Discounted Cash Flow (DCF) Analysis Unlevered

Miko NV (MIKO.BR)

79 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,051.96 | 79 | 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 199.79204.21215.34186.40137.41126.40116.27106.9598.3890.49
Revenue (%)
EBITDA 27.3825.1929.7227.8462.1525.2823.2521.3919.6818.10
EBITDA (%)
EBIT 15.2113.3612.519.4248.6115.2714.0412.9211.8810.93
EBIT (%)
Depreciation 12.1711.8317.2018.4213.5410.019.218.477.797.17
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 15.3626.1217.4428.4245.7619.5017.9316.5015.1713.96
Total Cash (%)
Account Receivables 32.1434.8437.7132.8832.6423.2721.4119.6918.1116.66
Account Receivables (%)
Inventories 33.6538.2535.7133.4033.4923.8821.9620.2018.5817.09
Inventories (%)
Accounts Payable 17.7222.8722.5216.9727.9915.1713.9512.8311.8010.86
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 199.79204.21215.34186.40137.41126.40116.27106.9598.3890.49
EBITDA 27.3825.1929.7227.8462.1525.2823.2521.3919.6818.10
EBIT 15.2113.3612.519.4248.6115.2714.0412.9211.8810.93
Tax Rate 27.42%27.44%36.68%27.09%-786.67%-133.61%-133.61%-133.61%-133.61%-133.61%
EBIAT 11.049.697.926.87431.0135.6632.8130.1827.7625.53
Depreciation 12.1711.8317.2018.4213.5410.019.218.477.797.17
Accounts Receivable --2.70-2.874.830.249.371.871.721.581.45
Inventories --4.612.552.30-0.099.611.911.761.621.49
Accounts Payable -5.16-0.36-5.5511.02-12.82-1.22-1.12-1.03-0.95
Capital Expenditure -16.37-12.50-25.65-12.45-8.86-9.95-9.15-8.42-7.74-7.12
UFCF 6.846.87-1.1914.43446.8641.8935.4332.5929.9827.58
WACC
PV UFCF 40.2932.782925.6622.70
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