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
Stock DCF: -2,118.06 | 1.68 | overvalue

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 425.21425.94338.16313.56476.66505.62536.34568.92603.49640.15
Revenue (%)
EBITDA 19.8412.996.599.482.6013.3914.2015.0615.9816.95
EBITDA (%)
EBIT 14.828.011.274.08-2.896.516.917.327.778.24
EBIT (%)
Depreciation 5.024.985.325.405.496.887.297.748.218.71
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 46.0960.7853.6752.2444.7667.7871.9076.2780.9085.82
Total Cash (%)
Account Receivables 135.43105.5697.20109.49131.56149.55158.64168.28178.50189.35
Account Receivables (%)
Inventories 97.2083.9285.1996.37128.80126.92134.63142.81151.49160.69
Inventories (%)
Accounts Payable 22.9715.9410.5117.3632.4324.8726.3827.9829.6831.48
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 425.21425.94338.16313.56476.66505.62536.34568.92603.49640.15
EBITDA 19.8412.996.599.482.6013.3914.2015.0615.9816.95
EBIT 14.828.011.274.08-2.896.516.917.327.778.24
Tax Rate 53.29%74.16%247.56%107.15%73.20%111.07%111.07%111.07%111.07%111.07%
EBIAT 6.922.07-1.87-0.29-0.77-0.72-0.76-0.81-0.86-0.91
Depreciation 5.024.985.325.405.496.887.297.748.218.71
Accounts Receivable -29.878.36-12.29-22.07-18-9.09-9.64-10.22-10.84
Inventories -13.28-1.26-11.18-32.431.88-7.71-8.18-8.68-9.20
Accounts Payable --7.03-5.436.8515.07-7.561.511.601.701.80
Capital Expenditure -0.08-4.51-5.46-14.60-8.55-9.25-9.81-10.41-11.04-11.71
UFCF 11.8638.66-0.34-26.12-43.26-26.77-18.57-19.69-20.89-22.16
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