Discounted Cash Flow (DCF) Analysis Levered

Creative Media & Community Trust Co... (CMCT)

$4.03

+0.03 (+0.75%)

All numbers are in Millions, Currency in USD

Stock DCF: 9.51 | 4.03 | undervalue

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	197.72	139.99	77.21	90.93	101.91	90.64	80.63	71.72	63.79	56.74
Revenue (%)
Operating Cash Flow	60.15	40.99	12.83	46.28	32.41	28.83	25.64	22.81	20.29	18.05
Operating Cash Flow (%)
Capital Expenditure	-12.06	-24.60	-14.73	-4.05	-8.82	-10.13	-9.01	-8.01	-7.13	-6.34
Capital Expenditure (%)
Free Cash Flow	48.09	16.39	-1.90	42.23	23.59	18.70	16.64	14.80	13.16	11.71

Weighted Average Cost Of Capital

Share price	$ 4.03
Beta	0.470
Diluted Shares Outstanding	23.15
Cost of Debt
Tax Rate	16.37
After-tax Cost of Debt	4.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.778
Total Debt	184.27
Total Equity	93.31
Total Capital	277.58
Debt Weighting	66.38
Equity Weighting	33.62
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	197.72	139.99	77.21	90.93	101.91	90.64	80.63	71.72	63.79	56.74
Operating Cash Flow	60.15	40.99	12.83	46.28	32.41	28.83	25.64	22.81	20.29	18.05
Capital Expenditure	-12.06	-24.60	-14.73	-4.05	-8.82	-10.13	-9.01	-8.01	-7.13	-6.34
Free Cash Flow	48.09	16.39	-1.90	42.23	23.59	18.70	16.64	14.80	13.16	11.71
WACC
PV LFCF						17.78	15.04	12.72	10.76	9.10
SUM PV LFCF										65.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.17
Free cash flow (t + 1)	11.94
Terminal Value	376.71
Present Value of Terminal Value	292.78

Intrinsic Value

Enterprise Value	358.19
Net Debt	138.08
Equity Value	220.11
Shares Outstanding	23.15
Equity Value Per Share	9.51