Discounted Cash Flow (DCF) Analysis Unlevered

Chembio Diagnostics, Inc. (CEMI)

$0.365

+0.01 (+3.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 45.86 | 0.365 | undervalue

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 24.0233.4134.4630.4547.8258.3071.0786.65105.64128.79
Revenue (%)
EBITDA -5.18-7.03-12.26-20.44-33.82-25.19-30.71-37.44-45.64-55.65
EBITDA (%)
EBIT -6.46-7.93-14.18-23.14-36.75-28.52-34.77-42.39-51.68-63.01
EBIT (%)
Depreciation 1.280.901.922.702.933.334.064.956.047.36
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 3.7912.5218.2723.0728.7728.2434.4341.9751.1762.39
Total Cash (%)
Account Receivables 2.097.373.663.3811.448.9110.8613.2416.1419.68
Account Receivables (%)
Inventories 4.427.859.6012.5212.9216.0819.6023.9029.1335.52
Inventories (%)
Accounts Payable 1.493.623.145.735.386.5689.7511.8814.49
Accounts Payable (%)
Capital Expenditure -1.03-1.47-3.80-4.17-3.99-4.86-5.93-7.23-8.81-10.75
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.365
Beta 1.652
Diluted Shares Outstanding 24.30
Cost of Debt
Tax Rate 0.18
After-tax Cost of Debt -9.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.496
Total Debt 31.52
Total Equity 8.87
Total Capital 40.39
Debt Weighting 78.04
Equity Weighting 21.96
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 24.0233.4134.4630.4547.8258.3071.0786.65105.64128.79
EBITDA -5.18-7.03-12.26-20.44-33.82-25.19-30.71-37.44-45.64-55.65
EBIT -6.46-7.93-14.18-23.14-36.75-28.52-34.77-42.39-51.68-63.01
Tax Rate 1.37%0.85%3.53%1.76%0.18%1.54%1.54%1.54%1.54%1.54%
EBIAT -6.37-7.87-13.68-22.73-36.69-28.08-34.24-41.74-50.89-62.04
Depreciation 1.280.901.922.702.933.334.064.956.047.36
Accounts Receivable --5.293.710.28-8.062.53-1.95-2.38-2.90-3.54
Inventories --3.43-1.75-2.92-0.40-3.16-3.52-4.30-5.24-6.38
Accounts Payable -2.13-0.482.58-0.351.181.441.752.142.60
Capital Expenditure -1.03-1.47-3.80-4.17-3.99-4.86-5.93-7.23-8.81-10.75
UFCF -6.12-15.02-14.07-24.25-46.56-29.06-40.14-48.94-59.67-72.74
WACC
PV UFCF -30.48-44.17-56.49-72.25-92.39
SUM PV UFCF -295.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -4.67
Free cash flow (t + 1) -74.20
Terminal Value 1,112.42
Present Value of Terminal Value 1,412.93

Intrinsic Value

Enterprise Value 1,117.14
Net Debt 2.75
Equity Value 1,114.39
Shares Outstanding 24.30
Equity Value Per Share 45.86