Discounted Cash Flow (DCF) Analysis Unlevered

Miko NV (MIKO.BR)

89.8 €

-0.20 (-0.22%)

All numbers are in Millions, Currency in USD

Stock DCF: 1,090.33 | 89.8 | 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	199.79	204.21	215.34	186.40	137.41	126.40	116.27	106.95	98.38	90.49
Revenue (%)
EBITDA	27.38	25.19	29.72	27.84	62.15	25.28	23.25	21.39	19.68	18.10
EBITDA (%)
EBIT	15.21	13.36	12.51	9.42	48.61	15.27	14.04	12.92	11.88	10.93
EBIT (%)
Depreciation	12.17	11.83	17.20	18.42	13.54	10.01	9.21	8.47	7.79	7.17
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	15.36	26.12	17.44	28.42	45.76	19.50	17.93	16.50	15.17	13.96
Total Cash (%)
Account Receivables	32.14	34.84	37.71	32.88	32.64	23.27	21.41	19.69	18.11	16.66
Account Receivables (%)
Inventories	33.65	38.25	35.71	33.40	33.49	23.88	21.96	20.20	18.58	17.09
Inventories (%)
Accounts Payable	17.72	22.87	22.52	16.97	27.99	15.17	13.95	12.83	11.80	10.86
Accounts Payable (%)
Capital Expenditure	-16.37	-12.50	-25.65	-12.45	-8.86	-9.95	-9.15	-8.42	-7.74	-7.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 89.8
Beta	0.328
Diluted Shares Outstanding	1.24
Cost of Debt
Tax Rate	-786.67
After-tax Cost of Debt	1.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.047
Total Debt	63.87
Total Equity	111.62
Total Capital	175.49
Debt Weighting	36.40
Equity Weighting	63.60
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	199.79	204.21	215.34	186.40	137.41	126.40	116.27	106.95	98.38	90.49
EBITDA	27.38	25.19	29.72	27.84	62.15	25.28	23.25	21.39	19.68	18.10
EBIT	15.21	13.36	12.51	9.42	48.61	15.27	14.04	12.92	11.88	10.93
Tax Rate	27.42%	27.44%	36.68%	27.09%	-786.67%	-133.61%	-133.61%	-133.61%	-133.61%	-133.61%
EBIAT	11.04	9.69	7.92	6.87	431.01	35.66	32.81	30.18	27.76	25.53
Depreciation	12.17	11.83	17.20	18.42	13.54	10.01	9.21	8.47	7.79	7.17
Accounts Receivable	-	-2.70	-2.87	4.83	0.24	9.37	1.87	1.72	1.58	1.45
Inventories	-	-4.61	2.55	2.30	-0.09	9.61	1.91	1.76	1.62	1.49
Accounts Payable	-	5.16	-0.36	-5.55	11.02	-12.82	-1.22	-1.12	-1.03	-0.95
Capital Expenditure	-16.37	-12.50	-25.65	-12.45	-8.86	-9.95	-9.15	-8.42	-7.74	-7.12
UFCF	6.84	6.87	-1.19	14.43	446.86	41.89	35.43	32.59	29.98	27.58
WACC
PV UFCF						40.32	32.82	29.06	25.72	22.77
SUM PV UFCF										150.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.90
Free cash flow (t + 1)	28.13
Terminal Value	1,480.40
Present Value of Terminal Value	1,222.64

Intrinsic Value

Enterprise Value	1,373.34
Net Debt	18.11
Equity Value	1,355.23
Shares Outstanding	1.24
Equity Value Per Share	1,090.33