Discounted Cash Flow (DCF) Analysis Unlevered

MG International S.A. (ALMGI.PA)

7.6 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.29 | 7.6 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 36.5042.1947.5258.7681.61100.13122.85150.73184.93226.89
Revenue (%)
EBITDA 1.942.883.356.547.377.889.6711.8614.5617.86
EBITDA (%)
EBIT 1.351.882.125.557.096.167.559.2711.3713.95
EBIT (%)
Depreciation 0.5911.230.990.291.732.122.603.193.91
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 2.132.642.3510.3615.0910.6413.0616.0219.6524.11
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 8.7513.3112.5310.9116.4724.1629.6436.3744.6254.75
Inventories (%)
Accounts Payable 5.206.312.495.1016.4212.6715.5419.0723.4028.71
Accounts Payable (%)
Capital Expenditure -0.49-0.59-0.79-0.85-1.11-1.45-1.77-2.18-2.67-3.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.6
Beta 0.841
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 12.53
After-tax Cost of Debt 1.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.713
Total Debt 1.27
Total Equity 816.89
Total Capital 818.17
Debt Weighting 0.16
Equity Weighting 99.84
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 36.5042.1947.5258.7681.61100.13122.85150.73184.93226.89
EBITDA 1.942.883.356.547.377.889.6711.8614.5617.86
EBIT 1.351.882.125.557.096.167.559.2711.3713.95
Tax Rate -5.88%6.25%8.05%12.46%12.53%6.68%6.68%6.68%6.68%6.68%
EBIAT 1.431.761.954.866.205.757.058.6510.6113.02
Depreciation 0.5911.230.990.291.732.122.603.193.91
Accounts Receivable ----------
Inventories --4.560.781.62-5.55-7.70-5.48-6.73-8.25-10.13
Accounts Payable -1.11-3.822.6111.32-3.752.873.534.335.31
Capital Expenditure -0.49-0.59-0.79-0.85-1.11-1.45-1.77-2.18-2.67-3.28
UFCF 1.53-1.28-0.659.2311.14-5.424.785.877.208.84
WACC
PV UFCF -5.044.124.705.356.10
SUM PV UFCF 15.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.70
Free cash flow (t + 1) 9.01
Terminal Value 158.12
Present Value of Terminal Value 109.12

Intrinsic Value

Enterprise Value 124.36
Net Debt -13.82
Equity Value 138.17
Shares Outstanding 107.49
Equity Value Per Share 1.29