Discounted Cash Flow (DCF) Analysis Unlevered

Broadwind, Inc. (BWEN)

$1.73

-0.01 (-0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: -10.93 | 1.73 | 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 146.78125.38178.22198.50145.62150.10154.71159.47164.37169.43
Revenue (%)
EBITDA 1.11-13.675.326.828.080.550.560.580.600.62
EBITDA (%)
EBIT -7.89-22.86-2.180.551.74-7.01-7.23-7.45-7.68-7.91
EBIT (%)
Depreciation 99.187.506.286.347.567.798.038.288.53
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 0.081.182.423.370.851.391.431.481.521.57
Total Cash (%)
Account Receivables 13.6417.4518.3117.5913.8015.5616.0416.5317.0417.56
Account Receivables (%)
Inventories 19.2822.6731.8626.7233.3825.6626.4527.2628.1028.96
Inventories (%)
Accounts Payable 11.7611.6221.8818.1816.4615.0115.4815.9516.4416.95
Accounts Payable (%)
Capital Expenditure -6.69-2.32-1.84-1.55-1.71-2.82-2.91-3-3.09-3.18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.73
Beta 0.901
Diluted Shares Outstanding 19.39
Cost of Debt
Tax Rate 0.87
After-tax Cost of Debt -8.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.782
Total Debt 13.48
Total Equity 33.54
Total Capital 47.02
Debt Weighting 28.66
Equity Weighting 71.34
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 146.78125.38178.22198.50145.62150.10154.71159.47164.37169.43
EBITDA 1.11-13.675.326.828.080.550.560.580.600.62
EBIT -7.89-22.86-2.180.551.74-7.01-7.23-7.45-7.68-7.91
Tax Rate 55.75%0.25%0.55%-3.34%0.87%10.82%10.82%10.82%10.82%10.82%
EBIAT -3.49-22.80-2.160.561.73-6.25-6.44-6.64-6.85-7.06
Depreciation 99.187.506.286.347.567.798.038.288.53
Accounts Receivable --3.81-0.860.723.79-1.76-0.48-0.49-0.51-0.52
Inventories --3.39-9.195.14-6.657.72-0.79-0.81-0.84-0.86
Accounts Payable --0.1410.26-3.70-1.72-1.450.460.480.490.51
Capital Expenditure -6.69-2.32-1.84-1.55-1.71-2.82-2.91-3-3.09-3.18
UFCF -1.18-23.283.707.461.773-2.37-2.44-2.52-2.59
WACC
PV UFCF 2.90-2.22-2.22-2.22-2.22
SUM PV UFCF -5.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.17
Free cash flow (t + 1) -2.64
Terminal Value -226
Present Value of Terminal Value -193.35

Intrinsic Value

Enterprise Value -199.33
Net Debt 12.63
Equity Value -211.95
Shares Outstanding 19.39
Equity Value Per Share -10.93