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
Stock DCF: 35.04 | 13.75 | undervalue

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 456.86452.09385.86486.53485.60497.99510.70523.73537.09550.79
Revenue (%)
EBITDA 25.4711.77-3.2639.1685.3932.8333.6734.5335.4136.32
EBITDA (%)
EBIT 12.26-1.73-16.7424.5674.0818.1918.6619.1319.6220.12
EBIT (%)
Depreciation 13.2013.5013.4814.6011.3114.6415.0115.4015.7916.19
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 56.1137.1263.5152.0979.3463.7465.3767.0468.7570.50
Total Cash (%)
Account Receivables 19.0621.3832.0136.5520.1928.7529.4830.2331.0131.80
Account Receivables (%)
Inventories 64.1966.3054.897885.4876.2778.2180.2182.2684.35
Inventories (%)
Accounts Payable 27.4123.6823.4328.3220.3627.2127.9128.6229.3530.10
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 456.86452.09385.86486.53485.60497.99510.70523.73537.09550.79
EBITDA 25.4711.77-3.2639.1685.3932.8333.6734.5335.4136.32
EBIT 12.26-1.73-16.7424.5674.0818.1918.6619.1319.6220.12
Tax Rate 32.67%-10.80%37.92%25.57%-91.84%-1.30%-1.30%-1.30%-1.30%-1.30%
EBIAT 8.26-1.92-10.3918.28142.1318.4318.9019.3819.8820.38
Depreciation 13.2013.5013.4814.6011.3114.6415.0115.4015.7916.19
Accounts Receivable --2.32-10.63-4.5416.36-8.56-0.73-0.75-0.77-0.79
Inventories --2.1111.42-23.12-7.479.21-1.95-2-2.05-2.10
Accounts Payable --3.73-0.254.90-7.966.850.690.710.730.75
Capital Expenditure -18.30-17.38-6.03-10.75-21.30-15.94-16.35-16.77-17.19-17.63
UFCF 3.16-13.96-2.40-0.63133.0624.6315.5815.9816.3816.80
WACC
PV UFCF 23.2513.8813.431312.58
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