Discounted Cash Flow (DCF) Analysis Unlevered

Cinedigm Corp. (CIDM)

$0.4766

-0.02 (-3.19%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.84 | 0.4766 | 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 67.6853.5339.2931.4256.0557.5859.1460.7562.4064.09
Revenue (%)
EBITDA 14.198.102.23-52.136.35-12.99-13.34-13.71-14.08-14.46
EBITDA (%)
EBIT -3.80-5.65-7.16-59.051.78-25.24-25.92-26.63-27.35-28.09
EBIT (%)
Depreciation 17.9913.759.396.924.5712.2512.5812.9213.2713.63
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 17.9517.8714.2916.8513.0619.9520.4921.0421.6222.20
Total Cash (%)
Account Receivables 49.7041.1938.2923.4735.8844.5145.7246.9648.2449.55
Account Receivables (%)
Inventories 0.790.670.580.170.120.530.550.560.580.60
Inventories (%)
Accounts Payable 35.0338.3950.7140.6734.1851.0152.3953.8155.2856.78
Accounts Payable (%)
Capital Expenditure -0.93-1.97-1.25-2.61-0.64-2.04-2.09-2.15-2.21-2.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.4,766
Beta 1.911
Diluted Shares Outstanding 173.91
Cost of Debt
Tax Rate -49.16
After-tax Cost of Debt 47.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.586
Total Debt 0.75
Total Equity 82.88
Total Capital 83.63
Debt Weighting 0.90
Equity Weighting 99.10
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 67.6853.5339.2931.4256.0557.5859.1460.7562.4064.09
EBITDA 14.198.102.23-52.136.35-12.99-13.34-13.71-14.08-14.46
EBIT -3.80-5.65-7.16-59.051.78-25.24-25.92-26.63-27.35-28.09
Tax Rate -1.99%-1.65%-2.24%0.63%-49.16%-10.88%-10.88%-10.88%-10.88%-10.88%
EBIAT -3.88-5.74-7.32-58.672.65-27.98-28.74-29.52-30.32-31.15
Depreciation 17.9913.759.396.924.5712.2512.5812.9213.2713.63
Accounts Receivable -8.512.9014.82-12.41-8.63-1.21-1.24-1.28-1.31
Inventories -0.120.090.420.05-0.42-0.01-0.01-0.02-0.02
Accounts Payable -3.3612.32-10.04-6.4916.831.391.421.461.50
Capital Expenditure -0.93-1.97-1.25-2.61-0.64-2.04-2.09-2.15-2.21-2.27
UFCF 13.1818.0416.12-49.17-12.27-10-18.09-18.58-19.09-19.61
WACC
PV UFCF -8.85-14.19-12.91-11.75-10.69
SUM PV UFCF -58.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.90
Free cash flow (t + 1) -20
Terminal Value -183.49
Present Value of Terminal Value -100.03

Intrinsic Value

Enterprise Value -158.43
Net Debt -12.31
Equity Value -146.12
Shares Outstanding 173.91
Equity Value Per Share -0.84