Discounted Cash Flow (DCF) Analysis Unlevered
Miko NV (MIKO.BR)
79 €
0.00 (0.00%)
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 | 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 | $ 79 |
|---|---|
| Beta | 0.316 |
| 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 | 5.309 |
| Total Debt | 63.87 |
| Total Equity | 98.19 |
| Total Capital | 162.06 |
| Debt Weighting | 39.41 |
| Equity Weighting | 60.59 |
| 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 | 40.29 | 32.78 | 29 | 25.66 | 22.70 | |||||
| SUM PV UFCF | 150.42 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.97 |
| Free cash flow (t + 1) | 28.13 |
| Terminal Value | 1,427.79 |
| Present Value of Terminal Value | 1,175.24 |
Intrinsic Value
| Enterprise Value | 1,325.66 |
|---|---|
| Net Debt | 18.11 |
| Equity Value | 1,307.55 |
| Shares Outstanding | 1.24 |
| Equity Value Per Share | 1,051.96 |