Discounted Cash Flow (DCF) Analysis Unlevered
Bassett Furniture Industries, Incor... (BSET)
$13.75
-0.05 (-0.36%)
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 | 456.86 | 452.09 | 385.86 | 486.53 | 485.60 | 497.99 | 510.70 | 523.73 | 537.09 | 550.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 25.47 | 11.77 | -3.26 | 39.16 | 85.39 | 32.83 | 33.67 | 34.53 | 35.41 | 36.32 |
| EBITDA (%) | ||||||||||
| EBIT | 12.26 | -1.73 | -16.74 | 24.56 | 74.08 | 18.19 | 18.66 | 19.13 | 19.62 | 20.12 |
| EBIT (%) | ||||||||||
| Depreciation | 13.20 | 13.50 | 13.48 | 14.60 | 11.31 | 14.64 | 15.01 | 15.40 | 15.79 | 16.19 |
| 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 | 56.11 | 37.12 | 63.51 | 52.09 | 79.34 | 63.74 | 65.37 | 67.04 | 68.75 | 70.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 19.06 | 21.38 | 32.01 | 36.55 | 20.19 | 28.75 | 29.48 | 30.23 | 31.01 | 31.80 |
| Account Receivables (%) | ||||||||||
| Inventories | 64.19 | 66.30 | 54.89 | 78 | 85.48 | 76.27 | 78.21 | 80.21 | 82.26 | 84.35 |
| Inventories (%) | ||||||||||
| Accounts Payable | 27.41 | 23.68 | 23.43 | 28.32 | 20.36 | 27.21 | 27.91 | 28.62 | 29.35 | 30.10 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -18.30 | -17.38 | -6.03 | -10.75 | -21.30 | -15.94 | -16.35 | -16.77 | -17.19 | -17.63 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 13.75 |
|---|---|
| Beta | 1.556 |
| Diluted Shares Outstanding | 9.86 |
| Cost of Debt | |
| Tax Rate | -91.84 |
| After-tax Cost of Debt | 0.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.046 |
| Total Debt | 116.30 |
| Total Equity | 135.56 |
| Total Capital | 251.86 |
| Debt Weighting | 46.18 |
| Equity Weighting | 53.82 |
| 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 | 456.86 | 452.09 | 385.86 | 486.53 | 485.60 | 497.99 | 510.70 | 523.73 | 537.09 | 550.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 25.47 | 11.77 | -3.26 | 39.16 | 85.39 | 32.83 | 33.67 | 34.53 | 35.41 | 36.32 |
| EBIT | 12.26 | -1.73 | -16.74 | 24.56 | 74.08 | 18.19 | 18.66 | 19.13 | 19.62 | 20.12 |
| Tax Rate | 32.67% | -10.80% | 37.92% | 25.57% | -91.84% | -1.30% | -1.30% | -1.30% | -1.30% | -1.30% |
| EBIAT | 8.26 | -1.92 | -10.39 | 18.28 | 142.13 | 18.43 | 18.90 | 19.38 | 19.88 | 20.38 |
| Depreciation | 13.20 | 13.50 | 13.48 | 14.60 | 11.31 | 14.64 | 15.01 | 15.40 | 15.79 | 16.19 |
| Accounts Receivable | - | -2.32 | -10.63 | -4.54 | 16.36 | -8.56 | -0.73 | -0.75 | -0.77 | -0.79 |
| Inventories | - | -2.11 | 11.42 | -23.12 | -7.47 | 9.21 | -1.95 | -2 | -2.05 | -2.10 |
| Accounts Payable | - | -3.73 | -0.25 | 4.90 | -7.96 | 6.85 | 0.69 | 0.71 | 0.73 | 0.75 |
| Capital Expenditure | -18.30 | -17.38 | -6.03 | -10.75 | -21.30 | -15.94 | -16.35 | -16.77 | -17.19 | -17.63 |
| UFCF | 3.16 | -13.96 | -2.40 | -0.63 | 133.06 | 24.63 | 15.58 | 15.98 | 16.38 | 16.80 |
| WACC | ||||||||||
| PV UFCF | 23.25 | 13.88 | 13.43 | 13 | 12.58 | |||||
| SUM PV UFCF | 76.13 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.96 |
| Free cash flow (t + 1) | 17.14 |
| Terminal Value | 432.80 |
| Present Value of Terminal Value | 324.02 |
Intrinsic Value
| Enterprise Value | 400.15 |
|---|---|
| Net Debt | 54.67 |
| Equity Value | 345.48 |
| Shares Outstanding | 9.86 |
| Equity Value Per Share | 35.04 |