Discounted Cash Flow (DCF) Analysis Unlevered

Flexible Solutions International, I... (FSI)

$1.66

-0.04 (-2.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.64 | 1.66 | 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 15.4917.8327.4431.4134.4242.4252.2864.4479.4297.89
Revenue (%)
EBITDA 3.753.562.984.624.907.128.7810.8213.3416.44
EBITDA (%)
EBIT 3.463.222.363.433.936.057.469.2011.3313.97
EBIT (%)
Depreciation 0.290.340.621.180.971.071.321.6222.47
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 6.917.863.638.255.7112.2815.1418.662328.35
Total Cash (%)
Account Receivables 2.114.424.475.897.137.999.8512.1314.9618.43
Account Receivables (%)
Inventories 4.698.739.188.3711.9914.7718.2122.4427.6634.10
Inventories (%)
Accounts Payable 0.941.050.640.561.281.682.072.553.143.87
Accounts Payable (%)
Capital Expenditure -0.43-0.18-1.83-1.070.26-1.11-1.37-1.69-2.08-2.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.66
Beta 1.294
Diluted Shares Outstanding 12.24
Cost of Debt
Tax Rate 35.43
After-tax Cost of Debt 3.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.858
Total Debt 4.75
Total Equity 20.32
Total Capital 25.06
Debt Weighting 18.93
Equity Weighting 81.07
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 15.4917.8327.4431.4134.4242.4252.2864.4479.4297.89
EBITDA 3.753.562.984.624.907.128.7810.8213.3416.44
EBIT 3.463.222.363.433.936.057.469.2011.3313.97
Tax Rate 48.70%18.48%17.38%30.97%35.43%30.19%30.19%30.19%30.19%30.19%
EBIAT 1.782.621.952.372.544.235.216.427.919.75
Depreciation 0.290.340.621.180.971.071.321.6222.47
Accounts Receivable --2.32-0.05-1.42-1.24-0.86-1.86-2.29-2.82-3.48
Inventories --4.04-0.460.81-3.61-2.79-3.44-4.23-5.22-6.43
Accounts Payable -0.11-0.41-0.080.730.390.390.480.590.73
Capital Expenditure -0.43-0.18-1.83-1.070.26-1.11-1.37-1.69-2.08-2.56
UFCF 1.64-3.46-0.181.80-0.360.930.260.320.390.48
WACC
PV UFCF 0.860.220.250.280.32
SUM PV UFCF 1.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.60
Free cash flow (t + 1) 0.49
Terminal Value 7.40
Present Value of Terminal Value 4.90

Intrinsic Value

Enterprise Value 6.82
Net Debt -0.97
Equity Value 7.78
Shares Outstanding 12.24
Equity Value Per Share 0.64