Discounted Cash Flow (DCF) Analysis Unlevered

Bri-Chem Corp. (BRY.TO)

$0.62

+0.01 (+1.64%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.11 | 0.62 | 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 116.21121.4491.7345.1660.4054.8249.7545.1640.9837.19
Revenue (%)
EBITDA 6.41-3.190.50-1.893.930.630.570.520.470.43
EBITDA (%)
EBIT 5.46-4.26-0.98-3.072.99-0.19-0.17-0.16-0.14-0.13
EBIT (%)
Depreciation 0.951.071.481.180.940.820.750.680.610.56
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 ----------
Total Cash (%)
Account Receivables 26.2226.0516.676.9619.4112.0310.929.918.998.16
Account Receivables (%)
Inventories 39.4132.3919.2011.2916.7814.7213.3612.1311.019.99
Inventories (%)
Accounts Payable 14.088.405.991.755.284.183.803.453.132.84
Accounts Payable (%)
Capital Expenditure -0.88-1.43-0.37-0-0.04-0.26-0.24-0.22-0.20-0.18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.62
Beta 2.232
Diluted Shares Outstanding 31.43
Cost of Debt
Tax Rate -2.27
After-tax Cost of Debt 7.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.263
Total Debt 23.89
Total Equity 19.48
Total Capital 43.37
Debt Weighting 55.07
Equity Weighting 44.93
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 116.21121.4491.7345.1660.4054.8249.7545.1640.9837.19
EBITDA 6.41-3.190.50-1.893.930.630.570.520.470.43
EBIT 5.46-4.26-0.98-3.072.99-0.19-0.17-0.16-0.14-0.13
Tax Rate 20.81%-31.03%-0.42%-0.49%-2.27%-2.68%-2.68%-2.68%-2.68%-2.68%
EBIAT 4.32-5.58-0.98-3.093.05-0.20-0.18-0.16-0.15-0.13
Depreciation 0.951.071.481.180.940.820.750.680.610.56
Accounts Receivable -0.169.389.72-12.467.381.111.010.920.83
Inventories -7.0213.197.91-5.492.051.361.241.121.02
Accounts Payable --5.68-2.41-4.253.53-1.09-0.39-0.35-0.32-0.29
Capital Expenditure -0.88-1.43-0.37-0-0.04-0.26-0.24-0.22-0.20-0.18
UFCF 4.39-4.4420.3011.47-10.468.702.412.191.991.80
WACC
PV UFCF 7.891.981.631.341.10
SUM PV UFCF 13.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.33
Free cash flow (t + 1) 1.84
Terminal Value 22.10
Present Value of Terminal Value 13.52

Intrinsic Value

Enterprise Value 27.46
Net Debt 23.89
Equity Value 3.58
Shares Outstanding 31.43
Equity Value Per Share 0.11