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
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 | 28.83 | 27.32 | 27.67 | 40.60 | 36.98 | 35.34 | 36.24 | 37.17 | 38.11 | 39.09 |
EBITDA (%) | ||||||||||
EBIT | 15.62 | 13.82 | 14.19 | 26 | 25.67 | 20.70 | 21.23 | 21.77 | 22.33 | 22.90 |
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 | $ 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 | 456.86 | 452.09 | 385.86 | 486.53 | 485.60 | 497.99 | 510.70 | 523.73 | 537.09 | 550.79 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 28.83 | 27.32 | 27.67 | 40.60 | 36.98 | 35.34 | 36.24 | 37.17 | 38.11 | 39.09 |
EBIT | 15.62 | 13.82 | 14.19 | 26 | 25.67 | 20.70 | 21.23 | 21.77 | 22.33 | 22.90 |
Tax Rate | 32.67% | -10.80% | 37.92% | 25.57% | 25.55% | 22.18% | 22.18% | 22.18% | 22.18% | 22.18% |
EBIAT | 10.52 | 15.31 | 8.81 | 19.35 | 19.12 | 16.11 | 16.52 | 16.94 | 17.37 | 17.82 |
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 | 5.42 | 3.27 | 16.80 | 0.44 | 10.05 | 22.31 | 13.20 | 13.54 | 13.88 | 14.24 |
WACC | ||||||||||
PV UFCF | 20.94 | 11.62 | 11.19 | 10.77 | 10.36 | |||||
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 |