Discounted Cash Flow (DCF) Analysis Unlevered

Envela Corporation (ELA)

$4.4

-0.02 (-0.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.36 | 4.4 | 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 54.0682.02113.92140.97182.69248.44337.85459.44624.79849.66
Revenue (%)
EBITDA 1.193.817.8210.1216.3214.8220.1627.4237.2850.70
EBITDA (%)
EBIT 0.913.297.099.2014.8613.2117.9624.4233.2145.17
EBIT (%)
Depreciation 0.290.520.730.931.451.622.202.994.075.53
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 1.454.519.2210.1417.1716.3322.2130.2041.0855.86
Total Cash (%)
Account Receivables 0.0932.857.178.537.9910.8714.7820.0927.33
Account Receivables (%)
Inventories 9.779.5110.0114.0518.7629.1539.6553.9173.3299.71
Inventories (%)
Accounts Payable 3.931.471.512.493.366.959.4512.8517.4823.77
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 54.0682.02113.92140.97182.69248.44337.85459.44624.79849.66
EBITDA 1.193.817.8210.1216.3214.8220.1627.4237.2850.70
EBIT 0.913.297.099.2014.8613.2117.9624.4233.2145.17
Tax Rate 8.45%3.31%1.38%1.11%-9.11%1.03%1.03%1.03%1.03%1.03%
EBIAT 0.833.1879.1016.2213.0717.7724.1732.8744.70
Depreciation 0.290.520.730.931.451.622.202.994.075.53
Accounts Receivable --2.900.15-4.32-1.360.54-2.88-3.91-5.32-7.23
Inventories -0.26-0.50-4.04-4.71-10.40-10.49-14.27-19.40-26.39
Accounts Payable --2.460.040.980.873.592.503.404.636.29
Capital Expenditure -0.19-0.16-5.86-3.14-0.27-4.01-5.46-7.42-10.09-13.72
UFCF 0.93-1.571.56-0.5012.204.413.654.966.759.18
WACC
PV UFCF 4.213.334.335.627.30
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