Discounted Cash Flow (DCF) Analysis Unlevered

1000mercis (ALMIL.PA)

25.8 €

+0.20 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 67.26 | 25.8 | undervalue

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 68.0969.2358.4968.9076.9279.9283.0386.2789.6393.13
Revenue (%)
EBITDA 29.417.54-0.796.216.4711.2111.6512.1112.5813.07
EBITDA (%)
EBIT 25.893.01-5.701.434.226.426.676.937.207.49
EBIT (%)
Depreciation 3.524.534.914.782.254.794.985.175.375.58
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 18.6313.7619.8919.3915.5420.7121.5222.3623.2324.13
Total Cash (%)
Account Receivables 30.7839.1739.1831.2432.6741.0142.6144.274647.79
Account Receivables (%)
Inventories 5.930.89001.221.851.9222.072.16
Inventories (%)
Accounts Payable 12.4110.8614.7412.478.5014.1114.6615.2315.8216.44
Accounts Payable (%)
Capital Expenditure -3.48-3.55-2.25-1-1.05-2.70-2.81-2.91-3.03-3.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.8
Beta 0.802
Diluted Shares Outstanding 2.16
Cost of Debt
Tax Rate -21.06
After-tax Cost of Debt 4.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.000
Total Debt 13.64
Total Equity 55.86
Total Capital 69.50
Debt Weighting 19.63
Equity Weighting 80.37
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 68.0969.2358.4968.9076.9279.9283.0386.2789.6393.13
EBITDA 29.417.54-0.796.216.4711.2111.6512.1112.5813.07
EBIT 25.893.01-5.701.434.226.426.676.937.207.49
Tax Rate 83.26%-4.38%2.29%-40.74%-21.06%3.87%3.87%3.87%3.87%3.87%
EBIAT 4.343.14-5.572.015.116.176.426.676.937.20
Depreciation 3.524.534.914.782.254.794.985.175.375.58
Accounts Receivable --8.39-0.017.94-1.43-8.34-1.60-1.66-1.73-1.79
Inventories -5.040.890-1.22-0.63-0.07-0.07-0.08-0.08
Accounts Payable --1.553.88-2.27-3.975.610.550.570.590.62
Capital Expenditure -3.48-3.55-2.25-1-1.05-2.70-2.81-2.91-3.03-3.15
UFCF 4.38-0.781.8611.46-0.334.917.477.768.068.37
WACC
PV UFCF 4.576.496.296.095.90
SUM PV UFCF 29.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.26
Free cash flow (t + 1) 8.54
Terminal Value 162.38
Present Value of Terminal Value 114.38

Intrinsic Value

Enterprise Value 143.72
Net Debt -1.90
Equity Value 145.61
Shares Outstanding 2.16
Equity Value Per Share 67.26