Discounted Cash Flow (DCF) Analysis Unlevered

Mauna Kea Technologies SA (MKEA.PA)

0.575 €

+0.02 (+3.05%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.93 | 0.575 | 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 6.696.767.436.537.708.028.368.719.089.46
Revenue (%)
EBITDA -8.75-11.17-13.49-11.43-11.23-12.82-13.36-13.92-14.50-15.11
EBITDA (%)
EBIT -9.83-12.30-14.67-12.74-13.42-14.38-14.98-15.61-16.27-16.95
EBIT (%)
Depreciation 1.071.131.181.322.191.561.621.691.761.84
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 17.588.6910.048.6611.9013.0613.6114.1814.7815.40
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1.972.462.592.693.012.903.033.153.293.42
Inventories (%)
Accounts Payable 1.662.092.271.471.672.102.182.282.372.47
Accounts Payable (%)
Capital Expenditure -0.73-1.25-1.38-1.08-1.10-1.26-1.32-1.37-1.43-1.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.575
Beta 1.859
Diluted Shares Outstanding 44.77
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.533
Total Debt 28.70
Total Equity 25.74
Total Capital 54.44
Debt Weighting 52.71
Equity Weighting 47.29
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 6.696.767.436.537.708.028.368.719.089.46
EBITDA -8.75-11.17-13.49-11.43-11.23-12.82-13.36-13.92-14.50-15.11
EBIT -9.83-12.30-14.67-12.74-13.42-14.38-14.98-15.61-16.27-16.95
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -9.83-12.30-14.67-12.74-13.42-14.38-14.98-15.61-16.27-16.95
Depreciation 1.071.131.181.322.191.561.621.691.761.84
Accounts Receivable ----------
Inventories --0.49-0.14-0.10-0.330.11-0.12-0.13-0.13-0.14
Accounts Payable -0.420.19-0.800.190.430.090.090.100.10
Capital Expenditure -0.73-1.25-1.38-1.08-1.10-1.26-1.32-1.37-1.43-1.49
UFCF -9.48-12.49-14.82-13.40-12.46-13.54-14.71-15.33-15.97-16.64
WACC
PV UFCF -12.78-13.10-12.88-12.66-12.45
SUM PV UFCF -63.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.98
Free cash flow (t + 1) -16.98
Terminal Value -426.57
Present Value of Terminal Value -319.06

Intrinsic Value

Enterprise Value -382.92
Net Debt 16.83
Equity Value -399.75
Shares Outstanding 44.77
Equity Value Per Share -8.93