Discounted Cash Flow (DCF) Analysis Unlevered

Novatech Industries (MLNOV.PA)

5 €

0.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: -371.76 | 5 | overvalue

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 28.6043.7042.6038.8036.5039.7343.2547.0851.2555.79
Revenue (%)
EBITDA -0.38-1.050.590.76-1.23-0.30-0.33-0.35-0.39-0.42
EBITDA (%)
EBIT -0.60-1.600.300.40-1.90-0.73-0.80-0.87-0.95-1.03
EBIT (%)
Depreciation 0.220.550.290.360.670.430.470.520.560.61
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1.511.131.582.842.892.132.322.522.752.99
Total Cash (%)
Account Receivables 7.087.247.117.118.467.918.619.3710.2011.10
Account Receivables (%)
Inventories 9.058.1488.8211.279.7510.6111.5512.5713.69
Inventories (%)
Accounts Payable 5.285.926.274.847.566.356.917.538.198.92
Accounts Payable (%)
Capital Expenditure -0.13-0.44-0.15-1.34-2.28-0.91-1-1.08-1.18-1.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5
Beta 0.951
Diluted Shares Outstanding 1
Cost of Debt
Tax Rate 5.00
After-tax Cost of Debt -1.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.193
Total Debt 6.40
Total Equity 5
Total Capital 11.40
Debt Weighting 56.14
Equity Weighting 43.86
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 28.6043.7042.6038.8036.5039.7343.2547.0851.2555.79
EBITDA -0.38-1.050.590.76-1.23-0.30-0.33-0.35-0.39-0.42
EBIT -0.60-1.600.300.40-1.90-0.73-0.80-0.87-0.95-1.03
Tax Rate 25.00%53.85%-80.00%-33.33%5.00%-5.90%-5.90%-5.90%-5.90%-5.90%
EBIAT -0.45-0.740.540.53-1.80-0.78-0.85-0.92-1-1.09
Depreciation 0.220.550.290.360.670.430.470.520.560.61
Accounts Receivable --0.160.130-1.350.55-0.70-0.76-0.83-0.90
Inventories -0.910.14-0.82-2.451.52-0.86-0.94-1.02-1.11
Accounts Payable -0.640.35-1.432.72-1.210.560.610.670.73
Capital Expenditure -0.13-0.44-0.15-1.34-2.28-0.91-1-1.08-1.18-1.28
UFCF -0.360.761.30-2.70-4.49-0.39-2.37-2.58-2.81-3.06
WACC
PV UFCF -0.38-2.24-2.38-2.52-2.67
SUM PV UFCF -10.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.76
Free cash flow (t + 1) -3.12
Terminal Value -410.23
Present Value of Terminal Value -358.02

Intrinsic Value

Enterprise Value -368.21
Net Debt 3.55
Equity Value -371.76
Shares Outstanding 1
Equity Value Per Share -371.76