Discounted Cash Flow (DCF) Analysis Unlevered
Barnwell Industries, Inc. (BRN)
$2.47
-0.04 (-1.59%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 9.37 | 12.08 | 18.35 | 18.11 | 28.55 | 38.33 | 51.48 | 69.13 | 92.83 | 124.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -2.95 | -3.91 | 0.52 | 4.71 | 9.87 | -0.04 | -0.06 | -0.07 | -0.10 | -0.14 |
| EBITDA (%) | ||||||||||
| EBIT | -4.07 | -12.80 | -1.63 | 7.45 | 7.09 | -7.07 | -9.50 | -12.76 | -17.13 | -23.01 |
| EBIT (%) | ||||||||||
| Depreciation | 1.11 | 8.88 | 2.15 | -2.74 | 2.78 | 7.03 | 9.44 | 12.68 | 17.03 | 22.87 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 6.71 | 4.61 | 4.58 | 11.28 | 12.80 | 18.55 | 24.90 | 33.44 | 44.91 | 60.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.43 | 2.27 | 2.65 | 3.60 | 4.36 | 8.86 | 11.90 | 15.99 | 21.47 | 28.83 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | 0.70 | 0.69 | 1.09 | 1.46 | 1.96 | 2.63 | 3.53 | 4.74 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.19 | 1.22 | 2.10 | 1.42 | 1.46 | 3.62 | 4.86 | 6.53 | 8.77 | 11.78 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -11.11 | -1.83 | -3.13 | -1.93 | -10.22 | -15.13 | -20.32 | -27.28 | -36.64 | -49.20 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.47 |
|---|---|
| Beta | 0.359 |
| Diluted Shares Outstanding | 9.73 |
| Cost of Debt | |
| Tax Rate | 15.43 |
| After-tax Cost of Debt | 3.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.949 |
| Total Debt | 0.16 |
| Total Equity | 24.04 |
| Total Capital | 24.20 |
| Debt Weighting | 0.67 |
| Equity Weighting | 99.33 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 9.37 | 12.08 | 18.35 | 18.11 | 28.55 | 38.33 | 51.48 | 69.13 | 92.83 | 124.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -2.95 | -3.91 | 0.52 | 4.71 | 9.87 | -0.04 | -0.06 | -0.07 | -0.10 | -0.14 |
| EBIT | -4.07 | -12.80 | -1.63 | 7.45 | 7.09 | -7.07 | -9.50 | -12.76 | -17.13 | -23.01 |
| Tax Rate | 12.33% | 1.83% | -0.06% | 17.01% | 15.43% | 9.31% | 9.31% | 9.31% | 9.31% | 9.31% |
| EBIAT | -3.56 | -12.56 | -1.63 | 6.18 | 6 | -6.42 | -8.62 | -11.57 | -15.54 | -20.86 |
| Depreciation | 1.11 | 8.88 | 2.15 | -2.74 | 2.78 | 7.03 | 9.44 | 12.68 | 17.03 | 22.87 |
| Accounts Receivable | - | 2.16 | -0.38 | -0.95 | -0.76 | -4.50 | -3.04 | -4.08 | -5.48 | -7.36 |
| Inventories | - | - | - | 0.01 | -0.40 | -0.37 | -0.50 | -0.67 | -0.90 | -1.21 |
| Accounts Payable | - | 0.03 | 0.88 | -0.69 | 0.05 | 2.16 | 1.24 | 1.67 | 2.24 | 3.01 |
| Capital Expenditure | -11.11 | -1.83 | -3.13 | -1.93 | -10.22 | -15.13 | -20.32 | -27.28 | -36.64 | -49.20 |
| UFCF | -13.56 | -3.32 | -2.11 | -0.12 | -2.56 | -17.23 | -21.78 | -29.25 | -39.28 | -52.76 |
| WACC | ||||||||||
| PV UFCF | -16.26 | -19.41 | -24.61 | -31.20 | -39.55 | |||||
| SUM PV UFCF | -131.04 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.93 |
| Free cash flow (t + 1) | -53.81 |
| Terminal Value | -1,369.22 |
| Present Value of Terminal Value | -1,026.54 |
Intrinsic Value
| Enterprise Value | -1,157.58 |
|---|---|
| Net Debt | -12.64 |
| Equity Value | -1,144.94 |
| Shares Outstanding | 9.73 |
| Equity Value Per Share | -117.64 |