Discounted Cash Flow (DCF) Analysis Unlevered
CVD Equipment Corporation (CVV)
$6.7
-0.05 (0.00%)
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 | 24.33 | 19.65 | 16.92 | 16.45 | 25.81 | 27.17 | 28.60 | 30.10 | 31.68 | 33.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -5.26 | -3.39 | -7.82 | -4.81 | -1.82 | -6.60 | -6.94 | -7.31 | -7.69 | -8.09 |
| EBITDA (%) | ||||||||||
| EBIT | -6.40 | -4.43 | -9.21 | -5.55 | -2.69 | -8.01 | -8.43 | -8.88 | -9.34 | -9.83 |
| EBIT (%) | ||||||||||
| Depreciation | 1.14 | 1.04 | 1.39 | 0.74 | 0.87 | 1.42 | 1.49 | 1.57 | 1.65 | 1.74 |
| 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 | 11.44 | 8.66 | 7.70 | 16.65 | 14.36 | 15.95 | 16.79 | 17.67 | 18.60 | 19.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5.42 | 3.06 | 2.26 | 4.70 | 5.96 | 5.59 | 5.88 | 6.19 | 6.52 | 6.86 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.86 | 1.71 | 1.12 | 1.23 | 2.54 | 2.19 | 2.30 | 2.42 | 2.55 | 2.69 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.71 | 0.54 | 0.82 | 1.16 | 1.45 | 1.26 | 1.33 | 1.40 | 1.47 | 1.55 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.54 | -2.69 | -1.58 | -0.24 | -0.72 | -2.05 | -2.15 | -2.27 | -2.39 | -2.51 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6.7 |
|---|---|
| Beta | 1.680 |
| Diluted Shares Outstanding | 7.47 |
| Cost of Debt | |
| Tax Rate | -1.82 |
| After-tax Cost of Debt | 1.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.664 |
| Total Debt | 0.43 |
| Total Equity | 50.03 |
| Total Capital | 50.45 |
| Debt Weighting | 0.84 |
| Equity Weighting | 99.16 |
| 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 | 24.33 | 19.65 | 16.92 | 16.45 | 25.81 | 27.17 | 28.60 | 30.10 | 31.68 | 33.34 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -5.26 | -3.39 | -7.82 | -4.81 | -1.82 | -6.60 | -6.94 | -7.31 | -7.69 | -8.09 |
| EBIT | -6.40 | -4.43 | -9.21 | -5.55 | -2.69 | -8.01 | -8.43 | -8.88 | -9.34 | -9.83 |
| Tax Rate | 1.03% | -28.77% | 20.09% | 0.60% | -1.82% | -1.77% | -1.77% | -1.77% | -1.77% | -1.77% |
| EBIAT | -6.33 | -5.71 | -7.36 | -5.52 | -2.74 | -8.15 | -8.58 | -9.03 | -9.51 | -10.01 |
| Depreciation | 1.14 | 1.04 | 1.39 | 0.74 | 0.87 | 1.42 | 1.49 | 1.57 | 1.65 | 1.74 |
| Accounts Receivable | - | 2.36 | 0.80 | -2.44 | -1.26 | 0.37 | -0.29 | -0.31 | -0.33 | -0.34 |
| Inventories | - | 0.15 | 0.59 | -0.10 | -1.31 | 0.35 | -0.11 | -0.12 | -0.13 | -0.13 |
| Accounts Payable | - | -0.18 | 0.28 | 0.34 | 0.29 | -0.19 | 0.07 | 0.07 | 0.07 | 0.08 |
| Capital Expenditure | -2.54 | -2.69 | -1.58 | -0.24 | -0.72 | -2.05 | -2.15 | -2.27 | -2.39 | -2.51 |
| UFCF | -7.73 | -5.01 | -5.88 | -7.21 | -4.87 | -8.26 | -9.59 | -10.09 | -10.62 | -11.18 |
| WACC | ||||||||||
| PV UFCF | -7.34 | -7.57 | -7.07 | -6.61 | -6.18 | |||||
| SUM PV UFCF | -34.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.57 |
| Free cash flow (t + 1) | -11.40 |
| Terminal Value | -107.86 |
| Present Value of Terminal Value | -59.67 |
Intrinsic Value
| Enterprise Value | -94.44 |
|---|---|
| Net Debt | -13.94 |
| Equity Value | -80.50 |
| Shares Outstanding | 7.47 |
| Equity Value Per Share | -10.78 |