Discounted Cash Flow (DCF) Analysis Unlevered
Emmis Corporation (EMMS)
$5
-0.20 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 231.43 | 214.57 | 148.49 | 114.13 | 39.71 | 27.16 | 18.57 | 12.70 | 8.69 | 5.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 36.07 | 22.96 | 18.05 | 12.92 | -12.18 | 1.04 | 0.71 | 0.49 | 0.33 | 0.23 |
| EBITDA (%) | ||||||||||
| EBIT | 30.28 | 18.16 | 14.42 | 9.71 | -13.32 | 0.34 | 0.23 | 0.16 | 0.11 | 0.07 |
| EBIT (%) | ||||||||||
| Depreciation | 5.80 | 4.81 | 3.63 | 3.21 | 1.13 | 0.70 | 0.48 | 0.33 | 0.22 | 0.15 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 4.46 | 11.35 | 4.11 | 5.44 | 93.04 | 13.53 | 9.25 | 6.33 | 4.33 | 2.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 34.91 | 26.48 | 20.59 | 16.77 | 4.63 | 3.67 | 2.51 | 1.72 | 1.18 | 0.80 |
| Account Receivables (%) | ||||||||||
| Inventories | 8.88 | 7.12 | 31.41 | 6.33 | 3.42 | 2.31 | 1.58 | 1.08 | 0.74 | 0.50 |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.13 | 13.40 | 6.39 | 4.45 | 2.39 | 1.30 | 0.89 | 0.61 | 0.42 | 0.29 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.39 | -2.85 | -1.81 | -0.52 | -0.32 | -0.29 | -0.20 | -0.13 | -0.09 | -0.06 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5 |
|---|---|
| Beta | 1.160 |
| Diluted Shares Outstanding | - |
| Cost of Debt | |
| Tax Rate | 26.61 |
| After-tax Cost of Debt | 4.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.103 |
| Total Debt | 65.46 |
| Total Equity | - |
| Total Capital | 65.46 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 231.43 | 214.57 | 148.49 | 114.13 | 39.71 | 27.16 | 18.57 | 12.70 | 8.69 | 5.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 36.07 | 22.96 | 18.05 | 12.92 | -12.18 | 1.04 | 0.71 | 0.49 | 0.33 | 0.23 |
| EBIT | 30.28 | 18.16 | 14.42 | 9.71 | -13.32 | 0.34 | 0.23 | 0.16 | 0.11 | 0.07 |
| Tax Rate | -19.77% | -0.07% | -12.46% | 27.58% | 26.61% | 4.38% | 4.38% | 4.38% | 4.38% | 4.38% |
| EBIAT | 36.26 | 18.17 | 16.22 | 7.03 | -9.77 | 0.32 | 0.22 | 0.15 | 0.10 | 0.07 |
| Depreciation | 5.80 | 4.81 | 3.63 | 3.21 | 1.13 | 0.70 | 0.48 | 0.33 | 0.22 | 0.15 |
| Accounts Receivable | - | 8.42 | 5.89 | 3.82 | 12.15 | 0.95 | 1.16 | 0.79 | 0.54 | 0.37 |
| Inventories | - | 1.76 | -24.29 | 25.08 | 2.92 | 1.11 | 0.73 | 0.50 | 0.34 | 0.23 |
| Accounts Payable | - | 5.27 | -7 | -1.94 | -2.06 | -1.09 | -0.41 | -0.28 | -0.19 | -0.13 |
| Capital Expenditure | -3.39 | -2.85 | -1.81 | -0.52 | -0.32 | -0.29 | -0.20 | -0.13 | -0.09 | -0.06 |
| UFCF | 38.67 | 35.58 | -7.36 | 36.68 | 4.05 | 1.71 | 1.98 | 1.36 | 0.93 | 0.63 |
| WACC | ||||||||||
| PV UFCF | 1.64 | 1.82 | 1.20 | 0.78 | 0.51 | |||||
| SUM PV UFCF | 5.96 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.29 |
| Free cash flow (t + 1) | 0.65 |
| Terminal Value | 28.25 |
| Present Value of Terminal Value | 22.89 |
Intrinsic Value
| Enterprise Value | 28.85 |
|---|---|
| Net Debt | -27.57 |
| Equity Value | 56.42 |
| Shares Outstanding | - |
| Equity Value Per Share | Infinity |