Discounted Cash Flow (DCF) Analysis Unlevered

Bassett Furniture Industries, Incor... (BSET)

$14.02

-0.03 (-0.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.77 | 14.02 | 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 28.8327.3227.6740.6036.9835.3436.2437.1738.1139.09
EBITDA (%)
EBIT 15.6213.8214.192625.6720.7021.2321.7722.3322.90
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 $ 14.02
Beta 1.636
Diluted Shares Outstanding 9.39
Cost of Debt
Tax Rate 25.55
After-tax Cost of Debt 0.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.345
Total Debt 116.30
Total Equity 131.63
Total Capital 247.92
Debt Weighting 46.91
Equity Weighting 53.09
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 28.8327.3227.6740.6036.9835.3436.2437.1738.1139.09
EBIT 15.6213.8214.192625.6720.7021.2321.7722.3322.90
Tax Rate 32.67%-10.80%37.92%25.57%25.55%22.18%22.18%22.18%22.18%22.18%
EBIAT 10.5215.318.8119.3519.1216.1116.5216.9417.3717.82
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 5.423.2716.800.4410.0522.3113.2013.5413.8814.24
WACC
PV UFCF 20.9411.6211.1910.7710.36
SUM PV UFCF 64.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.56
Free cash flow (t + 1) 14.52
Terminal Value 318.42
Present Value of Terminal Value 231.75

Intrinsic Value

Enterprise Value 296.63
Net Debt 54.67
Equity Value 241.96
Shares Outstanding 9.39
Equity Value Per Share 25.77