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: 4.74 | 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 75.26
After-tax Cost of Debt 0.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.479
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 64.28%108.97%107.36%195.29%75.26%110.23%110.23%110.23%110.23%110.23%
EBIAT 0.70-0.14-0.10-0.460.40-0.18-0.19-0.20-0.22-0.23
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 2.651.521.71-0.044.330.361.902.042.182.33
WACC
PV UFCF 0.321.571.521.481.44
SUM PV UFCF 6.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.14
Free cash flow (t + 1) 2.37
Terminal Value 29.15
Present Value of Terminal Value 17.98

Intrinsic Value

Enterprise Value 24.31
Net Debt 5.87
Equity Value 18.44
Shares Outstanding 3.89
Equity Value Per Share 4.74