Discounted Cash Flow (DCF) Analysis Unlevered
Crystal Rock Holdings Inc. Class A (CRVP)
- (-%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected |
| Revenue | 70.98 | 75.15 | 73.90 | 65.34 | 59.07 | 56.56 | 54.16 | 51.87 | 49.67 | 47.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.81 | 5.44 | 4.23 | 6.88 | 5.14 | 4.73 | 4.53 | 4.34 | 4.15 | 3.98 |
| EBITDA (%) | ||||||||||
| EBIT | 2.78 | 1.70 | 0.77 | 3.52 | 1.95 | 1.80 | 1.72 | 1.65 | 1.58 | 1.51 |
| EBIT (%) | ||||||||||
| Depreciation | 4.02 | 3.74 | 3.47 | 3.36 | 3.20 | 2.93 | 2.80 | 2.69 | 2.57 | 2.46 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected |
| Total Cash | 2.09 | 1.84 | 3.09 | 5.55 | 1.07 | 2.25 | 2.15 | 2.06 | 1.97 | 1.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 9.25 | 9.73 | 9.23 | 8.11 | 7.08 | 7.11 | 6.81 | 6.52 | 6.24 | 5.98 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.55 | 2.44 | 2.61 | 2.06 | 2.20 | 1.95 | 1.87 | 1.79 | 1.71 | 1.64 |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.77 | 3.92 | 3.15 | 3.27 | 1.72 | 2.57 | 2.46 | 2.36 | 2.26 | 2.16 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.24 | -2.32 | -2.52 | -2.63 | -2.62 | -2.05 | -1.96 | -1.88 | -1.80 | -1.72 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ - |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | - |
| Cost of Debt | |
| Tax Rate | 22.87 |
| After-tax Cost of Debt | 6.44% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.298 |
| Total Debt | 14.63 |
| Total Equity | - |
| Total Capital | 14.63 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected |
| Revenue | 70.98 | 75.15 | 73.90 | 65.34 | 59.07 | 56.56 | 54.16 | 51.87 | 49.67 | 47.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.81 | 5.44 | 4.23 | 6.88 | 5.14 | 4.73 | 4.53 | 4.34 | 4.15 | 3.98 |
| EBIT | 2.78 | 1.70 | 0.77 | 3.52 | 1.95 | 1.80 | 1.72 | 1.65 | 1.58 | 1.51 |
| Tax Rate | 37.69% | 22.42% | 30.10% | 36.94% | 22.87% | 30.01% | 30.01% | 30.01% | 30.01% | 30.01% |
| EBIAT | 1.73 | 1.32 | 0.54 | 2.22 | 1.50 | 1.26 | 1.21 | 1.16 | 1.11 | 1.06 |
| Depreciation | 4.02 | 3.74 | 3.47 | 3.36 | 3.20 | 2.93 | 2.80 | 2.69 | 2.57 | 2.46 |
| Accounts Receivable | - | -0.48 | 0.50 | 1.12 | 1.03 | -0.03 | 0.30 | 0.29 | 0.28 | 0.26 |
| Inventories | - | 0.11 | -0.17 | 0.55 | -0.14 | 0.25 | 0.08 | 0.08 | 0.08 | 0.07 |
| Accounts Payable | - | 0.15 | -0.77 | 0.12 | -1.55 | 0.85 | -0.11 | -0.10 | -0.10 | -0.10 |
| Capital Expenditure | -2.24 | -2.32 | -2.52 | -2.63 | -2.62 | -2.05 | -1.96 | -1.88 | -1.80 | -1.72 |
| UFCF | 3.52 | 2.52 | 1.05 | 4.74 | 1.42 | 3.20 | 2.32 | 2.23 | 2.13 | 2.04 |
| WACC | ||||||||||
| PV UFCF | 3.01 | 2.05 | 1.85 | 1.66 | 1.49 | |||||
| SUM PV UFCF | 10.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.44 |
| Free cash flow (t + 1) | 2.08 |
| Terminal Value | 46.90 |
| Present Value of Terminal Value | 34.33 |
Intrinsic Value
| Enterprise Value | 44.39 |
|---|---|
| Net Debt | 13.57 |
| Equity Value | 30.82 |
| Shares Outstanding | - |
| Equity Value Per Share | Infinity |