Discounted Cash Flow (DCF) Analysis Unlevered
DAVIDsTEA Inc. (DTEA)
$0.52
0.00 (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 | 224.01 | 212.75 | 196.46 | 121.69 | 104.07 | 87.10 | 72.90 | 61.01 | 51.07 | 42.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -14.21 | -9.04 | 11.54 | 13.68 | 4.72 | 1.93 | 1.61 | 1.35 | 1.13 | 0.94 |
| EBITDA (%) | ||||||||||
| EBIT | -24.12 | -17.24 | -7.86 | 6.19 | 0.40 | -3.03 | -2.54 | -2.12 | -1.78 | -1.49 |
| EBIT (%) | ||||||||||
| Depreciation | 9.91 | 8.20 | 19.40 | 7.49 | 4.32 | 4.96 | 4.15 | 3.47 | 2.91 | 2.43 |
| 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 | 63.48 | 42.07 | 46.34 | 30.20 | 25.11 | 21.02 | 17.59 | 14.72 | 12.32 | 10.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.10 | 7.79 | 7.26 | 6.21 | 3.21 | 3.18 | 2.66 | 2.23 | 1.87 | 1.56 |
| Account Receivables (%) | ||||||||||
| Inventories | 24.45 | 34.35 | 22.36 | 23.47 | 31.05 | 15.25 | 12.77 | 10.69 | 8.94 | 7.48 |
| Inventories (%) | ||||||||||
| Accounts Payable | 11.22 | 14.99 | 16.58 | 1.89 | 11.09 | 5.70 | 4.77 | 3.99 | 3.34 | 2.80 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -12.60 | -8.26 | -3.63 | -0.91 | -0.05 | -2.12 | -1.77 | -1.48 | -1.24 | -1.04 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.52 |
|---|---|
| Beta | 2.666 |
| Diluted Shares Outstanding | 27.64 |
| Cost of Debt | |
| Tax Rate | -1.30 |
| After-tax Cost of Debt | 4.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.740 |
| Total Debt | 12.55 |
| Total Equity | 14.38 |
| Total Capital | 26.93 |
| Debt Weighting | 46.62 |
| Equity Weighting | 53.38 |
| 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 | 224.01 | 212.75 | 196.46 | 121.69 | 104.07 | 87.10 | 72.90 | 61.01 | 51.07 | 42.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -14.21 | -9.04 | 11.54 | 13.68 | 4.72 | 1.93 | 1.61 | 1.35 | 1.13 | 0.94 |
| EBIT | -24.12 | -17.24 | -7.86 | 6.19 | 0.40 | -3.03 | -2.54 | -2.12 | -1.78 | -1.49 |
| Tax Rate | -7.59% | -17.04% | 4.59% | -5.77% | -1.30% | -5.42% | -5.42% | -5.42% | -5.42% | -5.42% |
| EBIAT | -25.95 | -20.18 | -7.49 | 6.54 | 0.41 | -3.20 | -2.67 | -2.24 | -1.87 | -1.57 |
| Depreciation | 9.91 | 8.20 | 19.40 | 7.49 | 4.32 | 4.96 | 4.15 | 3.47 | 2.91 | 2.43 |
| Accounts Receivable | - | -1.69 | 0.53 | 1.05 | 3 | 0.03 | 0.52 | 0.43 | 0.36 | 0.30 |
| Inventories | - | -9.90 | 11.99 | -1.10 | -7.58 | 15.79 | 2.49 | 2.08 | 1.74 | 1.46 |
| Accounts Payable | - | 3.77 | 1.59 | -14.69 | 9.20 | -5.39 | -0.93 | -0.78 | -0.65 | -0.54 |
| Capital Expenditure | -12.60 | -8.26 | -3.63 | -0.91 | -0.05 | -2.12 | -1.77 | -1.48 | -1.24 | -1.04 |
| UFCF | -28.64 | -28.07 | 22.39 | -1.63 | 9.29 | 10.07 | 1.78 | 1.49 | 1.25 | 1.04 |
| WACC | ||||||||||
| PV UFCF | 9.09 | 1.45 | 1.09 | 0.82 | 0.62 | |||||
| SUM PV UFCF | 13.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.87 |
| Free cash flow (t + 1) | 1.06 |
| Terminal Value | 12 |
| Present Value of Terminal Value | 7.16 |
Intrinsic Value
| Enterprise Value | 20.23 |
|---|---|
| Net Debt | -12.55 |
| Equity Value | 32.79 |
| Shares Outstanding | 27.64 |
| Equity Value Per Share | 1.19 |