Discounted Cash Flow (DCF) Analysis Unlevered
Escalade, Incorporated (ESCA)
$11.61
+0.01 (+0.09%)
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 | 175.78 | 180.54 | 273.65 | 313.61 | 313.76 | 367.83 | 431.21 | 505.52 | 592.63 | 694.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 30.73 | 13.32 | 37.19 | 36.89 | 32.46 | 44.55 | 52.23 | 61.23 | 71.78 | 84.14 |
| EBITDA (%) | ||||||||||
| EBIT | 26.87 | 9.29 | 33.17 | 32.06 | 26.39 | 37.66 | 44.15 | 51.75 | 60.67 | 71.13 |
| EBIT (%) | ||||||||||
| Depreciation | 3.86 | 4.03 | 4.02 | 4.84 | 6.06 | 6.89 | 8.08 | 9.47 | 11.10 | 13.02 |
| 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 | 2.82 | 5.88 | 3.51 | 4.37 | 3.97 | 6.48 | 7.59 | 8.90 | 10.44 | 12.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 40.68 | 35.45 | 65.28 | 65.99 | 57.42 | 77.96 | 91.40 | 107.15 | 125.61 | 147.26 |
| Account Receivables (%) | ||||||||||
| Inventories | 39.12 | 42.27 | 72.49 | 92.38 | 121.87 | 103.33 | 121.13 | 142.01 | 166.48 | 195.17 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.63 | 7.76 | 20.95 | 15.85 | 9.41 | 17.08 | 20.02 | 23.47 | 27.51 | 32.25 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.82 | -2.18 | -5.46 | -9.70 | -2.11 | -6.31 | -7.39 | -8.67 | -10.16 | -11.91 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 11.61 |
|---|---|
| Beta | 1.202 |
| Diluted Shares Outstanding | 13.87 |
| Cost of Debt | |
| Tax Rate | 20.45 |
| After-tax Cost of Debt | 2.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.372 |
| Total Debt | 104.52 |
| Total Equity | 160.99 |
| Total Capital | 265.50 |
| Debt Weighting | 39.36 |
| Equity Weighting | 60.64 |
| 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 | 175.78 | 180.54 | 273.65 | 313.61 | 313.76 | 367.83 | 431.21 | 505.52 | 592.63 | 694.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 30.73 | 13.32 | 37.19 | 36.89 | 32.46 | 44.55 | 52.23 | 61.23 | 71.78 | 84.14 |
| EBIT | 26.87 | 9.29 | 33.17 | 32.06 | 26.39 | 37.66 | 44.15 | 51.75 | 60.67 | 71.13 |
| Tax Rate | 22.69% | 18.76% | 21.23% | 20.11% | 20.45% | 20.65% | 20.65% | 20.65% | 20.65% | 20.65% |
| EBIAT | 20.77 | 7.55 | 26.13 | 25.61 | 21 | 29.88 | 35.03 | 41.07 | 48.14 | 56.44 |
| Depreciation | 3.86 | 4.03 | 4.02 | 4.84 | 6.06 | 6.89 | 8.08 | 9.47 | 11.10 | 13.02 |
| Accounts Receivable | - | 5.23 | -29.83 | -0.71 | 8.57 | -20.54 | -13.43 | -15.75 | -18.46 | -21.65 |
| Inventories | - | -3.15 | -30.22 | -19.89 | -29.49 | 18.54 | -17.81 | -20.87 | -24.47 | -28.69 |
| Accounts Payable | - | 2.13 | 13.18 | -5.10 | -6.43 | 7.66 | 2.94 | 3.45 | 4.04 | 4.74 |
| Capital Expenditure | -2.82 | -2.19 | -5.46 | -9.70 | -2.11 | -6.31 | -7.39 | -8.67 | -10.16 | -11.91 |
| UFCF | 21.81 | 13.61 | -22.18 | -4.95 | -2.40 | 36.13 | 7.42 | 8.70 | 10.20 | 11.95 |
| WACC | ||||||||||
| PV UFCF | 33.82 | 6.50 | 7.14 | 7.83 | 8.60 | |||||
| SUM PV UFCF | 63.89 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.82 |
| Free cash flow (t + 1) | 12.19 |
| Terminal Value | 252.98 |
| Present Value of Terminal Value | 181.90 |
Intrinsic Value
| Enterprise Value | 245.79 |
|---|---|
| Net Debt | 100.55 |
| Equity Value | 145.24 |
| Shares Outstanding | 13.87 |
| Equity Value Per Share | 10.47 |