Discounted Cash Flow (DCF) Analysis Unlevered

Cinedigm Corp. (CIDM)

$0.2945

+0.00 (+0.86%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.77 | 0.2945 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 53.5339.2931.4256.0568.0377.0687.3098.89112.02126.90
Revenue (%)
EBITDA 8.103.86-7.205.94-2.631.351.531.741.972.23
EBITDA (%)
EBIT -5.65-5.54-14.121.37-6.46-11.81-13.38-15.15-17.16-19.44
EBIT (%)
Depreciation 13.759.396.924.573.8313.1614.9116.8919.1321.67
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 17.8714.2916.8513.067.1524.2327.4531.0935.2239.90
Total Cash (%)
Account Receivables 41.1938.3023.4733.1925.3953.2760.3568.3677.4487.73
Account Receivables (%)
Inventories 0.670.580.170.120.210.580.660.750.850.96
Inventories (%)
Accounts Payable 38.3950.7130.1134.1815.0458.5266.2975.1085.0796.37
Accounts Payable (%)
Capital Expenditure -1.97-1.25-2.61-0.64-1.27-2.80-3.17-3.59-4.07-4.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.2,945
Beta 2.057
Diluted Shares Outstanding 8.89
Cost of Debt
Tax Rate -1.24
After-tax Cost of Debt 20.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.033
Total Debt 6.21
Total Equity 2.62
Total Capital 8.82
Debt Weighting 70.33
Equity Weighting 29.67
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 53.5339.2931.4256.0568.0377.0687.3098.89112.02126.90
EBITDA 8.103.86-7.205.94-2.631.351.531.741.972.23
EBIT -5.65-5.54-14.121.37-6.46-11.81-13.38-15.15-17.16-19.44
Tax Rate -1.65%-2.17%0.50%8.77%-1.24%0.84%0.84%0.84%0.84%0.84%
EBIAT -5.74-5.66-14.051.25-6.54-11.71-13.26-15.02-17.02-19.28
Depreciation 13.759.396.924.573.8313.1614.9116.8919.1321.67
Accounts Receivable -2.9014.82-9.727.80-27.88-7.08-8.01-9.08-10.29
Inventories -0.090.420.05-0.09-0.38-0.08-0.09-0.10-0.11
Accounts Payable -12.31-20.604.07-19.1443.487.778.809.9711.30
Capital Expenditure -1.97-1.25-2.61-0.64-1.27-2.80-3.17-3.59-4.07-4.61
UFCF 6.0417.79-15.09-0.43-15.4013.87-0.91-1.03-1.16-1.32
WACC
PV UFCF 11.68-0.64-0.61-0.58-0.56
SUM PV UFCF 9.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.79
Free cash flow (t + 1) -1.35
Terminal Value -8.01
Present Value of Terminal Value -3.39

Intrinsic Value

Enterprise Value 5.89
Net Debt -0.95
Equity Value 6.84
Shares Outstanding 8.89
Equity Value Per Share 0.77