Discounted Cash Flow (DCF) Analysis Unlevered

Métropole Télévision S.A. (MMT.PA)

11.1 €

-1.35 (-10.84%)

All numbers are in Millions, Currency in USD

Stock DCF: 25.82 | 11.1 | undervalue

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	$ 11.1
Beta	1.250
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	9.515
Total Debt	149.30
Total Equity	1,396.44
Total Capital	1,545.74
Debt Weighting	9.66
Equity Weighting	90.34
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						186.80	185.85	171.43	158.14	145.87
SUM PV UFCF										848.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.76
Free cash flow (t + 1)	226.42
Terminal Value	3,349.45
Present Value of Terminal Value	2,201.04

Intrinsic Value

Enterprise Value	3,049.13
Net Debt	-199.70
Equity Value	3,248.83
Shares Outstanding	125.81
Equity Value Per Share	25.82