Discounted Cash Flow (DCF) Analysis Unlevered

Flotek Industries, Inc. (FTK)

$1.3

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.57 | 1.3 | 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 317.10177.77119.3553.1443.2726.9516.7910.466.514.06
Revenue (%)
EBITDA -4.23-65.47-22-139.16-29.48-20.84-12.98-8.08-5.04-3.14
EBITDA (%)
EBIT -16.38-74.69-30.46-142.57-30.49-22.18-13.81-8.60-5.36-3.34
EBIT (%)
Depreciation 12.169.228.473.411.011.340.830.520.320.20
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 4.583.04100.5838.6611.5310.076.273.912.431.52
Total Cash (%)
Account Receivables 48.8440.2116.2712.1713.325.683.542.201.370.85
Account Receivables (%)
Inventories 75.7627.2921.7011.849.455.473.412.121.320.82
Inventories (%)
Accounts Payable 22.0515.0116.235.797.623.101.931.200.750.47
Accounts Payable (%)
Capital Expenditure -9.44-5.16-3.03-1.43-0.04-0.60-0.38-0.23-0.15-0.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.3
Beta 1.754
Diluted Shares Outstanding 73.36
Cost of Debt
Tax Rate 0.13
After-tax Cost of Debt 0.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.820
Total Debt 13.26
Total Equity 95.37
Total Capital 108.63
Debt Weighting 12.21
Equity Weighting 87.79
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 317.10177.77119.3553.1443.2726.9516.7910.466.514.06
EBITDA -4.23-65.47-22-139.16-29.48-20.84-12.98-8.08-5.04-3.14
EBIT -16.38-74.69-30.46-142.57-30.49-22.18-13.81-8.60-5.36-3.34
Tax Rate -550.56%12.79%58.04%4.33%0.13%-95.05%-95.05%-95.05%-95.05%-95.05%
EBIAT -106.59-65.14-12.78-136.39-30.45-43.26-26.94-16.78-10.45-6.51
Depreciation 12.169.228.473.411.011.340.830.520.320.20
Accounts Receivable -8.6423.944.10-1.157.642.141.330.830.52
Inventories -48.475.599.862.383.982.061.290.800.50
Accounts Payable --7.041.22-10.441.83-4.52-1.17-0.73-0.45-0.28
Capital Expenditure -9.44-5.16-3.02-1.43-0.04-0.60-0.38-0.23-0.15-0.09
UFCF -103.87-11.0123.41-130.90-26.42-35.42-23.45-14.60-9.10-5.67
WACC
PV UFCF -32.06-19.22-10.84-6.11-3.45
SUM PV UFCF -71.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.45
Free cash flow (t + 1) -5.78
Terminal Value -68.40
Present Value of Terminal Value -41.61

Intrinsic Value

Enterprise Value -113.29
Net Debt 1.73
Equity Value -115.02
Shares Outstanding 73.36
Equity Value Per Share -1.57