Discounted Cash Flow (DCF) Analysis Levered

Crystal Rock Holdings Inc. Class A (CRVP)

- (-%)

All numbers are in Millions, Currency in USD

Stock DCF: Infinity | | undervalue

Free Cash Flow

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected
Revenue	70.98	75.15	73.90	65.34	59.07	56.56	54.16	51.87	49.67	47.56
Revenue (%)
Operating Cash Flow	4.51	3.50	2.55	8.08	2.23	3.46	3.32	3.18	3.04	2.91
Operating Cash Flow (%)
Capital Expenditure	-2.24	-2.32	-2.52	-2.63	-2.62	-2.05	-1.96	-1.88	-1.80	-1.72
Capital Expenditure (%)
Free Cash Flow	2.28	1.18	0.04	5.45	-0.39	1.41	1.35	1.30	1.24	1.19

Weighted Average Cost Of Capital

Share price	$ -
Beta	0.000
Diluted Shares Outstanding	-
Cost of Debt
Tax Rate	22.87
After-tax Cost of Debt	6.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.255
Total Debt	14.63
Total Equity	-
Total Capital	14.63
Debt Weighting	100.00
Equity Weighting	0.00
Wacc

Build Up Free Cash Flow

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Projected	2019 Projected	2020 Projected	2021 Projected	2022 Projected
Revenue	70.98	75.15	73.90	65.34	59.07	56.56	54.16	51.87	49.67	47.56
Operating Cash Flow	4.51	3.50	2.55	8.08	2.23	3.46	3.32	3.18	3.04	2.91
Capital Expenditure	-2.24	-2.32	-2.52	-2.63	-2.62	-2.05	-1.96	-1.88	-1.80	-1.72
Free Cash Flow	2.28	1.18	0.04	5.45	-0.39	1.41	1.35	1.30	1.24	1.19
WACC
PV LFCF						1.33	1.20	1.08	0.97	0.87
SUM PV LFCF										5.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.44
Free cash flow (t + 1)	1.21
Terminal Value	27.32
Present Value of Terminal Value	20

Intrinsic Value

Enterprise Value	25.43
Net Debt	13.57
Equity Value	11.87
Shares Outstanding	-
Equity Value Per Share	Infinity