Discounted Cash Flow (DCF) Analysis Unlevered

ENGlobal Corporation (ENG)

$1.26

-0.02 (-1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.23 | 1.26 | 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 55.775456.4564.4536.4133.8631.5029.3027.2525.34
Revenue (%)
EBITDA -25.27-5.08-0.96-0.13-5.28-4.82-4.48-4.17-3.88-3.60
EBITDA (%)
EBIT -26.24-5.54-1.35-0.57-5.84-5.19-4.83-4.49-4.18-3.88
EBIT (%)
Depreciation 0.970.460.390.450.560.370.350.320.300.28
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 9.656.068.3113.7119.207.947.396.876.395.94
Total Cash (%)
Account Receivables 14.3913.3915.377.797.697.526.996.516.055.63
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.743.173.262.141.971.841.711.591.481.37
Accounts Payable (%)
Capital Expenditure -0.71-0.11-0.35-0.43-0.24-0.23-0.21-0.20-0.19-0.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.26
Beta 1.854
Diluted Shares Outstanding 27.47
Cost of Debt
Tax Rate -1.07
After-tax Cost of Debt -20.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.556
Total Debt 1.03
Total Equity 34.62
Total Capital 35.65
Debt Weighting 2.90
Equity Weighting 97.10
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 55.775456.4564.4536.4133.8631.5029.3027.2525.34
EBITDA -25.27-5.08-0.96-0.13-5.28-4.82-4.48-4.17-3.88-3.60
EBIT -26.24-5.54-1.35-0.57-5.84-5.19-4.83-4.49-4.18-3.88
Tax Rate -163.46%-1.98%-6.00%-19.73%-1.07%-38.45%-38.45%-38.45%-38.45%-38.45%
EBIAT -69.13-5.65-1.43-0.69-5.90-7.19-6.68-6.22-5.78-5.38
Depreciation 0.970.460.390.450.560.370.350.320.300.28
Accounts Receivable -1-1.987.580.100.170.530.490.450.42
Inventories ----------
Accounts Payable --0.570.09-1.12-0.16-0.14-0.13-0.12-0.11-0.10
Capital Expenditure -0.71-0.11-0.34-0.43-0.24-0.23-0.21-0.20-0.19-0.17
UFCF -68.88-4.86-3.285.79-5.65-7.01-6.15-5.72-5.32-4.95
WACC
PV UFCF -6.28-4.94-4.12-3.43-2.86
SUM PV UFCF -21.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.60
Free cash flow (t + 1) -5.05
Terminal Value -52.60
Present Value of Terminal Value -30.39

Intrinsic Value

Enterprise Value -52.02
Net Debt -18.17
Equity Value -33.85
Shares Outstanding 27.47
Equity Value Per Share -1.23