Discounted Cash Flow (DCF) Analysis Levered
The Stephan Co. (SPCO)
$1.75
-0.15 (-7.89%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Projected | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected |
| Revenue | 12.84 | 8.84 | 8.01 | 6.39 | 5.09 | 4.06 | 3.24 | 2.58 |
|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||
| Operating Cash Flow | -1.42 | -1.76 | -2.11 | -1.22 | -0.97 | -0.78 | -0.62 | -0.49 |
| Operating Cash Flow (%) | ||||||||
| Capital Expenditure | -0.20 | -0.10 | -0.13 | -0.09 | -0.07 | -0.06 | -0.05 | -0.04 |
| Capital Expenditure (%) | ||||||||
| Free Cash Flow | -1.61 | -1.86 | -2.24 | -1.31 | -1.05 | -0.83 | -0.67 | -0.53 |
Weighted Average Cost Of Capital
| Share price | $ 1.75 |
|---|---|
| Beta | 0.363 |
| Diluted Shares Outstanding | 4.05 |
| Cost of Debt | |
| Tax Rate | 50.16 |
| After-tax Cost of Debt | 2.49% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.212 |
| Total Debt | - |
| Total Equity | 7.09 |
| Total Capital | 7.09 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Projected | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected |
| Revenue | 12.84 | 8.84 | 8.01 | 6.39 | 5.09 | 4.06 | 3.24 | 2.58 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -1.42 | -1.76 | -2.11 | -1.22 | -0.97 | -0.78 | -0.62 | -0.49 |
| Capital Expenditure | -0.20 | -0.10 | -0.13 | -0.09 | -0.07 | -0.06 | -0.05 | -0.04 |
| Free Cash Flow | -1.61 | -1.86 | -2.24 | -1.31 | -1.05 | -0.83 | -0.67 | -0.53 |
| WACC | ||||||||
| PV LFCF | -1.38 | -1.05 | -0.79 | -0.60 | -0.46 | |||
| SUM PV LFCF | -3.86 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.21 |
| Free cash flow (t + 1) | -0.54 |
| Terminal Value | -16.86 |
| Present Value of Terminal Value | -13.08 |
Intrinsic Value
| Enterprise Value | -16.94 |
|---|---|
| Net Debt | -1.09 |
| Equity Value | -15.85 |
| Shares Outstanding | 4.05 |
| Equity Value Per Share | -3.92 |