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
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 | -56.62 | 64.94 | -26.04 | 6.53 | -5.84 | 5.22 | -4.66 | 4.17 | -3.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 36.41 | -50.31 | 70.88 | -24.06 | 7.03 | -5.98 | 5.35 | -4.78 | 4.27 | -3.82 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -5.98 | 5.35 | -4.78 | 4.27 | -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 | -0.06 | 0.06 | -0.05 | 0.04 | -0.04 | 0.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 17.10 | 15.57 | 11.56 | 14.13 | 9.76 | -1.62 | 1.45 | -1.30 | 1.16 | -1.04 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.73 | 0.61 | 0.56 | 0.03 | 0.03 | -0.03 | 0.03 | -0.02 | 0.02 | -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 | -56.62 | 64.94 | -26.04 | 6.53 | -5.84 | 5.22 | -4.66 | 4.17 | -3.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 36.41 | -50.31 | 70.88 | -24.06 | 7.03 | -5.98 | 5.35 | -4.78 | 4.27 | -3.82 |
| EBIT | - | - | - | - | - | -5.98 | 5.35 | -4.78 | 4.27 | -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 | - | - | - | - | - | -5.98 | 5.35 | -4.78 | 4.27 | -3.82 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 1.53 | 4 | -2.57 | 4.36 | 11.39 | -3.08 | 2.75 | -2.46 | 2.20 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.12 | -0.05 | -0.53 | 0 | -0.06 | 0.05 | -0.05 | 0.04 | -0.04 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 5.35 | 2.32 | -2.08 | 1.85 | -1.66 |
| WACC | ||||||||||
| PV UFCF | 5.08 | 2.10 | -1.78 | 1.51 | -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 |