Discounted Cash Flow (DCF) Analysis Unlevered

Envela Corporation (ELA)

$6.8201

-0.28 (-3.94%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.18 | 6.8201 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 61.9954.0682.02113.9296.72111.89129.43149.72173.20200.36
Revenue (%)
EBITDA 2.361.153.817.825.505.185.996.938.029.28
EBITDA (%)
EBIT 2.040.873.297.094.944.535.246.067.018.11
EBIT (%)
Depreciation 0.320.290.520.730.560.650.750.871.011.16
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 1.271.454.519.2210.146.457.468.639.9811.55
Total Cash (%)
Account Receivables 0.840.0932.857.173.383.914.525.236.05
Account Receivables (%)
Inventories 8.609.779.5110.0114.0514.9617.3020.0123.1526.78
Inventories (%)
Accounts Payable 4.683.931.471.512.494.595.316.147.108.22
Accounts Payable (%)
Capital Expenditure -0.38-0.19-0.16-5.86-1.53-1.76-2.04-2.36-2.73-3.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.8,201
Beta 0.122
Diluted Shares Outstanding 26.94
Cost of Debt
Tax Rate 0.87
After-tax Cost of Debt 2.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.791
Total Debt 10.21
Total Equity 183.73
Total Capital 193.94
Debt Weighting 5.27
Equity Weighting 94.73
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 61.9954.0682.02113.9296.72111.89129.43149.72173.20200.36
EBITDA 2.361.153.817.825.505.185.996.938.029.28
EBIT 2.040.873.297.094.944.535.246.067.018.11
Tax Rate 0.07%8.45%3.31%1.38%0.87%2.81%2.81%2.81%2.81%2.81%
EBIAT 2.040.793.1874.904.405.095.896.827.88
Depreciation 0.320.290.520.730.560.650.750.871.011.16
Accounts Receivable -0.75-2.900.15-4.323.79-0.53-0.61-0.71-0.82
Inventories --1.170.26-0.50-4.04-0.91-2.35-2.71-3.14-3.63
Accounts Payable --0.75-2.460.040.982.100.720.830.961.11
Capital Expenditure -0.38-0.19-0.16-5.86-1.53-1.76-2.04-2.36-2.73-3.16
UFCF 1.98-0.28-1.571.56-3.458.271.651.912.202.55
WACC
PV UFCF 7.971.531.711.902.12
SUM PV UFCF 15.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.74
Free cash flow (t + 1) 2.60
Terminal Value 149.52
Present Value of Terminal Value 124.44

Intrinsic Value

Enterprise Value 139.68
Net Debt 0.07
Equity Value 139.60
Shares Outstanding 26.94
Equity Value Per Share 5.18