Discounted Cash Flow (DCF) Analysis Unlevered
MG International S.A. (ALMGI.PA)
5.9 €
+0.10 (+1.72%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 42.19 | 47.52 | 58.76 | 81.61 | 82.89 | 98.79 | 117.74 | 140.33 | 167.25 | 199.33 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 3.31 | 3.77 | 6.61 | 7.70 | 8.72 | 9.28 | 11.06 | 13.19 | 15.72 | 18.73 |
EBITDA (%) | ||||||||||
EBIT | 2.31 | 2.55 | 5.61 | 7.41 | 7.78 | 7.68 | 9.15 | 10.91 | 13 | 15.49 |
EBIT (%) | ||||||||||
Depreciation | 1 | 1.23 | 0.99 | 0.29 | 0.93 | 1.61 | 1.91 | 2.28 | 2.72 | 3.24 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 2.64 | 2.35 | 10.36 | 15.09 | 1.45 | 9.69 | 11.55 | 13.77 | 16.41 | 19.56 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 4.19 | 4.72 | 5.84 | 8.11 | 8.24 | 9.82 | 11.70 | 13.94 | 16.62 | 19.81 |
Account Receivables (%) | ||||||||||
Inventories | 13.31 | 12.53 | 10.91 | 18.92 | 31.28 | 27.15 | 32.36 | 38.56 | 45.96 | 54.78 |
Inventories (%) | ||||||||||
Accounts Payable | 6.31 | 2.49 | 5.10 | 16.42 | 7.69 | 11.52 | 13.73 | 16.36 | 19.50 | 23.24 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -0.59 | -0.79 | -0.85 | -1.11 | -1.03 | -1.41 | -1.68 | -2 | -2.38 | -2.84 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 5.9 |
---|---|
Beta | 0.756 |
Diluted Shares Outstanding | - |
Cost of Debt | |
Tax Rate | 13.37 |
After-tax Cost of Debt | 1.21% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.165 |
Total Debt | 3.51 |
Total Equity | - |
Total Capital | 3.51 |
Debt Weighting | 100.00 |
Equity Weighting | 0.00 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 42.19 | 47.52 | 58.76 | 81.61 | 82.89 | 98.79 | 117.74 | 140.33 | 167.25 | 199.33 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 3.31 | 3.77 | 6.61 | 7.70 | 8.72 | 9.28 | 11.06 | 13.19 | 15.72 | 18.73 |
EBIT | 2.31 | 2.55 | 5.61 | 7.41 | 7.78 | 7.68 | 9.15 | 10.91 | 13 | 15.49 |
Tax Rate | 6.25% | 8.05% | 12.46% | 12.53% | 13.37% | 10.53% | 10.53% | 10.53% | 10.53% | 10.53% |
EBIAT | 2.17 | 2.34 | 4.91 | 6.48 | 6.74 | 6.87 | 8.19 | 9.76 | 11.63 | 13.86 |
Depreciation | 1 | 1.23 | 0.99 | 0.29 | 0.93 | 1.61 | 1.91 | 2.28 | 2.72 | 3.24 |
Accounts Receivable | - | -0.53 | -1.12 | -2.27 | -0.13 | -1.58 | -1.88 | -2.24 | -2.68 | -3.19 |
Inventories | - | 0.78 | 1.62 | -8 | -12.36 | 4.13 | -5.21 | -6.21 | -7.40 | -8.82 |
Accounts Payable | - | -3.82 | 2.61 | 11.32 | -8.73 | 3.83 | 2.21 | 2.63 | 3.14 | 3.74 |
Capital Expenditure | -0.59 | -0.79 | -0.85 | -1.11 | -1.03 | -1.41 | -1.68 | -2 | -2.38 | -2.84 |
UFCF | 2.58 | -0.79 | 8.17 | 6.70 | -14.57 | 13.45 | 3.54 | 4.22 | 5.03 | 6 |
WACC | ||||||||||
PV UFCF | 13.28 | 3.46 | 4.07 | 4.79 | 5.65 | |||||
SUM PV UFCF | 31.26 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 1.21 |
Free cash flow (t + 1) | 6.12 |
Terminal Value | -774.22 |
Present Value of Terminal Value | -729.03 |
Intrinsic Value
Enterprise Value | -697.77 |
---|---|
Net Debt | 2.06 |
Equity Value | -699.83 |
Shares Outstanding | - |
Equity Value Per Share | -Infinity |