Discounted Cash Flow (DCF) Analysis Levered

Smart Sand, Inc. (SND)

$1.53

+0.13 (+9.29%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.33 | 1.53 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 137.21212.47233.07122.34126.65133.16140147.19154.76162.71
Revenue (%)
Operating Cash Flow 15.6350.9144.6325.5432.4426.8928.2829.7331.2632.86
Operating Cash Flow (%)
Capital Expenditure -51.16-96.09-25.53-8.62-31.82-33.46-35.18-36.99-38.89-40.89
Capital Expenditure (%)
Free Cash Flow -35.53-45.1819.1116.920.61-6.56-6.90-7.26-7.63-8.02

Weighted Average Cost Of Capital

Share price $ 1.53
Beta 1.471
Diluted Shares Outstanding 40.26
Cost of Debt
Tax Rate 15.11
After-tax Cost of Debt 3.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.646
Total Debt 55.20
Total Equity 61.60
Total Capital 116.80
Debt Weighting 47.26
Equity Weighting 52.74
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 137.21212.47233.07122.34126.65133.16140147.19154.76162.71
Operating Cash Flow 15.6350.9144.6325.5432.4426.8928.2829.7331.2632.86
Capital Expenditure -51.16-96.09-25.53-8.62-31.82-33.46-35.18-36.99-38.89-40.89
Free Cash Flow -35.53-45.1819.1116.920.61-6.56-6.90-7.26-7.63-8.02
WACC
PV LFCF -6.13-6.02-5.91-5.81-5.70
SUM PV LFCF -29.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.06
Free cash flow (t + 1) -8.18
Terminal Value -161.68
Present Value of Terminal Value -114.95

Intrinsic Value

Enterprise Value -144.53
Net Debt 29.61
Equity Value -174.14
Shares Outstanding 40.26
Equity Value Per Share -4.33