Discounted Cash Flow (DCF) Analysis Unlevered

Mauna Kea Technologies SA (MKEA.PA)

0.622 €

+0.00 (+0.32%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.16 | 0.622 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6.767.436.537.707.487.727.978.228.498.76
Revenue (%)
EBITDA -10.74-13.99-11.43-10.38-9.94-12.20-12.59-12.99-13.41-13.84
EBITDA (%)
EBIT -11.87-15.17-12.74-12.57-10.93-13.65-14.09-14.55-15.01-15.50
EBIT (%)
Depreciation 1.131.181.322.1911.461.501.551.601.65
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 8.6910.048.6611.893.159.159.459.7510.0710.39
Total Cash (%)
Account Receivables 4.655.133.103.758.755.425.595.775.966.15
Account Receivables (%)
Inventories 2.462.592.693.013.172.993.093.193.293.40
Inventories (%)
Accounts Payable 2.092.271.471.671.271.901.962.022.082.15
Accounts Payable (%)
Capital Expenditure -1.25-1.38-1.08-1.10-0.14-1.08-1.11-1.15-1.19-1.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.622
Beta 1.444
Diluted Shares Outstanding 52
Cost of Debt
Tax Rate 0.04
After-tax Cost of Debt 4.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.027
Total Debt 29.20
Total Equity 32.34
Total Capital 61.54
Debt Weighting 47.45
Equity Weighting 52.55
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6.767.436.537.707.487.727.978.228.498.76
EBITDA -10.74-13.99-11.43-10.38-9.94-12.20-12.59-12.99-13.41-13.84
EBIT -11.87-15.17-12.74-12.57-10.93-13.65-14.09-14.55-15.01-15.50
Tax Rate 0.00%-0.67%-0.38%-6.51%0.04%-1.51%-1.51%-1.51%-1.51%-1.51%
EBIAT -11.87-15.27-12.79-13.39-10.93-13.86-14.31-14.77-15.24-15.73
Depreciation 1.131.181.322.1911.461.501.551.601.65
Accounts Receivable --0.472.03-0.65-53.33-0.17-0.18-0.19-0.19
Inventories --0.14-0.09-0.33-0.150.17-0.10-0.10-0.10-0.11
Accounts Payable -0.19-0.800.19-0.390.620.060.060.060.07
Capital Expenditure -1.25-1.38-1.08-1.10-0.14-1.08-1.11-1.15-1.19-1.22
UFCF -12-15.89-11.42-13.09-15.62-9.36-14.12-14.58-15.05-15.53
WACC
PV UFCF -8.68-12.16-11.64-11.15-10.67
SUM PV UFCF -54.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.79
Free cash flow (t + 1) -15.84
Terminal Value -273.61
Present Value of Terminal Value -188.04

Intrinsic Value

Enterprise Value -242.34
Net Debt 26.07
Equity Value -268.40
Shares Outstanding 52
Equity Value Per Share -5.16