Discounted Cash Flow (DCF) Analysis Unlevered

Yunhong CTI Ltd. (CTIB)

$1.95

+0.03 (+1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.43 | 1.95 | 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 56.2455.5940.5426.4724.0919.7516.2013.2910.908.94
Revenue (%)
EBITDA 2.230.72-3.81-3.05-6.75-1.73-1.42-1.16-0.95-0.78
EBITDA (%)
EBIT 0.68-0.54-4.96-3.52-7.71-2.26-1.86-1.52-1.25-1.02
EBIT (%)
Depreciation 1.551.261.150.470.960.540.440.360.300.24
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 0.180.430.850.430.070.200.160.130.110.09
Total Cash (%)
Account Receivables 11.2410.8310.405.523.443.963.252.662.181.79
Account Receivables (%)
Inventories 18.8720.0113.9610.977.887.045.774.733.883.18
Inventories (%)
Accounts Payable 5.416.687.025.502.132.712.221.821.501.23
Accounts Payable (%)
Capital Expenditure -0.75-0.46-0.08-0.20-0.12-0.14-0.12-0.10-0.08-0.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.95
Beta 0.841
Diluted Shares Outstanding 4.71
Cost of Debt
Tax Rate -7.05
After-tax Cost of Debt 5.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.501
Total Debt 10.45
Total Equity 9.18
Total Capital 19.63
Debt Weighting 53.25
Equity Weighting 46.75
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 56.2455.5940.5426.4724.0919.7516.2013.2910.908.94
EBITDA 2.230.72-3.81-3.05-6.75-1.73-1.42-1.16-0.95-0.78
EBIT 0.68-0.54-4.96-3.52-7.71-2.26-1.86-1.52-1.25-1.02
Tax Rate -49.64%-27.97%-50.82%-50.80%-7.05%-37.25%-37.25%-37.25%-37.25%-37.25%
EBIAT 1.02-0.69-7.49-5.31-8.25-3.11-2.55-2.09-1.71-1.41
Depreciation 1.551.261.150.470.960.540.440.360.300.24
Accounts Receivable -0.410.434.882.07-0.520.710.580.480.39
Inventories --1.146.052.993.090.841.271.040.850.70
Accounts Payable -1.270.34-1.52-3.370.58-0.49-0.40-0.33-0.27
Capital Expenditure -0.75-0.46-0.08-0.20-0.12-0.14-0.12-0.10-0.08-0.06
UFCF 1.820.640.401.31-5.62-1.81-0.73-0.60-0.49-0.41
WACC
PV UFCF -1.70-0.65-0.50-0.39-0.30
SUM PV UFCF -3.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.38
Free cash flow (t + 1) -0.41
Terminal Value -9.44
Present Value of Terminal Value -6.93

Intrinsic Value

Enterprise Value -10.46
Net Debt 10.39
Equity Value -20.85
Shares Outstanding 4.71
Equity Value Per Share -4.43