Discounted Cash Flow (DCF) Analysis Unlevered

Ever-Glory International Group, Inc... (EVK)

$0.8601

+0.02 (+2.37%)
All numbers are in Millions, Currency in USD
Stock DCF: -31.10 | 0.8601 | 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 415.58448.51383.10267.35330.98320.16309.69299.57289.78280.30
Revenue (%)
EBITDA 122.1325.6015.2913.3911.6530.4929.4928.5327.5926.69
EBITDA (%)
EBIT 115.1118.947.058.095.2424.5723.7722.9922.2421.51
EBIT (%)
Depreciation 7.016.668.245.296.405.925.725.545.355.18
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 62.8847.0148.5583.6656.5755.5053.6851.9350.2348.59
Total Cash (%)
Account Receivables 91.0299.5088.1760.5869.8670.9968.6766.4264.2562.15
Account Receivables (%)
Inventories 56.1865.9367.3553.8963.8454.5852.8051.0749.4047.79
Inventories (%)
Accounts Payable 78.4683.1777.2371.5367.9367.1464.9562.8360.7758.79
Accounts Payable (%)
Capital Expenditure -8.56-12.18-8.68-9-10.12-8.62-8.34-8.07-7.80-7.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.8,601
Beta -0.363
Diluted Shares Outstanding 14.81
Cost of Debt
Tax Rate 103.22
After-tax Cost of Debt -0.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.092
Total Debt 50.23
Total Equity 12.74
Total Capital 62.96
Debt Weighting 79.77
Equity Weighting 20.23
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 415.58448.51383.10267.35330.98320.16309.69299.57289.78280.30
EBITDA 122.1325.6015.2913.3911.6530.4929.4928.5327.5926.69
EBIT 115.1118.947.058.095.2424.5723.7722.9922.2421.51
Tax Rate 30.28%26.70%78.03%42.88%103.22%56.22%56.22%56.22%56.22%56.22%
EBIAT 80.2613.881.554.62-0.1710.7610.4110.079.749.42
Depreciation 7.016.668.245.296.405.925.725.545.355.18
Accounts Receivable --8.4811.3427.59-9.28-1.132.322.242.172.10
Inventories --9.75-1.4313.46-9.959.261.781.731.671.62
Accounts Payable -4.70-5.94-5.70-3.60-0.79-2.19-2.12-2.05-1.99
Capital Expenditure -8.56-12.18-8.68-9-10.12-8.62-8.34-8.07-7.80-7.55
UFCF 78.71-5.165.0836.27-26.7215.399.709.389.078.78
WACC
PV UFCF 15.349.649.308.978.65
SUM PV UFCF 51.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 0.30
Free cash flow (t + 1) 8.95
Terminal Value -526.62
Present Value of Terminal Value -518.79

Intrinsic Value

Enterprise Value -466.90
Net Debt -6.34
Equity Value -460.56
Shares Outstanding 14.81
Equity Value Per Share -31.10