Discounted Cash Flow (DCF) Analysis Unlevered

Montagne et Neige Développement SA (ALMND.PA)

2.72 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -77.94 | 2.72 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 76.4487.60100.39115.04131.84151.08173.14198.41227.38260.57298.61
Revenue (%)
EBITDA 5.524.035.936.807.798.9310.2311.7213.4415.4017.65
EBITDA (%)
EBIT 3.430.502.542.913.343.824.385.025.766.607.56
EBIT (%)
Depreciation 2.093.533.393.894.455.105.856.707.688.8010.09
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 2.100.801.842.112.412.763.173.634.164.775.46
Total Cash (%)
Account Receivables -----------
Account Receivables (%)
Inventories 24.6120.652832.0836.7742.1348.2855.3363.4172.6783.27
Inventories (%)
Accounts Payable 22.2734.9034.6239.6845.4752.1159.7168.4378.4289.87102.99
Accounts Payable (%)
Capital Expenditure -8.54-9.43-11.01-12.62-14.46-16.57-18.99-21.77-24.94-28.59-32.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.72
Beta 1.706
Diluted Shares Outstanding 2.51
Cost of Debt
Tax Rate -2.53
After-tax Cost of Debt 11.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.745
Total Debt 119.26
Total Equity 6.84
Total Capital 126.10
Debt Weighting 94.58
Equity Weighting 5.42
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 76.4487.60100.39115.04131.84151.08173.14198.41227.38260.57298.61
EBITDA 5.524.035.936.807.798.9310.2311.7213.4415.4017.65
EBIT 3.430.502.542.913.343.824.385.025.766.607.56
Tax Rate -9.39%-230.13%-47.47%2.68%2.04%-2.53%-47.47%-47.47%-47.47%-47.47%-47.47%
EBIAT 3.761.653.752.833.273.926.467.418.499.7311.15
Depreciation 2.093.533.393.894.455.105.856.707.688.8010.09
Accounts Receivable -----------
Inventories -3.96-7.34-4.09-4.68-5.37-6.15-7.05-8.08-9.26-10.61
Accounts Payable -12.64-0.285.055.796.647.618.729.9911.4513.12
Capital Expenditure -8.54-9.43-11.01-3.02-3.81-4.08-18.99-21.77-24.94-28.59-32.76
UFCF -2.7012.34-11.50-4.93-5.63-6.28-5.23-5.99-6.86-7.87-9.01
WACC
PV UFCF -14.27-5.50-5.63-5.64-4.21-4.33-4.45-4.58-4.71
SUM PV UFCF -24.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.41
Free cash flow (t + 1) -9.19
Terminal Value -97.70
Present Value of Terminal Value -56.92

Intrinsic Value

Enterprise Value -81.76
Net Debt 114.12
Equity Value -195.88
Shares Outstanding 2.51
Equity Value Per Share -77.94