Discounted Cash Flow (DCF) Analysis Levered

Manitou BF SA (MTU.PA)

21.25 €

-0.20 (-0.93%)

All numbers are in Millions, Currency in USD

Stock DCF: 2.54 | 21.25 | 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	1,883.58	2,093.58	1,585.10	1,874.58	2,361.63	2,545.28	2,743.21	2,956.53	3,186.44	3,434.23
Revenue (%)
Operating Cash Flow	-4.71	63.07	221.55	129.99	-104.47	97.99	105.61	113.83	122.68	132.22
Operating Cash Flow (%)
Capital Expenditure	-46.41	-68.34	-50.08	-51.85	-93.53	-79.49	-85.67	-92.33	-99.51	-107.25
Capital Expenditure (%)
Free Cash Flow	-51.12	-5.27	171.47	78.13	-198	18.51	19.95	21.50	23.17	24.97

Weighted Average Cost Of Capital

Share price	$ 21.25
Beta	1.373
Diluted Shares Outstanding	38.27
Cost of Debt
Tax Rate	31.60
After-tax Cost of Debt	1.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.283
Total Debt	297.84
Total Equity	813.20
Total Capital	1,111.04
Debt Weighting	26.81
Equity Weighting	73.19
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	1,883.58	2,093.58	1,585.10	1,874.58	2,361.63	2,545.28	2,743.21	2,956.53	3,186.44	3,434.23
Operating Cash Flow	-4.71	63.07	221.55	129.99	-104.47	97.99	105.61	113.83	122.68	132.22
Capital Expenditure	-46.41	-68.34	-50.08	-51.85	-93.53	-79.49	-85.67	-92.33	-99.51	-107.25
Free Cash Flow	-51.12	-5.27	171.47	78.13	-198	18.51	19.95	21.50	23.17	24.97
WACC
PV LFCF						14.41	14.29	14.17	14.05	13.93
SUM PV LFCF										83.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.70
Free cash flow (t + 1)	25.47
Terminal Value	380.17
Present Value of Terminal Value	250.51

Intrinsic Value

Enterprise Value	334.21
Net Debt	237.14
Equity Value	97.07
Shares Outstanding	38.27
Equity Value Per Share	2.54