Discounted Cash Flow (DCF) Analysis Unlevered

Manitou BF SA (MTU.PA)

16.82 €

-0.14 (-0.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.10 | 16.82 | overvalue

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 1,590.971,883.582,093.581,585.101,874.581,984.792,101.482,225.022,355.832,494.33
Revenue (%)
EBITDA 125.30163.14194.38125.40176.71171.32181.40192.06203.35215.31
EBITDA (%)
EBIT 91.93127.22148.7872.32122.92122.10129.28136.88144.92153.44
EBIT (%)
Depreciation 33.3735.9245.6053.0853.7949.2352.1255.1958.4361.86
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 40.3628.3523.78122.08195.9992.6398.07103.84109.94116.41
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 451.40574.64589.75450.87532.28571.18604.76640.31677.95717.81
Inventories (%)
Accounts Payable 260.06292.71253.45215.89312.59294.89312.23330.58350.02370.59
Accounts Payable (%)
Capital Expenditure -40.75-46.41-68.34-50.08-51.85-56.43-59.75-63.26-66.98-70.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.82
Beta 1.374
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 25.33
After-tax Cost of Debt 2.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.313
Total Debt 193.74
Total Equity 1,807.91
Total Capital 2,001.65
Debt Weighting 9.68
Equity Weighting 90.32
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 1,590.971,883.582,093.581,585.101,874.581,984.792,101.482,225.022,355.832,494.33
EBITDA 125.30163.14194.38125.40176.71171.32181.40192.06203.35215.31
EBIT 91.93127.22148.7872.32122.92122.10129.28136.88144.92153.44
Tax Rate 31.33%31.31%32.05%39.24%25.33%31.86%31.86%31.86%31.86%31.86%
EBIAT 63.1287.38101.0943.9491.7983.2088.0993.2798.76104.56
Depreciation 33.3735.9245.6053.0853.7949.2352.1255.1958.4361.86
Accounts Receivable ----------
Inventories --123.24-15.11138.88-81.42-38.89-33.58-35.55-37.64-39.86
Accounts Payable -32.65-39.27-37.5696.70-17.7017.3418.3619.4320.58
Capital Expenditure -40.75-46.41-68.34-50.08-51.85-56.43-59.75-63.26-66.98-70.92
UFCF 55.74-13.7023.97148.26109.0119.4164.23687276.23
WACC
PV UFCF 17.7153.4951.6849.9348.25
SUM PV UFCF 221.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.58
Free cash flow (t + 1) 77.76
Terminal Value 1,025.81
Present Value of Terminal Value 649.25

Intrinsic Value

Enterprise Value 870.31
Net Debt -0.57
Equity Value 870.87
Shares Outstanding 107.49
Equity Value Per Share 8.10