Discounted Cash Flow (DCF) Analysis Unlevered

Néocom Multimédia SA (MLNEO.PA)

0.228 €

+0.22 (+2,750.00%)

All numbers are in Millions, Currency in USD

Stock DCF: - | 0.228 | undervalue

Operating Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected
Revenue	7.27	16.51	17.89	15.74	15.98	20.97	27.51	36.09	47.36	62.13
Revenue (%)
EBITDA	0.49	0.58	0.86	1.37	1.03	1.27	1.67	2.18	2.87	3.76
EBITDA (%)
EBIT	0.49	0.58	0.86	1.37	1.03	1.27	1.67	2.18	2.87	3.76
EBIT (%)
Depreciation	-	-	-	-	-	-	-	-	-	-
Depreciation (%)

Balance Sheet Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected
Total Cash	1.80	1.97	2.92	3.03	1.79	3.50	4.59	6.03	7.91	10.37
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	-	2.68	2.37	2.85	3.47	3.63	4.77	6.25	8.20	10.76
Accounts Payable (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 0.228
Beta	0.438
Diluted Shares Outstanding	1.54
Cost of Debt
Tax Rate	32.90
After-tax Cost of Debt	12.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.546
Total Debt	0.24
Total Equity	0.35
Total Capital	0.59
Debt Weighting	40.30
Equity Weighting	59.70
Wacc

Build Up Free Cash

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected
Revenue	7.27	16.51	17.89	15.74	15.98	20.97	27.51	36.09	47.36	62.13
EBITDA	0.49	0.58	0.86	1.37	1.03	1.27	1.67	2.18	2.87	3.76
EBIT	0.49	0.58	0.86	1.37	1.03	1.27	1.67	2.18	2.87	3.76
Tax Rate	30.55%	37.10%	32.41%	33.28%	32.90%	33.25%	33.25%	33.25%	33.25%	33.25%
EBIAT	0.34	0.37	0.58	0.91	0.69	0.85	1.11	1.46	1.91	2.51
Depreciation	-	-	-	-	-	-	-	-	-	-
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-	-0.30	0.48	0.63	0.16	1.13	1.49	1.95	2.56
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
UFCF	0.34	0.37	0.27	1.39	1.32	1.01	2.24	2.95	3.86	5.07
WACC
PV UFCF						0.92	1.90	2.29	2.76	3.32
SUM PV UFCF										11.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-
Free cash flow (t + 1)	5.17
Terminal Value	-
Present Value of Terminal Value	-

Intrinsic Value

Enterprise Value	-
Net Debt	-1.55
Equity Value	-
Shares Outstanding	1.54
Equity Value Per Share	-