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
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 | 36.50 | 42.19 | 47.52 | 58.76 | 81.61 | 100.13 | 122.85 | 150.73 | 184.93 | 226.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1.94 | 2.88 | 3.35 | 6.54 | 7.37 | 7.88 | 9.67 | 11.86 | 14.56 | 17.86 |
| EBITDA (%) | ||||||||||
| EBIT | 1.35 | 1.88 | 2.12 | 5.55 | 7.09 | 6.16 | 7.55 | 9.27 | 11.37 | 13.95 |
| EBIT (%) | ||||||||||
| Depreciation | 0.59 | 1 | 1.23 | 0.99 | 0.29 | 1.73 | 2.12 | 2.60 | 3.19 | 3.91 |
| 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 | 2.13 | 2.64 | 2.35 | 10.36 | 15.09 | 10.64 | 13.06 | 16.02 | 19.65 | 24.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 8.75 | 13.31 | 12.53 | 10.91 | 16.47 | 24.16 | 29.64 | 36.37 | 44.62 | 54.75 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.20 | 6.31 | 2.49 | 5.10 | 16.42 | 12.67 | 15.54 | 19.07 | 23.40 | 28.71 |
| 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 | 36.50 | 42.19 | 47.52 | 58.76 | 81.61 | 100.13 | 122.85 | 150.73 | 184.93 | 226.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.94 | 2.88 | 3.35 | 6.54 | 7.37 | 7.88 | 9.67 | 11.86 | 14.56 | 17.86 |
| EBIT | 1.35 | 1.88 | 2.12 | 5.55 | 7.09 | 6.16 | 7.55 | 9.27 | 11.37 | 13.95 |
| Tax Rate | -5.88% | 6.25% | 8.05% | 12.46% | 12.53% | 6.68% | 6.68% | 6.68% | 6.68% | 6.68% |
| EBIAT | 1.43 | 1.76 | 1.95 | 4.86 | 6.20 | 5.75 | 7.05 | 8.65 | 10.61 | 13.02 |
| Depreciation | 0.59 | 1 | 1.23 | 0.99 | 0.29 | 1.73 | 2.12 | 2.60 | 3.19 | 3.91 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -4.56 | 0.78 | 1.62 | -5.55 | -7.70 | -5.48 | -6.73 | -8.25 | -10.13 |
| Accounts Payable | - | 1.11 | -3.82 | 2.61 | 11.32 | -3.75 | 2.87 | 3.53 | 4.33 | 5.31 |
| 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 | -0.65 | 9.23 | 11.14 | -5.42 | 4.78 | 5.87 | 7.20 | 8.84 |
| WACC | ||||||||||
| PV UFCF | -5.04 | 4.12 | 4.70 | 5.35 | 6.10 | |||||
| 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 |