Discounted Cash Flow (DCF) Analysis Unlevered

Art's-Way Manufacturing Co., Inc. (ARTW)

$1.83

-0.02 (-1.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -24.76 | 1.83 | 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 20.7219.7322.8922.4124.9726.2527.6029.0230.5132.08
Revenue (%)
EBITDA -1.04-2.63-0.41-1.841.19-1.24-1.30-1.37-1.44-1.51
EBITDA (%)
EBIT -1.74-3.59-1.41-2.660.58-2.22-2.34-2.46-2.58-2.71
EBIT (%)
Depreciation 0.700.9610.820.610.981.041.091.141.20
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 0.210.130.15000.120.130.140.140.15
Total Cash (%)
Account Receivables 1.981.762.552.472.842.732.873.023.183.34
Account Receivables (%)
Inventories 11.9710.268.787.769.2111.5312.1212.7513.4014.09
Inventories (%)
Accounts Payable 0.670.801.211.961.741.481.561.641.721.81
Accounts Payable (%)
Capital Expenditure -0.51-0.43-0.45-0.69-0.62-0.64-0.67-0.71-0.75-0.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.83
Beta 0.264
Diluted Shares Outstanding 4.39
Cost of Debt
Tax Rate 20.33
After-tax Cost of Debt 3.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.049
Total Debt 6.99
Total Equity 8.04
Total Capital 15.03
Debt Weighting 46.49
Equity Weighting 53.51
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 20.7219.7322.8922.4124.9726.2527.6029.0230.5132.08
EBITDA -1.04-2.63-0.41-1.841.19-1.24-1.30-1.37-1.44-1.51
EBIT -1.74-3.59-1.41-2.660.58-2.22-2.34-2.46-2.58-2.71
Tax Rate 8.70%11.95%19.74%28.94%20.33%17.93%17.93%17.93%17.93%17.93%
EBIAT -1.59-3.16-1.13-1.890.46-1.82-1.92-2.01-2.12-2.23
Depreciation 0.700.9610.820.610.981.041.091.141.20
Accounts Receivable -0.22-0.800.08-0.370.11-0.14-0.15-0.16-0.16
Inventories -1.711.481.02-1.45-2.32-0.59-0.62-0.66-0.69
Accounts Payable -0.130.400.75-0.22-0.250.080.080.080.09
Capital Expenditure -0.51-0.43-0.45-0.69-0.62-0.64-0.67-0.71-0.75-0.78
UFCF -1.40-0.580.510.08-1.58-3.94-2.21-2.33-2.45-2.57
WACC
PV UFCF -3.78-2.03-2.05-2.06-2.08
SUM PV UFCF -12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.36
Free cash flow (t + 1) -2.62
Terminal Value -111.15
Present Value of Terminal Value -89.79

Intrinsic Value

Enterprise Value -101.79
Net Debt 6.98
Equity Value -108.78
Shares Outstanding 4.39
Equity Value Per Share -24.76