Discounted Cash Flow (DCF) Analysis Levered

Tile Shop Holdings, Inc. (TTSH)

$4.31

-0.02 (-0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.24 | 4.31 | undervalue

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 344.60357.25340.35325.06370.70378.57386.60394.80403.18411.74
Revenue (%)
Operating Cash Flow 45.6918.1738.5665.6039.6945.8546.8347.8248.8449.87
Operating Cash Flow (%)
Capital Expenditure -40.56-35.29-27-1.97-11.07-25.11-25.65-26.19-26.75-27.32
Capital Expenditure (%)
Free Cash Flow 5.13-17.1211.5663.6328.6220.7421.1821.6322.0922.56

Weighted Average Cost Of Capital

Share price $ 4.31
Beta 1.519
Diluted Shares Outstanding 51.09
Cost of Debt
Tax Rate 25.96
After-tax Cost of Debt 0.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.676
Total Debt 143.45
Total Equity 220.18
Total Capital 363.63
Debt Weighting 39.45
Equity Weighting 60.55
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 344.60357.25340.35325.06370.70378.57386.60394.80403.18411.74
Operating Cash Flow 45.6918.1738.5665.6039.6945.8546.8347.8248.8449.87
Capital Expenditure -40.56-35.29-27-1.97-11.07-25.11-25.65-26.19-26.75-27.32
Free Cash Flow 5.13-17.1211.5663.6328.6220.7421.1821.6322.0922.56
WACC
PV LFCF 18.2517.4816.7516.0515.37
SUM PV LFCF 89.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.60
Free cash flow (t + 1) 23.01
Terminal Value 500.16
Present Value of Terminal Value 363.35

Intrinsic Value

Enterprise Value 452.79
Net Debt 134.09
Equity Value 318.69
Shares Outstanding 51.09
Equity Value Per Share 6.24