Discounted Cash Flow (DCF) Analysis Unlevered
Crown Crafts, Inc. (CRWS)
$5.8
-0.05 (-0.85%)
All numbers are in Millions, Currency in USD
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 | 70.27 | 76.38 | 73.40 | 79.16 | 87.36 | 92.38 | 97.70 | 103.31 | 109.25 | 115.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.75 | 8.60 | 10.93 | 11.23 | 15.20 | 12.44 | 13.16 | 13.91 | 14.71 | 15.56 |
| EBITDA (%) | ||||||||||
| EBIT | 5.58 | 7.12 | 7.77 | 7.81 | 12.28 | 9.56 | 10.11 | 10.69 | 11.31 | 11.96 |
| EBIT (%) | ||||||||||
| Depreciation | 1.17 | 1.48 | 3.16 | 3.42 | 2.92 | 2.88 | 3.04 | 3.22 | 3.41 | 3.60 |
| 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 | 0.22 | 0.14 | 0.28 | 0.61 | 1.60 | 0.64 | 0.68 | 0.72 | 0.76 | 0.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 18.50 | 17.77 | 17.80 | 19.34 | 23.23 | 23.07 | 24.40 | 25.80 | 27.28 | 28.85 |
| Account Receivables (%) | ||||||||||
| Inventories | 19.79 | 19.53 | 17.73 | 20.34 | 20.65 | 23.51 | 24.86 | 26.29 | 27.80 | 29.40 |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.77 | 4.20 | 2.97 | 5.54 | 6.37 | 5.40 | 5.71 | 6.03 | 6.38 | 6.75 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.22 | -0.75 | -0.71 | -0.73 | -0.53 | -0.70 | -0.74 | -0.78 | -0.83 | -0.88 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.8 |
|---|---|
| Beta | 0.763 |
| Diluted Shares Outstanding | 10.08 |
| Cost of Debt | |
| Tax Rate | 19.54 |
| After-tax Cost of Debt | -1.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.102 |
| Total Debt | 2.64 |
| Total Equity | 58.49 |
| Total Capital | 61.13 |
| Debt Weighting | 4.32 |
| Equity Weighting | 95.68 |
| 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 | 70.27 | 76.38 | 73.40 | 79.16 | 87.36 | 92.38 | 97.70 | 103.31 | 109.25 | 115.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.75 | 8.60 | 10.93 | 11.23 | 15.20 | 12.44 | 13.16 | 13.91 | 14.71 | 15.56 |
| EBIT | 5.58 | 7.12 | 7.77 | 7.81 | 12.28 | 9.56 | 10.11 | 10.69 | 11.31 | 11.96 |
| Tax Rate | 44.27% | 26.09% | 15.54% | 21.26% | 19.54% | 25.34% | 25.34% | 25.34% | 25.34% | 25.34% |
| EBIAT | 3.11 | 5.26 | 6.56 | 6.15 | 9.88 | 7.14 | 7.55 | 7.98 | 8.44 | 8.93 |
| Depreciation | 1.17 | 1.48 | 3.16 | 3.42 | 2.92 | 2.88 | 3.04 | 3.22 | 3.41 | 3.60 |
| Accounts Receivable | - | 0.73 | -0.03 | -1.54 | -3.89 | 0.16 | -1.33 | -1.40 | -1.48 | -1.57 |
| Inventories | - | 0.25 | 1.80 | -2.60 | -0.32 | -2.85 | -1.35 | -1.43 | -1.51 | -1.60 |
| Accounts Payable | - | 0.44 | -1.23 | 2.57 | 0.84 | -0.98 | 0.31 | 0.33 | 0.35 | 0.37 |
| Capital Expenditure | -0.22 | -0.75 | -0.70 | -0.73 | -0.53 | -0.70 | -0.74 | -0.78 | -0.83 | -0.88 |
| UFCF | 4.06 | 7.40 | 9.56 | 7.27 | 8.90 | 5.64 | 7.49 | 7.92 | 8.37 | 8.85 |
| WACC | ||||||||||
| PV UFCF | 5.29 | 6.57 | 6.51 | 6.45 | 6.39 | |||||
| SUM PV UFCF | 31.21 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.73 |
| Free cash flow (t + 1) | 9.03 |
| Terminal Value | 190.91 |
| Present Value of Terminal Value | 137.85 |
Intrinsic Value
| Enterprise Value | 169.06 |
|---|---|
| Net Debt | 1.04 |
| Equity Value | 168.01 |
| Shares Outstanding | 10.08 |
| Equity Value Per Share | 16.66 |