Discounted Cash Flow (DCF) Analysis Unlevered

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

$26.8

-2.58 (-8.78%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.59 | 26.8 | 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 475.8282.98373.7816.7631.7484.3769.0556.5146.2537.85
EBITDA (%)
EBIT 417.4529.75346.40-4.3211.5666.4154.3544.4836.4129.79
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 -40.73-34.07-24.12-13.30-15.67-12.82-10.49-8.59-7.03-5.75
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.8
Beta 0.471
Diluted Shares Outstanding 33.79
Cost of Debt
Tax Rate 139.70
After-tax Cost of Debt -1.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.918
Total Debt 201.15
Total Equity 905.52
Total Capital 1,106.66
Debt Weighting 18.18
Equity Weighting 81.82
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 475.8282.98373.7816.7631.7484.3769.0556.5146.2537.85
EBIT 417.4529.75346.40-4.3211.5666.4154.3544.4836.4129.79
Tax Rate 0.37%45.77%0.25%4.58%139.70%38.13%38.13%38.13%38.13%38.13%
EBIAT 415.9216.13345.52-4.12-4.5941.0933.6227.5222.5218.43
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 -40.73-34.07-24.12-13.30-4.05-12.82-10.49-8.59-7.03-5.75
UFCF 433.5555.81399.15-14.7014.1570.6649.0640.1532.8626.89
WACC
PV UFCF 67.6244.9235.1827.5621.58
SUM PV UFCF 196.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.50
Free cash flow (t + 1) 27.43
Terminal Value 1,097.25
Present Value of Terminal Value 880.49

Intrinsic Value

Enterprise Value 1,077.36
Net Debt 178.83
Equity Value 898.52
Shares Outstanding 33.79
Equity Value Per Share 26.59