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 1,387.301,421.401,456.101,288.301,390.401,394.921,399.461,404.011,408.571,413.15
Revenue (%)
EBITDA 372.40374.30394.30462.70462.40416.88418.24419.60420.96422.33
EBITDA (%)
EBIT 246.60280.70277368.60361.50310.11311.12312.13313.15314.17
EBIT (%)
Depreciation 125.8093.60117.3094.10100.90106.77107.11107.46107.81108.16
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 191.80146.5046197353.30189.69190.31190.92191.55192.17
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 265.40269.40291.90270283.30277.49278.39279.30280.20281.11
Inventories (%)
Accounts Payable 389.30414.90423384.30432410.67412413.34414.69416.04
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 1,387.301,421.401,456.101,288.301,390.401,394.921,399.461,404.011,408.571,413.15
EBITDA 372.40374.30394.30462.70462.40416.88418.24419.60420.96422.33
EBIT 246.60280.70277368.60361.50310.11311.12312.13313.15314.17
Tax Rate 35.61%33.16%37.40%24.19%21.58%30.39%30.39%30.39%30.39%30.39%
EBIAT 158.79187.61173.39279.43283.49215.87216.57217.28217.98218.69
Depreciation 125.8093.60117.3094.10100.90106.77107.11107.46107.81108.16
Accounts Receivable ----------
Inventories --4-22.5021.90-13.305.81-0.90-0.91-0.91-0.91
Accounts Payable -25.608.10-38.7047.70-21.331.341.341.341.35
Capital Expenditure -127.20-109.30-104.10-76.50-101.70-103.95-104.29-104.63-104.97-105.31
UFCF 157.39193.51172.19280.23317.09203.17219.83220.55221.26221.98
WACC
PV UFCF 186.80185.85171.43158.14145.87
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