Discounted Cash Flow (DCF) Analysis Levered

Cyanotech Corporation (CYAN)

$1.37

+0.02 (+1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.99 | 1.37 | 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 34.1230.2031.9032.3435.9736.5737.1937.8238.4639.11
Revenue (%)
Operating Cash Flow 1.49-0.851.242.402.381.431.451.471.501.52
Operating Cash Flow (%)
Capital Expenditure -1-0.53-0.22-0.76-1.27-0.83-0.84-0.85-0.87-0.88
Capital Expenditure (%)
Free Cash Flow 0.48-1.381.021.641.110.600.610.620.630.64

Weighted Average Cost Of Capital

Share price $ 1.37
Beta 0.486
Diluted Shares Outstanding 6.17
Cost of Debt
Tax Rate 1.28
After-tax Cost of Debt 4.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.983
Total Debt 8.61
Total Equity 8.45
Total Capital 17.06
Debt Weighting 50.45
Equity Weighting 49.55
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 34.1230.2031.9032.3435.9736.5737.1937.8238.4639.11
Operating Cash Flow 1.49-0.851.242.402.381.431.451.471.501.52
Capital Expenditure -1-0.53-0.22-0.76-1.27-0.83-0.84-0.85-0.87-0.88
Free Cash Flow 0.48-1.381.021.641.110.600.610.620.630.64
WACC
PV LFCF 0.570.550.530.510.50
SUM PV LFCF 2.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.24
Free cash flow (t + 1) 0.65
Terminal Value 20.21
Present Value of Terminal Value 15.65

Intrinsic Value

Enterprise Value 18.32
Net Debt 6.02
Equity Value 12.30
Shares Outstanding 6.17
Equity Value Per Share 1.99