Discounted Cash Flow (DCF) Analysis Unlevered

Flexible Solutions International, I... (FSI)

$3.23

+0.01 (+0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.71 | 3.23 | 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 3.753.562.986.037.248.089.9612.2815.1318.65
EBITDA (%)
EBIT 3.463.222.364.856.016.958.5610.5513.0116.03
EBIT (%)
Depreciation 0.290.340.621.181.231.141.401.722.132.62
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 6.917.863.634.476.7411.5214.1917.4921.5626.58
Total Cash (%)
Account Receivables 2.114.424.475.897.137.999.8512.1314.9618.43
Account Receivables (%)
Inventories 4.698.739.188.379.5014.1617.4621.5126.5232.68
Inventories (%)
Accounts Payable 0.941.050.640.561.281.682.072.553.143.87
Accounts Payable (%)
Capital Expenditure -0.43-0.18-1.83-1.07-0.78-1.37-1.69-2.08-2.56-3.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.23
Beta 1.734
Diluted Shares Outstanding 12.51
Cost of Debt
Tax Rate 48.14
After-tax Cost of Debt 2.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.693
Total Debt 4.88
Total Equity 40.39
Total Capital 45.28
Debt Weighting 10.79
Equity Weighting 89.21
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 3.753.562.986.037.248.089.9612.2815.1318.65
EBIT 3.463.222.364.856.016.958.5610.5513.0116.03
Tax Rate 48.70%18.48%17.38%42.65%48.14%35.07%35.07%35.07%35.07%35.07%
EBIAT 1.782.621.952.783.114.515.566.858.4410.41
Depreciation 0.290.340.621.181.231.141.401.722.132.62
Accounts Receivable --2.32-0.05-1.42-1.24-0.86-1.86-2.29-2.82-3.48
Inventories --4.04-0.460.81-1.13-4.66-3.29-4.06-5-6.17
Accounts Payable -0.11-0.41-0.080.730.390.390.480.590.73
Capital Expenditure -0.43-0.18-1.83-1.07-0.78-1.37-1.69-2.08-2.56-3.16
UFCF 1.64-3.46-0.182.201.92-0.850.510.630.780.96
WACC
PV UFCF -0.770.420.470.520.58
SUM PV UFCF 1.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.66
Free cash flow (t + 1) 0.98
Terminal Value 11.28
Present Value of Terminal Value 6.80

Intrinsic Value

Enterprise Value 8.01
Net Debt -0.83
Equity Value 8.84
Shares Outstanding 12.51
Equity Value Per Share 0.71