Discounted Cash Flow (DCF) Analysis Unlevered

Media-Maker S.p.A. (ALKER.PA)

1.05 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 29,372.38 | 1.05 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 12.0230.6645.7892.56187.15378.41765.111,547
Revenue (%)
EBITDA 0.760.851.814.038.1516.4933.3467.40
EBITDA (%)
EBIT 0.760.731.613.777.6315.4231.1963.06
EBIT (%)
Depreciation 00.120.200.260.531.062.154.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 0.260.731.382.324.709.5019.2038.83
Total Cash (%)
Account Receivables --------
Account Receivables (%)
Inventories 0.093.075.697.1614.4729.2659.16119.61
Inventories (%)
Accounts Payable 4.847.289.2525.9952.54106.23214.79434.30
Accounts Payable (%)
Capital Expenditure -0.20-0.43-0.17-1.07-2.15-4.36-8.81-17.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.05
Beta 0.440
Diluted Shares Outstanding 2
Cost of Debt
Tax Rate 30.23
After-tax Cost of Debt 0.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.585
Total Debt 3.47
Total Equity 2.10
Total Capital 5.57
Debt Weighting 62.29
Equity Weighting 37.71
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 12.0230.6645.7892.56187.15378.41765.111,547
EBITDA 0.760.851.814.038.1516.4933.3467.40
EBIT 0.760.731.613.777.6315.4231.1963.06
Tax Rate 30.32%16.44%30.23%25.66%25.66%25.66%25.66%25.66%
EBIAT 0.530.611.122.805.6711.4723.1846.87
Depreciation 00.120.200.260.531.062.154.35
Accounts Receivable --------
Inventories --2.98-2.62-1.47-7.31-14.79-29.90-60.45
Accounts Payable -2.451.9716.7326.5553.69108.56219.50
Capital Expenditure -0.20-0.43-0.17-1.07-2.15-4.36-8.81-17.81
UFCF 0.33-0.230.5017.2723.2847.0895.19192.46
WACC
PV UFCF 17.6623.2846.0290.96179.77
SUM PV UFCF 341.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.30
Free cash flow (t + 1) 196.31
Terminal Value 65,437.80
Present Value of Terminal Value 58,405.07

Intrinsic Value

Enterprise Value 58,746.86
Net Debt 2.09
Equity Value 58,744.77
Shares Outstanding 2
Equity Value Per Share 29,372.38