Discounted Cash Flow (DCF) Analysis Unlevered

Barnwell Industries, Inc. (BRN)

$2.7

+0.02 (+0.75%)
All numbers are in Millions, Currency in USD
Stock DCF: -50.53 | 2.7 | 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 13.039.3712.0718.3518.1120.4423.0726.0429.3933.17
Revenue (%)
EBITDA 0.10-2.36-12.64-2.528.49-3.93-4.43-5-5.65-6.37
EBITDA (%)
EBIT 0.10-2.36-12.64-4.677.52-5.67-6.40-7.22-8.15-9.20
EBIT (%)
Depreciation ---2.150.961.741.962.222.502.82
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 21.736.714.615.4911.2815.0817.0219.2021.6824.46
Total Cash (%)
Account Receivables 2.564.432.272.653.074.795.406.106.887.77
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.191.191.222.101.422.092.362.673.013.40
Accounts Payable (%)
Capital Expenditure -1.19-11.11-1.83-3.13-1.52-6.88-7.77-8.77-9.90-11.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.7
Beta 0.400
Diluted Shares Outstanding 8.59
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -27.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.639
Total Debt 0.05
Total Equity 23.20
Total Capital 23.25
Debt Weighting 0.20
Equity Weighting 99.80
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 13.039.3712.0718.3518.1120.4423.0726.0429.3933.17
EBITDA 0.10-2.36-12.64-2.528.49-3.93-4.43-5-5.65-6.37
EBIT 0.10-2.36-12.64-4.677.52-5.67-6.40-7.22-8.15-9.20
Tax Rate 5.11%12.33%1.85%0.00%0.00%3.86%3.86%3.86%3.86%3.86%
EBIAT 0.09-2.07-12.41-4.677.52-5.45-6.15-6.94-7.83-8.84
Depreciation ---2.150.961.741.962.222.502.82
Accounts Receivable --1.872.16-0.38-0.42-1.72-0.62-0.69-0.78-0.89
Inventories ----------
Accounts Payable -0.010.030.88-0.690.680.270.300.340.39
Capital Expenditure -1.19-11.11-1.83-3.13-1.52-6.88-7.77-8.77-9.90-11.17
UFCF -1.10-15.05-12.05-5.155.85-11.63-12.30-13.89-15.67-17.69
WACC
PV UFCF -11.02-11.04-11.80-12.62-13.49
SUM PV UFCF -59.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.57
Free cash flow (t + 1) -18.04
Terminal Value -505.38
Present Value of Terminal Value -385.40

Intrinsic Value

Enterprise Value -445.37
Net Debt -11.23
Equity Value -434.14
Shares Outstanding 8.59
Equity Value Per Share -50.53