Discounted Cash Flow (DCF) Analysis Unlevered

Barnwell Industries, Inc. (BRN)

$2.27

+0.04 (+1.79%)
All numbers are in Millions, Currency in USD
Stock DCF: -37.28 | 2.27 | 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 12.0718.3518.1128.5425.2731.3838.9848.4160.1274.67
Revenue (%)
EBITDA -3.910.524.719.872.972.683.334.145.146.38
EBITDA (%)
EBIT -12.80-1.637.457.09-1.49-3.44-4.27-5.30-6.59-8.18
EBIT (%)
Depreciation 8.882.15-2.742.784.466.127.609.4411.7214.56
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 4.614.5811.2812.802.8311.3914.1517.5721.8327.11
Total Cash (%)
Account Receivables 2.272.653.604.363.265.106.347.879.7712.14
Account Receivables (%)
Inventories 0.730.700.690.350.351.021.271.571.952.43
Inventories (%)
Accounts Payable 1.222.101.421.460.882.392.963.684.575.68
Accounts Payable (%)
Capital Expenditure -1.83-3.13-1.93-10.22-11.63-7.83-9.72-12.08-15-18.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.27
Beta 0.223
Diluted Shares Outstanding 9.97
Cost of Debt
Tax Rate -11.23
After-tax Cost of Debt 4.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.212
Total Debt 0.05
Total Equity 22.63
Total Capital 22.68
Debt Weighting 0.21
Equity Weighting 99.79
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 12.0718.3518.1128.5425.2731.3838.9848.4160.1274.67
EBITDA -3.910.524.719.872.972.683.334.145.146.38
EBIT -12.80-1.637.457.09-1.49-3.44-4.27-5.30-6.59-8.18
Tax Rate 1.83%-0.06%17.01%15.43%-11.23%4.60%4.60%4.60%4.60%4.60%
EBIAT -12.56-1.636.186-1.66-3.28-4.07-5.06-6.28-7.80
Depreciation 8.882.15-2.742.784.466.127.609.4411.7214.56
Accounts Receivable --0.38-0.95-0.761.10-1.84-1.23-1.53-1.90-2.36
Inventories -0.030.010.340-0.67-0.25-0.31-0.38-0.47
Accounts Payable -0.88-0.690.05-0.581.510.580.720.891.11
Capital Expenditure -1.83-3.13-1.93-10.22-11.63-7.83-9.72-12.08-15-18.63
UFCF -5.51-2.08-0.12-1.82-8.31-6-7.10-8.82-10.95-13.60
WACC
PV UFCF -5.70-6.41-7.57-8.94-10.55
SUM PV UFCF -39.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.21
Free cash flow (t + 1) -13.87
Terminal Value -432.20
Present Value of Terminal Value -335.28

Intrinsic Value

Enterprise Value -374.45
Net Debt -2.78
Equity Value -371.67
Shares Outstanding 9.97
Equity Value Per Share -37.28