Discounted Cash Flow (DCF) Analysis Levered
Art's-Way Manufacturing Co., Inc. (ARTW)
$2.48
+0.09 (+3.77%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 19.73 | 22.89 | 22.41 | 24.97 | 28.40 | 31.18 | 34.22 | 37.57 | 41.24 | 45.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -1.12 | 0.81 | -0.86 | -0.99 | 0.95 | -0.41 | -0.45 | -0.49 | -0.54 | -0.59 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.43 | -0.45 | -0.69 | -0.62 | -0.15 | -0.64 | -0.70 | -0.77 | -0.85 | -0.93 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1.55 | 0.36 | -1.55 | -1.61 | 0.80 | -1.05 | -1.15 | -1.27 | -1.39 | -1.52 |
Weighted Average Cost Of Capital
| Share price | $ 2.48 |
|---|---|
| Beta | 0.489 |
| Diluted Shares Outstanding | 4.71 |
| Cost of Debt | |
| Tax Rate | 16.41 |
| After-tax Cost of Debt | 4.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.000 |
| Total Debt | 7.72 |
| Total Equity | 11.67 |
| Total Capital | 19.40 |
| Debt Weighting | 39.82 |
| Equity Weighting | 60.18 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 19.73 | 22.89 | 22.41 | 24.97 | 28.40 | 31.18 | 34.22 | 37.57 | 41.24 | 45.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -1.12 | 0.81 | -0.86 | -0.99 | 0.95 | -0.41 | -0.45 | -0.49 | -0.54 | -0.59 |
| Capital Expenditure | -0.43 | -0.45 | -0.69 | -0.62 | -0.15 | -0.64 | -0.70 | -0.77 | -0.85 | -0.93 |
| Free Cash Flow | -1.55 | 0.36 | -1.55 | -1.61 | 0.80 | -1.05 | -1.15 | -1.27 | -1.39 | -1.52 |
| WACC | ||||||||||
| PV LFCF | -0.99 | -1.03 | -1.08 | -1.12 | -1.16 | |||||
| SUM PV LFCF | -5.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.57 |
| Free cash flow (t + 1) | -1.55 |
| Terminal Value | -43.56 |
| Present Value of Terminal Value | -33.22 |
Intrinsic Value
| Enterprise Value | -38.60 |
|---|---|
| Net Debt | 7.72 |
| Equity Value | -46.32 |
| Shares Outstanding | 4.71 |
| Equity Value Per Share | -9.84 |