity Weighting 90.10
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 1,590.971,883.582,093.581,585.101,874.581,984.792,101.482,225.022,355.832,494.33
Operating Cash Flow 35.25-4.7163.07221.55129.99102.77108.81115.21121.98129.15
Capital Expenditure -40.75-46.41-68.34-50.08-51.85-56.43-59.75-63.26-66.98-70.92
Free Cash Flow -5.50-51.12-5.27171.4778.1346.3449.0651.955558.24
WACC
PV LFCF 42.0940.4838.9337.4536.01
SUM PV LFCF 194.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.09
Free cash flow (t + 1) 59.40
Terminal Value 734.26
Present Value of Terminal Value 454.06

Intrinsic Value

Enterprise Value 649.03
Net Debt -0.57
Equity Value 649.59
Shares Outstanding 107.49
Equity Value Per Share 6.04