Discounted Cash Flow (DCF) Analysis Unlevered
CSP Inc. (CSPI)
$25
-0.05 (-0.20%)
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 | 72.92 | 79.06 | 61.79 | 49.21 | 54.36 | 51.19 | 48.21 | 45.40 | 42.76 | 40.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.60 | -0.83 | -1.42 | -1.36 | -0.04 | -0.86 | -0.81 | -0.76 | -0.72 | -0.68 |
| EBITDA (%) | ||||||||||
| EBIT | -2.23 | -1.24 | -1.88 | -1.75 | -0.97 | -1.33 | -1.25 | -1.18 | -1.11 | -1.05 |
| EBIT (%) | ||||||||||
| Depreciation | 0.63 | 0.42 | 0.45 | 0.39 | 0.93 | 0.47 | 0.45 | 0.42 | 0.40 | 0.37 |
| 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 | 25.11 | 18.10 | 19.26 | 20.01 | 23.98 | 17.74 | 16.71 | 15.73 | 14.82 | 13.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 13.15 | 15.11 | 13.36 | 18.70 | 22.99 | 14.24 | 13.41 | 12.63 | 11.89 | 11.20 |
| Account Receivables (%) | ||||||||||
| Inventories | 7.56 | 7.82 | 5.29 | 3.99 | 4.37 | 4.60 | 4.33 | 4.08 | 3.84 | 3.62 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.47 | 13.49 | 5.60 | 11.27 | 19.24 | 9.27 | 8.73 | 8.22 | 7.74 | 7.29 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.44 | -0.83 | -0.23 | -0.10 | -0.23 | -0.27 | -0.26 | -0.24 | -0.23 | -0.21 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 25 |
|---|---|
| Beta | 1.052 |
| Diluted Shares Outstanding | 4.28 |
| Cost of Debt | |
| Tax Rate | 2.58 |
| After-tax Cost of Debt | 6.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.184 |
| Total Debt | 5.18 |
| Total Equity | 106.95 |
| Total Capital | 112.13 |
| Debt Weighting | 4.62 |
| Equity Weighting | 95.38 |
| 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 | 72.92 | 79.06 | 61.79 | 49.21 | 54.36 | 51.19 | 48.21 | 45.40 | 42.76 | 40.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.60 | -0.83 | -1.42 | -1.36 | -0.04 | -0.86 | -0.81 | -0.76 | -0.72 | -0.68 |
| EBIT | -2.23 | -1.24 | -1.88 | -1.75 | -0.97 | -1.33 | -1.25 | -1.18 | -1.11 | -1.05 |
| Tax Rate | 1,405.61% | 16.06% | -36.16% | 65.49% | 2.58% | 290.72% | 290.72% | 290.72% | 290.72% | 290.72% |
| EBIAT | 29.06 | -1.04 | -2.55 | -0.60 | -0.95 | 2.54 | 2.39 | 2.25 | 2.12 | 2 |
| Depreciation | 0.63 | 0.42 | 0.45 | 0.39 | 0.93 | 0.47 | 0.45 | 0.42 | 0.40 | 0.37 |
| Accounts Receivable | - | -1.97 | 1.75 | -5.34 | -4.30 | 8.75 | 0.83 | 0.78 | 0.74 | 0.69 |
| Inventories | - | -0.26 | 2.53 | 1.30 | -0.38 | -0.23 | 0.27 | 0.25 | 0.24 | 0.22 |
| Accounts Payable | - | 9.03 | -7.89 | 5.67 | 7.97 | -9.97 | -0.54 | -0.51 | -0.48 | -0.45 |
| Capital Expenditure | -0.44 | -0.83 | -0.23 | -0.10 | -0.23 | -0.27 | -0.26 | -0.24 | -0.23 | -0.21 |
| UFCF | 29.25 | 5.34 | -5.94 | 1.31 | 3.04 | 1.30 | 3.14 | 2.96 | 2.78 | 2.62 |
| WACC | ||||||||||
| PV UFCF | 1.19 | 2.64 | 2.28 | 1.97 | 1.70 | |||||
| SUM PV UFCF | 9.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.07 |
| Free cash flow (t + 1) | 2.67 |
| Terminal Value | 37.83 |
| Present Value of Terminal Value | 24.51 |
Intrinsic Value
| Enterprise Value | 34.28 |
|---|---|
| Net Debt | -18.80 |
| Equity Value | 53.09 |
| Shares Outstanding | 4.28 |
| Equity Value Per Share | 12.41 |