Discounted Cash Flow (DCF) Analysis Unlevered
Métropole Télévision S.A. (MMT.PA)
12.59 €
-0.31 (-2.40%)
All numbers are in Millions, Currency in USD
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 | 1,387.30 | 1,421.40 | 1,456.10 | 1,288.30 | 1,390.40 | 1,394.92 | 1,399.46 | 1,404.01 | 1,408.57 | 1,413.15 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 372.40 | 374.30 | 394.30 | 462.70 | 462.40 | 416.88 | 418.24 | 419.60 | 420.96 | 422.33 |
EBITDA (%) | ||||||||||
EBIT | 246.60 | 280.70 | 277 | 368.60 | 361.50 | 310.11 | 311.12 | 312.13 | 313.15 | 314.17 |
EBIT (%) | ||||||||||
Depreciation | 125.80 | 93.60 | 117.30 | 94.10 | 100.90 | 106.77 | 107.11 | 107.46 | 107.81 | 108.16 |
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 | 191.80 | 146.50 | 46 | 197 | 353.30 | 189.69 | 190.31 | 190.92 | 191.55 | 192.17 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | 265.40 | 269.40 | 291.90 | 270 | 283.30 | 277.49 | 278.39 | 279.30 | 280.20 | 281.11 |
Inventories (%) | ||||||||||
Accounts Payable | 389.30 | 414.90 | 423 | 384.30 | 432 | 410.67 | 412 | 413.34 | 414.69 | 416.04 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -127.20 | -109.30 | -104.10 | -76.50 | -101.70 | -103.95 | -104.29 | -104.63 | -104.97 | -105.31 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 12.59 |
---|---|
Beta | 1.312 |
Diluted Shares Outstanding | 125.81 |
Cost of Debt | |
Tax Rate | 21.58 |
After-tax Cost of Debt | 1.68% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.960 |
Total Debt | 149.30 |
Total Equity | 1,583.89 |
Total Capital | 1,733.19 |
Debt Weighting | 8.61 |
Equity Weighting | 91.39 |
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 | 1,387.30 | 1,421.40 | 1,456.10 | 1,288.30 | 1,390.40 | 1,394.92 | 1,399.46 | 1,404.01 | 1,408.57 | 1,413.15 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 372.40 | 374.30 | 394.30 | 462.70 | 462.40 | 416.88 | 418.24 | 419.60 | 420.96 | 422.33 |
EBIT | 246.60 | 280.70 | 277 | 368.60 | 361.50 | 310.11 | 311.12 | 312.13 | 313.15 | 314.17 |
Tax Rate | 35.61% | 33.16% | 37.40% | 24.19% | 21.58% | 30.39% | 30.39% | 30.39% | 30.39% | 30.39% |
EBIAT | 158.79 | 187.61 | 173.39 | 279.43 | 283.49 | 215.87 | 216.57 | 217.28 | 217.98 | 218.69 |
Depreciation | 125.80 | 93.60 | 117.30 | 94.10 | 100.90 | 106.77 | 107.11 | 107.46 | 107.81 | 108.16 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | -4 | -22.50 | 21.90 | -13.30 | 5.81 | -0.90 | -0.91 | -0.91 | -0.91 |
Accounts Payable | - | 25.60 | 8.10 | -38.70 | 47.70 | -21.33 | 1.34 | 1.34 | 1.34 | 1.35 |
Capital Expenditure | -127.20 | -109.30 | -104.10 | -76.50 | -101.70 | -103.95 | -104.29 | -104.63 | -104.97 | -105.31 |
UFCF | 157.39 | 193.51 | 172.19 | 280.23 | 317.09 | 203.17 | 219.83 | 220.55 | 221.26 | 221.98 |
WACC | ||||||||||
PV UFCF | 187.55 | 187.32 | 173.48 | 160.66 | 148.79 | |||||
SUM PV UFCF | 857.81 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.33 |
Free cash flow (t + 1) | 226.42 |
Terminal Value | 3,576.98 |
Present Value of Terminal Value | 2,397.58 |
Intrinsic Value
Enterprise Value | 3,255.38 |
---|---|
Net Debt | -199.70 |
Equity Value | 3,455.08 |
Shares Outstanding | 125.81 |
Equity Value Per Share | 27.46 |