Discounted Cash Flow (DCF) Analysis Unlevered

Mithra Pharmaceuticals SA (MITRA.BR)

3.15 €

+0.02 (+0.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -79.41 | 3.15 | 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 46.2557.8896.529.0322.6731.3043.2159.6782.38113.75
Revenue (%)
EBITDA -42.56-15.94-22.59-97.65-101.58-104.69-144.55-199.58-275.57-380.48
EBITDA (%)
EBIT -44.72-18.79-28.37-107.42-112-115.32-159.22-219.84-303.53-419.09
EBIT (%)
Depreciation 2.162.855.789.7710.4310.6214.6720.2527.9738.61
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 36.19118.9549.77138.6932.87126.21174.26240.60332.20458.68
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 4.1410.9416.2835.3843.8539.4454.4575.18103.80143.32
Inventories (%)
Accounts Payable 16.1413.0719.4523.3316.9125.7035.4848.9967.6593.40
Accounts Payable (%)
Capital Expenditure -12.20-10.10-15.45-16.23-21.18-20.85-28.78-39.74-54.87-75.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.15
Beta 0.551
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 5.57
After-tax Cost of Debt 5.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.131
Total Debt 220.72
Total Equity 338.58
Total Capital 559.30
Debt Weighting 39.46
Equity Weighting 60.54
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 46.2557.8896.529.0322.6731.3043.2159.6782.38113.75
EBITDA -42.56-15.94-22.59-97.65-101.58-104.69-144.55-199.58-275.57-380.48
EBIT -44.72-18.79-28.37-107.42-112-115.32-159.22-219.84-303.53-419.09
Tax Rate 24.60%67.02%17.89%16.98%5.57%26.41%26.41%26.41%26.41%26.41%
EBIAT -33.72-6.20-23.30-89.18-105.77-84.86-117.17-161.77-223.36-308.40
Depreciation 2.162.855.789.7710.4310.6214.6720.2527.9738.61
Accounts Receivable ----------
Inventories --6.80-5.33-19.11-8.474.42-15.01-20.73-28.62-39.52
Accounts Payable --3.076.383.88-6.418.789.7813.5118.6525.75
Capital Expenditure -12.20-10.10-15.46-16.23-21.18-20.85-28.78-39.74-54.87-75.76
UFCF -43.76-23.32-31.93-110.87-131.40-81.88-136.51-188.48-260.24-359.31
WACC
PV UFCF -77.46-122.18-159.60-208.48-272.33
SUM PV UFCF -840.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.70
Free cash flow (t + 1) -366.50
Terminal Value -9,905.38
Present Value of Terminal Value -7,507.52

Intrinsic Value

Enterprise Value -8,347.58
Net Debt 187.85
Equity Value -8,535.42
Shares Outstanding 107.49
Equity Value Per Share -79.41