Discounted Cash Flow (DCF) Analysis Unlevered

Ark Restaurants Corp. (ARKR)

$14.44

+0.16 (+1.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.53 | 14.44 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 162.35106.49131.87183.67184.79198.34212.87228.48245.22263.20
Revenue (%)
EBITDA 16.40-3.749.0311.749.529.9110.6411.4212.2513.15
EBITDA (%)
EBIT 11.17-8.383.596.574.713.123.353.593.854.14
EBIT (%)
Depreciation 5.234.645.445.174.826.797.297.838.409.01
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 7.1816.8919.1728.4613.4122.8424.5126.3128.2330.30
Total Cash (%)
Account Receivables 3.042.124.493.623.314.384.705.045.415.81
Account Receivables (%)
Inventories 2.222.553.513.713.094.014.314.624.965.33
Inventories (%)
Accounts Payable 3.552.334.894.474.865.215.5966.446.92
Accounts Payable (%)
Capital Expenditure -3.42-2.49-2.14-2.70-3.86-3.82-4.10-4.40-4.72-5.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.44
Beta 1.007
Diluted Shares Outstanding 3.60
Cost of Debt
Tax Rate -9.33
After-tax Cost of Debt 4.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.084
Total Debt 107.35
Total Equity 52
Total Capital 159.35
Debt Weighting 67.37
Equity Weighting 32.63
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 162.35106.49131.87183.67184.79198.34212.87228.48245.22263.20
EBITDA 16.40-3.749.0311.749.529.9110.6411.4212.2513.15
EBIT 11.17-8.383.596.574.713.123.353.593.854.14
Tax Rate -43.10%48.71%16.42%20.14%-9.33%6.57%6.57%6.57%6.57%6.57%
EBIAT 15.99-4.3035.255.142.913.133.353.603.86
Depreciation 5.234.645.445.174.826.797.297.838.409.01
Accounts Receivable -0.91-2.370.870.31-1.06-0.32-0.34-0.37-0.40
Inventories --0.33-0.96-0.200.61-0.92-0.29-0.32-0.34-0.36
Accounts Payable --1.222.56-0.420.390.360.380.410.440.47
Capital Expenditure -3.42-2.49-2.14-2.70-3.86-3.82-4.10-4.40-4.72-5.06
UFCF 17.80-2.785.537.977.424.266.096.537.017.53
WACC
PV UFCF 4.025.435.515.585.66
SUM PV UFCF 26.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.88
Free cash flow (t + 1) 7.56
Terminal Value 140.61
Present Value of Terminal Value 105.67

Intrinsic Value

Enterprise Value 131.87
Net Debt 93.93
Equity Value 37.93
Shares Outstanding 3.60
Equity Value Per Share 10.53