Discounted Cash Flow (DCF) Analysis Unlevered
Cemtrex, Inc. (CETXP)
$0.67
+0.06 (+9.39%)
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 | 89.94 | 39.27 | 43.52 | 43.13 | 50.27 | 46.52 | 43.05 | 39.84 | 36.87 | 34.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -6.41 | -15.90 | 0.46 | -2.31 | -8.91 | -6.48 | -6 | -5.55 | -5.14 | -4.75 |
| EBITDA (%) | ||||||||||
| EBIT | -10.59 | -18.92 | -3.25 | -4.51 | -8.91 | -8.90 | -8.23 | -7.62 | -7.05 | -6.52 |
| EBIT (%) | ||||||||||
| Depreciation | 4.18 | 3.01 | 3.71 | 2.21 | 0 | 2.42 | 2.24 | 2.07 | 1.92 | 1.77 |
| 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 | 0.97 | 2.18 | 20.38 | 15.44 | 10.62 | 10.27 | 9.51 | 8.80 | 8.14 | 7.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 14.11 | 8.40 | 8.12 | 9.30 | 5.96 | 8.30 | 7.68 | 7.10 | 6.57 | 6.08 |
| Account Receivables (%) | ||||||||||
| Inventories | 11.35 | 5.21 | 6.79 | 5.66 | 9.53 | 6.85 | 6.34 | 5.86 | 5.43 | 5.02 |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.07 | 4.24 | 2.86 | 4.24 | 3.26 | 3.86 | 3.57 | 3.31 | 3.06 | 2.83 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -12.21 | -1.66 | -1.57 | -1.07 | -0 | -2.22 | -2.06 | -1.90 | -1.76 | -1.63 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.67 |
|---|---|
| Beta | 2.177 |
| Diluted Shares Outstanding | 958.21 |
| Cost of Debt | |
| Tax Rate | 3.55 |
| After-tax Cost of Debt | 142.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.965 |
| Total Debt | 2.64 |
| Total Equity | 642 |
| Total Capital | 644.64 |
| Debt Weighting | 0.41 |
| Equity Weighting | 99.59 |
| 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 | 89.94 | 39.27 | 43.52 | 43.13 | 50.27 | 46.52 | 43.05 | 39.84 | 36.87 | 34.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -6.41 | -15.90 | 0.46 | -2.31 | -8.91 | -6.48 | -6 | -5.55 | -5.14 | -4.75 |
| EBIT | -10.59 | -18.92 | -3.25 | -4.51 | -8.91 | -8.90 | -8.23 | -7.62 | -7.05 | -6.52 |
| Tax Rate | 13.04% | -76.96% | -45.66% | 1,115.06% | 3.55% | 201.81% | 201.81% | 201.81% | 201.81% | 201.81% |
| EBIAT | -9.21 | -33.47 | -4.74 | 45.79 | -8.60 | 9.06 | 8.38 | 7.76 | 7.18 | 6.64 |
| Depreciation | 4.18 | 3.01 | 3.71 | 2.21 | 0 | 2.42 | 2.24 | 2.07 | 1.92 | 1.77 |
| Accounts Receivable | - | 5.71 | 0.28 | -1.18 | 3.34 | -2.33 | 0.62 | 0.57 | 0.53 | 0.49 |
| Inventories | - | 6.15 | -1.59 | 1.14 | -3.87 | 2.69 | 0.51 | 0.47 | 0.44 | 0.40 |
| Accounts Payable | - | -2.83 | -1.38 | 1.38 | -0.98 | 0.61 | -0.29 | -0.27 | -0.25 | -0.23 |
| Capital Expenditure | -12.21 | -1.66 | -1.57 | -1.07 | -0 | -2.22 | -2.06 | -1.90 | -1.76 | -1.63 |
| UFCF | -17.24 | -23.09 | -5.27 | 48.26 | -10.11 | 10.21 | 9.40 | 8.70 | 8.05 | 7.45 |
| WACC | ||||||||||
| PV UFCF | 8.92 | 7.17 | 5.80 | 4.69 | 3.79 | |||||
| SUM PV UFCF | 30.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.49 |
| Free cash flow (t + 1) | 7.60 |
| Terminal Value | 60.86 |
| Present Value of Terminal Value | 30.94 |
Intrinsic Value
| Enterprise Value | 61.31 |
|---|---|
| Net Debt | -7.97 |
| Equity Value | 69.28 |
| Shares Outstanding | 958.21 |
| Equity Value Per Share | 0.07 |