Discounted Cash Flow (DCF) Analysis Unlevered

Cyanotech Corporation (CYAN)

$0.44

-0.18 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.83 | 0.44 | undervalue

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 30.2031.9032.3435.9723.1822.1721.2120.2919.4118.57
Revenue (%)
EBITDA -1.093.282.154.50-0.830.990.940.900.860.83
EBITDA (%)
EBIT -31.050.082.57-2.92-0.52-0.50-0.48-0.46-0.44
EBIT (%)
Depreciation 1.912.232.061.922.101.511.451.381.321.27
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 0.842.423.772.590.971.481.421.361.301.24
Total Cash (%)
Account Receivables 1.982.152.443.661.331.631.561.491.431.37
Account Receivables (%)
Inventories 11.279.658.429.4710.717.377.056.746.456.17
Inventories (%)
Accounts Payable 4.922.142.292.361.021.821.741.671.591.52
Accounts Payable (%)
Capital Expenditure -0.43-0.22-0.76-1.27-1.07-0.56-0.54-0.51-0.49-0.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.44
Beta 0.458
Diluted Shares Outstanding 6.24
Cost of Debt
Tax Rate -0.53
After-tax Cost of Debt 4.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.413
Total Debt 11.17
Total Equity 2.75
Total Capital 13.91
Debt Weighting 80.26
Equity Weighting 19.74
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 30.2031.9032.3435.9723.1822.1721.2120.2919.4118.57
EBITDA -1.093.282.154.50-0.830.990.940.900.860.83
EBIT -31.050.082.57-2.92-0.52-0.50-0.48-0.46-0.44
Tax Rate -0.47%2.27%0.33%1.28%-0.53%0.58%0.58%0.58%0.58%0.58%
EBIAT -3.011.030.082.54-2.94-0.52-0.50-0.48-0.46-0.44
Depreciation 1.912.232.061.922.101.511.451.381.321.27
Accounts Receivable --0.17-0.28-1.232.33-0.300.070.070.060.06
Inventories -1.621.24-1.05-1.243.340.320.310.290.28
Accounts Payable --2.780.150.07-1.340.80-0.08-0.08-0.07-0.07
Capital Expenditure -0.43-0.22-0.76-1.27-1.07-0.56-0.54-0.51-0.49-0.47
UFCF -1.531.702.490.99-2.164.270.720.690.660.63
WACC
PV UFCF 4.070.660.600.550.50
SUM PV UFCF 6.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.88
Free cash flow (t + 1) 0.66
Terminal Value 74.83
Present Value of Terminal Value 58.97

Intrinsic Value

Enterprise Value 65.34
Net Debt 10.19
Equity Value 55.15
Shares Outstanding 6.24
Equity Value Per Share 8.83