Discounted Cash Flow (DCF) Analysis Unlevered

Biomerica, Inc. (BMRA)

$0.9

+0.08 (+9.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 909.22 | 0.9 | undervalue

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 5.206.697.2018.875.347.039.2612.1916.0521.13
Revenue (%)
EBITDA -2.21-1.93-6.08-3.91-6.87-4.29-5.65-7.44-9.80-12.90
EBITDA (%)
EBIT -2.37-2.33-6.46-4.51-7.22-4.63-6.09-8.03-10.57-13.91
EBIT (%)
Depreciation 0.160.400.380.590.350.340.440.590.771.02
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 0.698.644.205.929.725.827.6710.0913.2917.50
Total Cash (%)
Account Receivables 1.451.771.460.770.721.301.712.252.963.90
Account Receivables (%)
Inventories 2.152.853.212.422.062.533.334.385.777.60
Inventories (%)
Accounts Payable 10.990.430.740.340.710.931.231.612.13
Accounts Payable (%)
Capital Expenditure -0.17-0.12-0.30-0.17-0.08-0.16-0.21-0.28-0.37-0.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.9
Beta -0.618
Diluted Shares Outstanding 13.35
Cost of Debt
Tax Rate -0.72
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.601
Total Debt 1.08
Total Equity 12.01
Total Capital 13.09
Debt Weighting 8.26
Equity Weighting 91.74
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 5.206.697.2018.875.347.039.2612.1916.0521.13
EBITDA -2.21-1.93-6.08-3.91-6.87-4.29-5.65-7.44-9.80-12.90
EBIT -2.37-2.33-6.46-4.51-7.22-4.63-6.09-8.03-10.57-13.91
Tax Rate -1.02%-0.32%-0.20%-0.53%-0.72%-0.56%-0.56%-0.56%-0.56%-0.56%
EBIAT -2.39-2.34-6.47-4.53-7.27-4.65-6.13-8.07-10.63-13.99
Depreciation 0.160.400.380.590.350.340.440.590.771.02
Accounts Receivable --0.310.310.680.05-0.57-0.41-0.54-0.71-0.94
Inventories --0.70-0.360.790.36-0.47-0.80-1.05-1.39-1.83
Accounts Payable --0.01-0.560.30-0.390.360.220.290.390.51
Capital Expenditure -0.17-0.12-0.30-0.17-0.08-0.16-0.21-0.28-0.37-0.49
UFCF -2.40-3.08-6.99-2.33-6.98-5.16-6.88-9.07-11.94-15.72
WACC
PV UFCF -5.07-6.63-8.57-11.08-14.32
SUM PV UFCF -45.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.88
Free cash flow (t + 1) -16.03
Terminal Value 13,359.08
Present Value of Terminal Value 12,171.16

Intrinsic Value

Enterprise Value 12,125.49
Net Debt -8.64
Equity Value 12,134.13
Shares Outstanding 13.35
Equity Value Per Share 909.22