Discounted Cash Flow (DCF) Analysis Unlevered

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

$3.61

+0.01 (+0.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 45.01 | 3.61 | undervalue

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 197.72139.9977.2190.93101.9190.6480.6371.7263.7956.74
Revenue (%)
EBITDA 83.9452.4017.3731.8137.2531.5328.0424.9522.1919.74
EBITDA (%)
EBIT 30.7125.03-3.7211.6216.7510.489.328.297.386.56
EBIT (%)
Depreciation 53.2327.3721.0820.1920.5021.0518.7216.6514.8113.18
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 54.9323.8033.6422.3146.1928.6825.5122.6920.1917.95
Total Cash (%)
Account Receivables 174.12106.46120.83113.03103.8799.1488.1878.4469.7762.06
Account Receivables (%)
Inventories -51.6155.4069.2693.5062.6755.7449.5844.1039.23
Inventories (%)
Accounts Payable 41.6024.3120.3326.75107.2236.1432.1528.6025.4422.63
Accounts Payable (%)
Capital Expenditure -12.06-24.60-14.73-4.05-8.82-10.13-9.01-8.01-7.13-6.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.61
Beta 0.469
Diluted Shares Outstanding 23.15
Cost of Debt
Tax Rate 16.37
After-tax Cost of Debt 4.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.373
Total Debt 184.27
Total Equity 83.59
Total Capital 267.85
Debt Weighting 68.79
Equity Weighting 31.21
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 197.72139.9977.2190.93101.9190.6480.6371.7263.7956.74
EBITDA 83.9452.4017.3731.8137.2531.5328.0424.9522.1919.74
EBIT 30.7125.03-3.7211.6216.7510.489.328.297.386.56
Tax Rate 45.77%0.21%4.59%139.75%16.37%41.34%41.34%41.34%41.34%41.34%
EBIAT 16.6524.98-3.55-4.6214.016.155.474.864.333.85
Depreciation 53.2327.3721.0820.1920.5021.0518.7216.6514.8113.18
Accounts Receivable -67.66-14.377.799.164.7310.969.748.677.71
Inventories ---3.79-13.86-24.2430.836.936.165.484.87
Accounts Payable --17.29-3.986.4280.47-71.08-3.99-3.55-3.16-2.81
Capital Expenditure -12.05-24.60-14.73-4.05-8.82-10.13-9.01-8.01-7.13-6.34
UFCF 57.8378.12-19.3411.8891.08-18.4429.0725.862320.46
WACC
PV UFCF -17.5626.3722.3418.9316.04
SUM PV UFCF 66.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.99
Free cash flow (t + 1) 21.18
Terminal Value 1,421.16
Present Value of Terminal Value 1,114.05

Intrinsic Value

Enterprise Value 1,180.17
Net Debt 138.08
Equity Value 1,042.09
Shares Outstanding 23.15
Equity Value Per Share 45.01