Discounted Cash Flow (DCF) Analysis Unlevered

Mobile TeleSystems Public Joint Sto... (MBT)

$5.5

0.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 2,433.33 | 5.5 | undervalue

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 442,911480,293476,106494,925.99534,402.99560,451.88587,770.48616,420.70646,467.44677,978.78
Revenue (%)
EBITDA 177,800167,698220,023217,906231,316233,803.98245,200.49257,152.52269,687.13282,832.73
EBITDA (%)
EBIT 97,88863,110113,075117,701120,228117,997.63123,749.29129,781.31136,107.36142,741.76
EBIT (%)
Depreciation 79,912104,588106,948100,205111,088115,806.35121,451.20127,371.21133,579.77140,090.97
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 81,343189,810117,616185,490184,505173,283.52181,730.03190,588.26199,878.28209,621.12
Total Cash (%)
Account Receivables 49,37852,23055,11855,38553,95161,522.0264,520.8567,665.8470,964.1474,423.21
Account Receivables (%)
Inventories 9,99518,65415,51515,20418,98117,960.3018,835.7619,753.8920,716.7721,726.58
Inventories (%)
Accounts Payable 48,41654,92472,36659,16376,18571,487.2074,971.7678,626.1882,458.7386,478.09
Accounts Payable (%)
Capital Expenditure -76,431-92,009-91,736-97,409-111,683-107,899.89-113,159.35-118,675.18-124,459.87-130,526.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.5
Beta 1.060
Diluted Shares Outstanding 880.23
Cost of Debt
Tax Rate 19.86
After-tax Cost of Debt 5.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.552
Total Debt 616,648
Total Equity 4,841.29
Total Capital 621,489.29
Debt Weighting 99.22
Equity Weighting 0.78
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 442,911480,293476,106494,925.99534,402.99560,451.88587,770.48616,420.70646,467.44677,978.78
EBITDA 177,800167,698220,023217,906231,316233,803.98245,200.49257,152.52269,687.13282,832.73
EBIT 97,88863,110113,075117,701120,228117,997.63123,749.29129,781.31136,107.36142,741.76
Tax Rate 25.84%91.83%18.89%20.84%19.86%35.45%35.45%35.45%35.45%35.45%
EBIAT 72,595.705,154.1191,715.6693,168.0196,351.5076,164.2879,876.8383,770.3387,853.6392,135.95
Depreciation 79,912104,588106,948100,205111,088115,806.35121,451.20127,371.21133,579.77140,090.97
Accounts Receivable --2,852-2,888-2671,434-7,571.02-2,998.82-3,145-3,298.30-3,459.07
Inventories --8,6593,139311-3,7771,020.70-875.46-918.13-962.88-1,009.82
Accounts Payable -6,50817,442-13,20317,022-4,697.803,484.563,654.423,832.554,019.36
Capital Expenditure -76,431-92,009-91,736-97,409-111,683-107,899.89-113,159.35-118,675.18-124,459.87-130,526.53
UFCF 76,076.7012,730.11124,620.6682,805.01110,435.5072,822.6287,778.9692,057.6596,544.90101,250.87
WACC
PV UFCF 69,091.6779,014.9478,620.9178,228.8477,838.73
SUM PV UFCF 382,795.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.40
Free cash flow (t + 1) 103,275.89
Terminal Value 3,037,526.14
Present Value of Terminal Value 2,335,161.76

Intrinsic Value

Enterprise Value 2,717,956.84
Net Debt 576,058
Equity Value 2,141,898.84
Shares Outstanding 880.23
Equity Value Per Share 2,433.33