Discounted Cash Flow (DCF) Analysis Unlevered
Asia Pacific Wire & Cable Corporati... (APWC)
$1.68
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 425.21 | 425.94 | 338.16 | 313.56 | 476.66 | 505.62 | 536.34 | 568.92 | 603.49 | 640.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 19.84 | 12.99 | 6.59 | 9.48 | 2.60 | 13.39 | 14.20 | 15.06 | 15.98 | 16.95 |
| EBITDA (%) | ||||||||||
| EBIT | 14.82 | 8.01 | 1.27 | 4.08 | -2.89 | 6.51 | 6.91 | 7.32 | 7.77 | 8.24 |
| EBIT (%) | ||||||||||
| Depreciation | 5.02 | 4.98 | 5.32 | 5.40 | 5.49 | 6.88 | 7.29 | 7.74 | 8.21 | 8.71 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 46.09 | 60.78 | 53.67 | 52.24 | 44.76 | 67.78 | 71.90 | 76.27 | 80.90 | 85.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 135.43 | 105.56 | 97.20 | 109.49 | 131.56 | 149.55 | 158.64 | 168.28 | 178.50 | 189.35 |
| Account Receivables (%) | ||||||||||
| Inventories | 97.20 | 83.92 | 85.19 | 96.37 | 128.80 | 126.92 | 134.63 | 142.81 | 151.49 | 160.69 |
| Inventories (%) | ||||||||||
| Accounts Payable | 22.97 | 15.94 | 10.51 | 17.36 | 32.43 | 24.87 | 26.38 | 27.98 | 29.68 | 31.48 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.08 | -4.51 | -5.46 | -14.60 | -8.55 | -9.25 | -9.81 | -10.41 | -11.04 | -11.71 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.68 |
|---|---|
| Beta | 0.666 |
| Diluted Shares Outstanding | 13.82 |
| Cost of Debt | |
| Tax Rate | 73.20 |
| After-tax Cost of Debt | 0.43% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.854 |
| Total Debt | 67.87 |
| Total Equity | 23.22 |
| Total Capital | 91.09 |
| Debt Weighting | 74.51 |
| Equity Weighting | 25.49 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 425.21 | 425.94 | 338.16 | 313.56 | 476.66 | 505.62 | 536.34 | 568.92 | 603.49 | 640.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 19.84 | 12.99 | 6.59 | 9.48 | 2.60 | 13.39 | 14.20 | 15.06 | 15.98 | 16.95 |
| EBIT | 14.82 | 8.01 | 1.27 | 4.08 | -2.89 | 6.51 | 6.91 | 7.32 | 7.77 | 8.24 |
| Tax Rate | 53.29% | 74.16% | 247.56% | 107.15% | 73.20% | 111.07% | 111.07% | 111.07% | 111.07% | 111.07% |
| EBIAT | 6.92 | 2.07 | -1.87 | -0.29 | -0.77 | -0.72 | -0.76 | -0.81 | -0.86 | -0.91 |
| Depreciation | 5.02 | 4.98 | 5.32 | 5.40 | 5.49 | 6.88 | 7.29 | 7.74 | 8.21 | 8.71 |
| Accounts Receivable | - | 29.87 | 8.36 | -12.29 | -22.07 | -18 | -9.09 | -9.64 | -10.22 | -10.84 |
| Inventories | - | 13.28 | -1.26 | -11.18 | -32.43 | 1.88 | -7.71 | -8.18 | -8.68 | -9.20 |
| Accounts Payable | - | -7.03 | -5.43 | 6.85 | 15.07 | -7.56 | 1.51 | 1.60 | 1.70 | 1.80 |
| Capital Expenditure | -0.08 | -4.51 | -5.46 | -14.60 | -8.55 | -9.25 | -9.81 | -10.41 | -11.04 | -11.71 |
| UFCF | 11.86 | 38.66 | -0.34 | -26.12 | -43.26 | -26.77 | -18.57 | -19.69 | -20.89 | -22.16 |
| WACC | ||||||||||
| PV UFCF | -26.23 | -17.82 | -18.52 | -19.25 | -20 | |||||
| SUM PV UFCF | -101.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.07 |
| Free cash flow (t + 1) | -22.60 |
| Terminal Value | -32,289.79 |
| Present Value of Terminal Value | -29,145.71 |
Intrinsic Value
| Enterprise Value | -29,247.53 |
|---|---|
| Net Debt | 23.37 |
| Equity Value | -29,270.90 |
| Shares Outstanding | 13.82 |
| Equity Value Per Share | -2,118.06 |