Discounted Cash Flow (DCF) Analysis Unlevered

Charah Solutions, Inc. (CHRA)

$5.96

+0.01 (+0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: -63.04 | 5.96 | overvalue

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 740.46554.87232.38293.22293.17251.38215.54184.82158.47135.88
Revenue (%)
EBITDA 63.202.946.117.06-34.291.211.040.890.760.65
EBITDA (%)
EBIT 20.90-20.49-13.77-17.55-59.57-16.64-14.27-12.24-10.49-9
EBIT (%)
Depreciation 42.3123.4419.8924.6125.2817.8515.3113.1311.269.65
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 6.904.9124.7924.2721.5614.1312.1210.398.917.64
Total Cash (%)
Account Receivables 148.3572.9865.3876.1566.6855.3247.4340.6734.8729.90
Account Receivables (%)
Inventories 25.8014.795.926.295.206.345.444.6643.43
Inventories (%)
Accounts Payable 24.8225.5115.6130.6436.4718.8816.1913.8811.9010.21
Accounts Payable (%)
Capital Expenditure -22.07-18.07-4.30-8.50-5.15-6.41-5.49-4.71-4.04-3.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.96
Beta 0.741
Diluted Shares Outstanding 3.36
Cost of Debt
Tax Rate 0.04
After-tax Cost of Debt 8.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.783
Total Debt 230.51
Total Equity 20.04
Total Capital 250.56
Debt Weighting 92.00
Equity Weighting 8.00
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 740.46554.87232.38293.22293.17251.38215.54184.82158.47135.88
EBITDA 63.202.946.117.06-34.291.211.040.890.760.65
EBIT 20.90-20.49-13.77-17.55-59.57-16.64-14.27-12.24-10.49-9
Tax Rate -0.67%-11.96%1.42%-12.87%0.04%-4.81%-4.81%-4.81%-4.81%-4.81%
EBIAT 21.04-22.95-13.58-19.81-59.54-17.44-14.96-12.82-11-9.43
Depreciation 42.3123.4419.8924.6125.2817.8515.3113.1311.269.65
Accounts Receivable -75.377.60-10.779.4711.367.896.765.804.97
Inventories -11.018.87-0.371.09-1.140.900.780.660.57
Accounts Payable -0.69-9.9015.035.83-17.59-2.69-2.31-1.98-1.70
Capital Expenditure -22.07-18.07-4.30-8.50-5.15-6.41-5.49-4.71-4.04-3.46
UFCF 41.2869.498.580.19-23.02-13.370.960.820.700.60
WACC
PV UFCF -12.380.820.650.520.41
SUM PV UFCF -9.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.03
Free cash flow (t + 1) 0.61
Terminal Value 10.20
Present Value of Terminal Value 6.93

Intrinsic Value

Enterprise Value -3.05
Net Debt 208.96
Equity Value -212
Shares Outstanding 3.36
Equity Value Per Share -63.04