Discounted Cash Flow (DCF) Analysis Unlevered

Creative Media & Community Trust Co... (CMCT)

$6.39

+0.07 (+1.19%)
All numbers are in Millions, Currency in USD
Stock DCF: -787.30 | 6.39 | overvalue

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 236.38197.72139.9977.2190.9374.4260.9049.8440.7933.39
Revenue (%)
EBITDA 475.8282.98386.1016.7631.7485.6870.1257.3946.9738.44
EBITDA (%)
EBIT 417.4529.75358.73-4.3211.5667.7255.4245.3637.1230.38
EBIT (%)
Depreciation 58.3653.2327.3721.0820.1917.9614.7012.039.858.06
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 129.3154.9323.8033.6422.3124.9420.4116.7113.6711.19
Total Cash (%)
Account Receivables 179.43174.12106.46120.83113.0377.5263.4451.9242.4934.78
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 26.3941.6024.3120.3326.7515.6712.8310.508.597.03
Accounts Payable (%)
Capital Expenditure 971.38-124.10916.43258.09303.94248.75203.59166.62136.36111.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.39
Beta 0.471
Diluted Shares Outstanding 19.19
Cost of Debt
Tax Rate 139.70
After-tax Cost of Debt -1.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.025
Total Debt 201.15
Total Equity 122.60
Total Capital 323.75
Debt Weighting 62.13
Equity Weighting 37.87
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 236.38197.72139.9977.2190.9374.4260.9049.8440.7933.39
EBITDA 475.8282.98386.1016.7631.7485.6870.1257.3946.9738.44
EBIT 417.4529.75358.73-4.3211.5667.7255.4245.3637.1230.38
Tax Rate 0.37%45.77%0.21%4.58%139.70%38.13%38.13%38.13%38.13%38.13%
EBIAT 415.9216.13357.97-4.12-4.5941.9034.2928.0722.9718.80
Depreciation 58.3653.2327.3721.0820.1917.9614.7012.039.858.06
Accounts Receivable -5.3167.66-14.377.7935.5214.0811.529.437.72
Inventories ----------
Accounts Payable -15.20-17.29-3.986.42-11.08-2.85-2.33-1.91-1.56
Capital Expenditure 971.38-124.10916.43258.09-4.05248.75203.59166.62136.36111.60
UFCF 1,445.67-34.221,352.15256.69333.76333.06263.81215.91176.70144.62
WACC
PV UFCF 329.34257.95208.75168.94136.72
SUM PV UFCF 1,101.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.13
Free cash flow (t + 1) 147.51
Terminal Value -16,955.10
Present Value of Terminal Value -16,028.78

Intrinsic Value

Enterprise Value -14,927.09
Net Debt 178.83
Equity Value -15,105.93
Shares Outstanding 19.19
Equity Value Per Share -787.30