Discounted Cash Flow (DCF) Analysis Unlevered

Morgan Stanley Emerging Markets Dom... (EDD)

$4.49

+0.04 (+0.90%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.14 | 4.49 | overvalue

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 31.89-56.6264.94-26.046.53-5.845.22-4.664.17-3.72
Revenue (%)
EBITDA 36.41-50.3170.88-24.067.03-5.985.35-4.784.27-3.82
EBITDA (%)
EBIT ------5.985.35-4.784.27-3.82
EBIT (%)
Depreciation ----------
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 ---0.25-0.060.06-0.050.04-0.040.04
Total Cash (%)
Account Receivables 17.1015.5711.5614.139.76-1.621.45-1.301.16-1.04
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.730.610.560.030.03-0.030.03-0.020.02-0.02
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.49
Beta 0.788
Diluted Shares Outstanding 66.18
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.486
Total Debt 106.33
Total Equity 297.15
Total Capital 403.48
Debt Weighting 26.35
Equity Weighting 73.65
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 31.89-56.6264.94-26.046.53-5.845.22-4.664.17-3.72
EBITDA 36.41-50.3170.88-24.067.03-5.985.35-4.784.27-3.82
EBIT ------5.985.35-4.784.27-3.82
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ------5.985.35-4.784.27-3.82
Depreciation ----------
Accounts Receivable -1.534-2.574.3611.39-3.082.75-2.462.20
Inventories ----------
Accounts Payable --0.12-0.05-0.530-0.060.05-0.050.04-0.04
Capital Expenditure ----------
UFCF -----5.352.32-2.081.85-1.66
WACC
PV UFCF 5.082.10-1.781.51-1.29
SUM PV UFCF 5.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.20
Free cash flow (t + 1) -1.69
Terminal Value -52.84
Present Value of Terminal Value -41.01

Intrinsic Value

Enterprise Value -35.38
Net Debt 106.33
Equity Value -141.71
Shares Outstanding 66.18
Equity Value Per Share -2.14