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
Stock DCF: -Infinity | 5.9 | overvalue

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 42.1947.5258.7681.6182.8998.79117.74140.33167.25199.33
Revenue (%)
EBITDA 3.313.776.617.708.729.2811.0613.1915.7218.73
EBITDA (%)
EBIT 2.312.555.617.417.787.689.1510.911315.49
EBIT (%)
Depreciation 11.230.990.290.931.611.912.282.723.24
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 2.642.3510.3615.091.459.6911.5513.7716.4119.56
Total Cash (%)
Account Receivables 4.194.725.848.118.249.8211.7013.9416.6219.81
Account Receivables (%)
Inventories 13.3112.5310.9118.9231.2827.1532.3638.5645.9654.78
Inventories (%)
Accounts Payable 6.312.495.1016.427.6911.5213.7316.3619.5023.24
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 42.1947.5258.7681.6182.8998.79117.74140.33167.25199.33
EBITDA 3.313.776.617.708.729.2811.0613.1915.7218.73
EBIT 2.312.555.617.417.787.689.1510.911315.49
Tax Rate 6.25%8.05%12.46%12.53%13.37%10.53%10.53%10.53%10.53%10.53%
EBIAT 2.172.344.916.486.746.878.199.7611.6313.86
Depreciation 11.230.990.290.931.611.912.282.723.24
Accounts Receivable --0.53-1.12-2.27-0.13-1.58-1.88-2.24-2.68-3.19
Inventories -0.781.62-8-12.364.13-5.21-6.21-7.40-8.82
Accounts Payable --3.822.6111.32-8.733.832.212.633.143.74
Capital Expenditure -0.59-0.79-0.85-1.11-1.03-1.41-1.68-2-2.38-2.84
UFCF 2.58-0.798.176.70-14.5713.453.544.225.036
WACC
PV UFCF 13.283.464.074.795.65
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