Discounted Cash Flow (DCF) Analysis Unlevered

Euroseas Ltd. (ESEA)

$24.19

-0.10 (-0.41%)
All numbers are in Millions, Currency in USD
Stock DCF: -877.33 | 24.19 | 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 42.9234.4240.0253.3093.89118.73150.14189.85240.07303.57
Revenue (%)
EBITDA 5.656.255.9214.7752.8630.9039.0749.4162.4879
EBITDA (%)
EBIT -2.722.941.748.1745.6616.7421.1726.7733.8542.81
EBIT (%)
Depreciation 8.373.314.186.617.2014.1617.9022.6428.6236.20
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 4.126.960.993.5626.5315.9620.1825.5232.2740.80
Total Cash (%)
Account Receivables 3.092.992.293.8837.619.6312.1715.3919.47
Account Receivables (%)
Inventories 1.651.701.891.662.194.505.697.209.1011.51
Inventories (%)
Accounts Payable 1.872.293.902.852.806.918.7311.0513.9717.66
Accounts Payable (%)
Capital Expenditure -39.70-0-55.72-0.65-74.11-74.06-93.65-118.42-149.74-189.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.19
Beta 0.550
Diluted Shares Outstanding 5.75
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.721
Total Debt 118.04
Total Equity 139.19
Total Capital 257.23
Debt Weighting 45.89
Equity Weighting 54.11
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 42.9234.4240.0253.3093.89118.73150.14189.85240.07303.57
EBITDA 5.656.255.9214.7752.8630.9039.0749.4162.4879
EBIT -2.722.941.748.1745.6616.7421.1726.7733.8542.81
Tax Rate 0.00%83.59%0.00%0.00%0.00%16.72%16.72%16.72%16.72%16.72%
EBIAT -2.720.481.748.1745.6613.9417.6322.2928.1935.65
Depreciation 8.373.314.186.617.2014.1617.9022.6428.6236.20
Accounts Receivable -0.100.70-1.590.88-4.62-2.01-2.55-3.22-4.07
Inventories --0.06-0.180.23-0.52-2.31-1.19-1.51-1.90-2.41
Accounts Payable -0.421.61-1.05-0.054.101.832.312.923.69
Capital Expenditure -39.70-0-55.72-0.65-74.11-74.06-93.65-118.42-149.74-189.35
UFCF -34.054.25-47.6711.71-20.94-48.78-59.49-75.23-95.13-120.29
WACC
PV UFCF -46.83-54.82-66.55-80.79-98.06
SUM PV UFCF -347.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.17
Free cash flow (t + 1) -122.69
Terminal Value -5,654.14
Present Value of Terminal Value -4,609.50

Intrinsic Value

Enterprise Value -4,956.55
Net Debt 91.51
Equity Value -5,048.06
Shares Outstanding 5.75
Equity Value Per Share -877.33