Discounted Cash Flow (DCF) Analysis Unlevered

Cyanotech Corporation (CYAN)

$2.29

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.75 | 2.29 | 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 34.1230.2031.9032.3435.9736.5737.1937.8238.4639.11
Revenue (%)
EBITDA 3.29-1.093.283.544.502.912.963.013.063.11
EBITDA (%)
EBIT 1.41-31.051.472.570.680.690.700.710.72
EBIT (%)
Depreciation 1.881.912.232.061.922.232.272.312.352.39
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 1.330.842.423.772.592.422.462.502.552.59
Total Cash (%)
Account Receivables 2.661.982.152.443.662.842.892.942.993.04
Account Receivables (%)
Inventories 9.0311.279.658.429.4710.7110.8911.0711.2611.45
Inventories (%)
Accounts Payable 3.534.922.142.292.363.443.493.553.613.67
Accounts Payable (%)
Capital Expenditure -1-0.53-0.22-0.76-1.27-0.83-0.84-0.85-0.87-0.88
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.29
Beta 0.523
Diluted Shares Outstanding 6.17
Cost of Debt
Tax Rate 1.28
After-tax Cost of Debt 4.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.246
Total Debt 8.61
Total Equity 14.12
Total Capital 22.73
Debt Weighting 37.86
Equity Weighting 62.14
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 34.1230.2031.9032.3435.9736.5737.1937.8238.4639.11
EBITDA 3.29-1.093.283.544.502.912.963.013.063.11
EBIT 1.41-31.051.472.570.680.690.700.710.72
Tax Rate -12.02%-0.47%2.27%0.33%1.28%-1.72%-1.72%-1.72%-1.72%-1.72%
EBIAT 1.58-3.011.031.472.540.690.700.710.720.73
Depreciation 1.881.912.232.061.922.232.272.312.352.39
Accounts Receivable -0.68-0.17-0.28-1.230.82-0.05-0.05-0.05-0.05
Inventories --2.241.621.24-1.05-1.24-0.18-0.18-0.19-0.19
Accounts Payable -1.39-2.780.150.071.070.060.060.060.06
Capital Expenditure -1-0.53-0.22-0.76-1.27-0.83-0.84-0.85-0.87-0.88
UFCF 2.46-1.801.703.880.992.751.961.992.032.06
WACC
PV UFCF 2.601.761.691.631.57
SUM PV UFCF 9.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.59
Free cash flow (t + 1) 2.10
Terminal Value 58.53
Present Value of Terminal Value 44.60

Intrinsic Value

Enterprise Value 53.85
Net Debt 6.02
Equity Value 47.83
Shares Outstanding 6.17
Equity Value Per Share 7.75