Discounted Cash Flow (DCF) Analysis Unlevered
Envela Corporation (ELA)
$4.4
-0.02 (-0.45%)
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 | 54.06 | 82.02 | 113.92 | 140.97 | 182.69 | 248.44 | 337.85 | 459.44 | 624.79 | 849.66 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1.19 | 3.81 | 7.82 | 10.12 | 16.32 | 14.82 | 20.16 | 27.42 | 37.28 | 50.70 |
EBITDA (%) | ||||||||||
EBIT | 0.91 | 3.29 | 7.09 | 9.20 | 14.86 | 13.21 | 17.96 | 24.42 | 33.21 | 45.17 |
EBIT (%) | ||||||||||
Depreciation | 0.29 | 0.52 | 0.73 | 0.93 | 1.45 | 1.62 | 2.20 | 2.99 | 4.07 | 5.53 |
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 | 1.45 | 4.51 | 9.22 | 10.14 | 17.17 | 16.33 | 22.21 | 30.20 | 41.08 | 55.86 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 0.09 | 3 | 2.85 | 7.17 | 8.53 | 7.99 | 10.87 | 14.78 | 20.09 | 27.33 |
Account Receivables (%) | ||||||||||
Inventories | 9.77 | 9.51 | 10.01 | 14.05 | 18.76 | 29.15 | 39.65 | 53.91 | 73.32 | 99.71 |
Inventories (%) | ||||||||||
Accounts Payable | 3.93 | 1.47 | 1.51 | 2.49 | 3.36 | 6.95 | 9.45 | 12.85 | 17.48 | 23.77 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -0.19 | -0.16 | -5.86 | -3.14 | -0.27 | -4.01 | -5.46 | -7.42 | -10.09 | -13.72 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 4.4 |
---|---|
Beta | 0.081 |
Diluted Shares Outstanding | 26.94 |
Cost of Debt | |
Tax Rate | -9.11 |
After-tax Cost of Debt | 4.36% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 4.738 |
Total Debt | 22.03 |
Total Equity | 118.53 |
Total Capital | 140.57 |
Debt Weighting | 15.67 |
Equity Weighting | 84.33 |
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 | 54.06 | 82.02 | 113.92 | 140.97 | 182.69 | 248.44 | 337.85 | 459.44 | 624.79 | 849.66 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1.19 | 3.81 | 7.82 | 10.12 | 16.32 | 14.82 | 20.16 | 27.42 | 37.28 | 50.70 |
EBIT | 0.91 | 3.29 | 7.09 | 9.20 | 14.86 | 13.21 | 17.96 | 24.42 | 33.21 | 45.17 |
Tax Rate | 8.45% | 3.31% | 1.38% | 1.11% | -9.11% | 1.03% | 1.03% | 1.03% | 1.03% | 1.03% |
EBIAT | 0.83 | 3.18 | 7 | 9.10 | 16.22 | 13.07 | 17.77 | 24.17 | 32.87 | 44.70 |
Depreciation | 0.29 | 0.52 | 0.73 | 0.93 | 1.45 | 1.62 | 2.20 | 2.99 | 4.07 | 5.53 |
Accounts Receivable | - | -2.90 | 0.15 | -4.32 | -1.36 | 0.54 | -2.88 | -3.91 | -5.32 | -7.23 |
Inventories | - | 0.26 | -0.50 | -4.04 | -4.71 | -10.40 | -10.49 | -14.27 | -19.40 | -26.39 |
Accounts Payable | - | -2.46 | 0.04 | 0.98 | 0.87 | 3.59 | 2.50 | 3.40 | 4.63 | 6.29 |
Capital Expenditure | -0.19 | -0.16 | -5.86 | -3.14 | -0.27 | -4.01 | -5.46 | -7.42 | -10.09 | -13.72 |
UFCF | 0.93 | -1.57 | 1.56 | -0.50 | 12.20 | 4.41 | 3.65 | 4.96 | 6.75 | 9.18 |
WACC | ||||||||||
PV UFCF | 4.21 | 3.33 | 4.33 | 5.62 | 7.30 | |||||
SUM PV UFCF | 24.80 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.68 |
Free cash flow (t + 1) | 9.46 |
Terminal Value | 562.93 |
Present Value of Terminal Value | 447.85 |
Intrinsic Value
Enterprise Value | 472.65 |
---|---|
Net Debt | 4.86 |
Equity Value | 467.79 |
Shares Outstanding | 26.94 |
Equity Value Per Share | 17.36 |