Discounted Cash Flow (DCF) Analysis Unlevered

Innovative-RFK S.p.A. (MLIRF.PA)

1.5 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.30 | 1.5 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.010.020.040.080.170.360.781.683.607.72
Revenue (%)
EBITDA 00.010.020.050.100.220.4712.164.63
EBITDA (%)
EBIT 00.010.010.020.050.100.220.460.992.13
EBIT (%)
Depreciation 00.010.010.030.050.120.250.541.162.50
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.030.200.280.611.302.795.9912.8627.6059.24
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.010.020.040.080.180.380.821.763.778.09
Accounts Payable (%)
Capital Expenditure -0.01-0.01-0.04-0.08-0.18-0.39-0.83-1.77-3.81-8.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.5
Beta 0.113
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.186
Total Debt 1.85
Total Equity 119.80
Total Capital 121.65
Debt Weighting 1.52
Equity Weighting 98.48
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.010.020.040.080.170.360.781.683.607.72
EBITDA 00.010.020.050.100.220.4712.164.63
EBIT 00.010.010.020.050.100.220.460.992.13
Tax Rate 24.33%0.00%8.11%8.11%0.00%8.11%8.11%8.11%8.11%8.11%
EBIAT 00.010.010.020.050.090.200.430.911.96
Depreciation 00.010.010.030.050.120.250.541.162.50
Accounts Receivable ----------
Inventories ----------
Accounts Payable -0.010.020.040.090.200.440.942.014.32
Capital Expenditure -0.01-0.01-0.04-0.08-0.01-0.39-0.83-1.77-3.81-8.17
UFCF -0.010.0100.010.020.030.060.130.280.60
WACC
PV UFCF 00.010.020.030.060.120.240.49
SUM PV UFCF 0.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.19
Free cash flow (t + 1) 0.62
Terminal Value 28.16
Present Value of Terminal Value 22.94

Intrinsic Value

Enterprise Value 23.87
Net Debt 0.24
Equity Value 23.63
Shares Outstanding 79.87
Equity Value Per Share 0.30