Discounted Cash Flow (DCF) Analysis Unlevered

CVD Equipment Corporation (CVV)

$5.2

+0.03 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.86 | 5.2 | 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 41.1324.3319.6516.9216.4513.2910.748.687.015.67
Revenue (%)
EBITDA 8.17-3.95-3.39-5.775.78-0.33-0.27-0.22-0.18-0.14
EBITDA (%)
EBIT 7.30-5.09-4.43-7.165.04-0.99-0.80-0.65-0.52-0.42
EBIT (%)
Depreciation 0.871.141.041.390.740.660.530.430.350.28
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 14.2111.448.667.7016.657.245.854.733.823.09
Total Cash (%)
Account Receivables 10.465.423.062.261.452.271.831.481.200.97
Account Receivables (%)
Inventories 2.971.861.711.121.2310.810.650.530.43
Inventories (%)
Accounts Payable 1.170.710.540.821.160.540.440.350.290.23
Accounts Payable (%)
Capital Expenditure -14.89-2.54-2.69-1.58-0.24-1.89-1.53-1.23-1-0.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.2
Beta 1.330
Diluted Shares Outstanding 6.70
Cost of Debt
Tax Rate 0.59
After-tax Cost of Debt 4.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.082
Total Debt -
Total Equity 34.86
Total Capital 34.86
Debt Weighting 0.00
Equity Weighting 100.00
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 41.1324.3319.6516.9216.4513.2910.748.687.015.67
EBITDA 8.17-3.95-3.39-5.775.78-0.33-0.27-0.22-0.18-0.14
EBIT 7.30-5.09-4.43-7.165.04-0.99-0.80-0.65-0.52-0.42
Tax Rate 26.88%6.42%-28.77%20.09%0.59%5.04%5.04%5.04%5.04%5.04%
EBIAT 5.34-4.77-5.71-5.725.01-0.94-0.76-0.62-0.50-0.40
Depreciation 0.871.141.041.390.740.660.530.430.350.28
Accounts Receivable -5.032.360.800.81-0.820.440.350.280.23
Inventories -1.100.150.59-0.100.220.190.160.130.10
Accounts Payable --0.46-0.180.280.34-0.62-0.10-0.08-0.07-0.05
Capital Expenditure -14.89-2.54-2.69-1.58-0.24-1.89-1.53-1.23-1-0.81
UFCF -8.68-0.49-5.01-4.246.57-3.39-1.23-1-0.80-0.65
WACC
PV UFCF -3.08-1.02-0.75-0.55-0.40
SUM PV UFCF -5.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.08
Free cash flow (t + 1) -0.66
Terminal Value -8.21
Present Value of Terminal Value -5.08

Intrinsic Value

Enterprise Value -10.88
Net Debt -16.65
Equity Value 5.78
Shares Outstanding 6.70
Equity Value Per Share 0.86