Maxis Communications Berhad
KLSE-MAXIS
BUILD UP FREE CASH | 2004-12-31 (A) | 2005-12-31 (A) | 2006-12-31 (A) | 2007-12-31 (E) | 2008-12-31 (E) | 2009-12-31 (E) | 2010-12-31 (E) | 2011-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 5,689 | 6,370.8 | 7,706.7 | 7,706.7 | 7,706.7 | 7,706.7 | 7,706.7 | 7,706.7 |
Revenue % Chg. | 21.6% | 12% | 21% | |||||
EBIT | 2,315.7 | 2,426.7 | 2,836.8 | 2,969.8 | 2,969.8 | 2,969.8 | 2,969.8 | 2,969.8 |
EBIT Margin | 40.7% | 38.1% | 36.8% | |||||
Tax Rate | 31.7% | 34.1% | 28.1% | |||||
NOPAT | 1,582 | 1,598 | 2,040.7 | 2,040.3 | 2,040.3 | 2,040.3 | 2,040.3 | 2,040.3 |
NOPAT Margin | 27.8% | 25.1% | 26.5% | 26.5% | 26.5% | 26.5% | 26.5% | 26.5% |
D&A | 899.9 | 1,039.2 | 1,036.1 | 1,170.8 | 1,170.8 | 1,170.8 | 1,170.8 | 1,170.8 |
D&A / Revenue | 15.8% | 16.3% | 13.4% | |||||
Capex | -1,081.5 | -1,146 | -2,081 | -1,644.1 | -1,644.1 | -1,644.1 | -1,644.1 | -1,644.1 |
Capex / Revenue | -19% | -18% | -27% | |||||
Chg. NWC | 19.4 | -45.9 | -195.8 | -75 | -75 | -75 | -75 | -75 |
Chg. NWC / Revenue | 0.3% | -0.7% | -2.5% | |||||
Unlevered FCF (UFCF) | 1,419.9 | 1,445.3 | 799.9 | 1,491.9 | 1,491.9 | 1,491.9 | 1,491.9 | 1,491.9 |
UFCF % Chg. | -20% | 1.8% | -44.7% | 86.5% | — | — | — | — |
PV of UFCF | — | — | — | 1,355.1 | 1,230.8 | 1,117.9 | 1,015.3 | 922.2 |
Sum of PV of UFCF | — | — | — | 1,355.1 | 2,585.8 | 3,703.7 | 4,719 | 5,641.2 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 6% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 10.5% |
| Total Debt | 3,674.8 |
| Market Cap | 38,799.8 |
| Total Capital | 42,474.6 |
| Debt Weighting | 8.7% |
| Equity Weighting | 91.3% |
| WACC | 10.1% |
| Exit Multiple EV/FCF | |
| Terminal Value | 39,862.8 |
| PV of Terminal Value | 22,380.2 |
| Cumulative PV of UFCF | 5,641.2 |
| Net Debt | 933 |
| Equity Value | 27,088.5 |
| Shares Outstanding | 2,552.6 |
| Implied Share Price | 10.6 |
| Current Share Price | 15.2 |
| Implied Upside / (Downside) | -30.2% |