Discounted Cash Flow (DCF) Analysis Unlevered

Emakina Group SA (ALEMK.BR)

29 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.71 | 29 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 76.5378.0993.4094.0799105.83113.13120.93129.28138.20
Revenue (%)
EBITDA 5.295.475.654.176.136.476.927.407.918.46
EBITDA (%)
EBIT 1.951.571.370.491.631.731.851.982.122.26
EBIT (%)
Depreciation 3.353.904.283.684.504.745.075.425.796.19
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 2.673.244.433.8310.095.646.036.456.897.37
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 3.484.843.384.682.754.6855.355.726.11
Inventories (%)
Accounts Payable 5.637.706.147.387.588.328.899.5010.1610.86
Accounts Payable (%)
Capital Expenditure -1.39-2.95-2.37-3.18-2.71-3.02-3.23-3.45-3.69-3.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29
Beta 1.664
Diluted Shares Outstanding 3.89
Cost of Debt
Tax Rate 55.34
After-tax Cost of Debt 1.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.141
Total Debt 15.96
Total Equity 112.91
Total Capital 128.87
Debt Weighting 12.38
Equity Weighting 87.62
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 76.5378.0993.4094.0799105.83113.13120.93129.28138.20
EBITDA 5.295.475.654.176.136.476.927.407.918.46
EBIT 1.951.571.370.491.631.731.851.982.122.26
Tax Rate 42.82%97.40%94.81%130.29%55.34%84.13%84.13%84.13%84.13%84.13%
EBIAT 1.110.040.07-0.150.730.270.290.310.340.36
Depreciation 3.353.904.283.684.504.745.075.425.796.19
Accounts Receivable ----------
Inventories --1.361.46-1.301.93-1.93-0.32-0.35-0.37-0.39
Accounts Payable -2.07-1.551.230.200.740.570.610.660.70
Capital Expenditure -1.39-2.95-2.37-3.18-2.71-3.02-3.23-3.45-3.69-3.94
UFCF 3.071.701.880.284.650.812.392.552.732.92
WACC
PV UFCF 0.731.941.871.811.74
SUM PV UFCF 8.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.87
Free cash flow (t + 1) 2.98
Terminal Value 33.54
Present Value of Terminal Value 20.02

Intrinsic Value

Enterprise Value 28.11
Net Debt 5.87
Equity Value 22.24
Shares Outstanding 3.89
Equity Value Per Share 5.71