Discounted Cash Flow (DCF) Analysis Unlevered

Templeton Emerging Markets Fund (EMF)

$12.36

+0.01 (+0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -173,149,530.15 | 12.36 | 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 80.51-5.42-0.5742.4751.58-937.7917,049.01-309,951.235,634,917.65-102,442,881.05
Revenue (%)
EBITDA 80.19-5.83-0.8642.4151.16-1,042.1018,945.45-344,428.596,261,716.53-113,838,093.41
EBITDA (%)
EBIT ---42.4151.16-1,042.1018,945.45-344,428.596,261,716.53-113,838,093.41
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 0.0100.01-0.17-0.213.84-69.751,268-23,052.34419,091.78
Total Cash (%)
Account Receivables 2.100.451.591.425.49503.52-9,154.09166,421.46-3,025,544.3955,004,438.94
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.02-0-00.010.01-0.274.82-87.621,592.93-28,959.58
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.36
Beta 0.906
Diluted Shares Outstanding 16.26
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 1.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.116
Total Debt 15
Total Equity 200.93
Total Capital 215.93
Debt Weighting 6.95
Equity Weighting 93.05
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 80.51-5.42-0.5742.4751.58-937.7917,049.01-309,951.235,634,917.65-102,442,881.05
EBITDA 80.19-5.83-0.8642.4151.16-1,042.1018,945.45-344,428.596,261,716.53-113,838,093.41
EBIT ---42.4151.16-1,042.1018,945.45-344,428.596,261,716.53-113,838,093.41
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT ---42.4151.16-1,042.1018,945.45-344,428.596,261,716.53-113,838,093.41
Depreciation ----------
Accounts Receivable -1.65-1.130.17-4.07-498.039,657.61-175,575.543,191,965.84-58,029,983.33
Inventories ----------
Accounts Payable --0.0200.010-0.285.08-92.441,680.55-30,552.51
Capital Expenditure ----------
UFCF ---42.5947.10-1,540.4228,608.15-520,096.579,455,362.93-171,898,629.26
WACC
PV UFCF -1,443.6925,128.17-428,144.867,294,919.86-124,294,043.46
SUM PV UFCF -117,403,583.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.70
Free cash flow (t + 1) -175,336,601.84
Terminal Value -3,730,565,996.66
Present Value of Terminal Value -2,697,445,198.49

Intrinsic Value

Enterprise Value -2,814,848,782.47
Net Debt 14.99
Equity Value -2,814,848,797.46
Shares Outstanding 16.26
Equity Value Per Share -173,149,530.15