Discounted Cash Flow (DCF) Analysis Unlevered
Flotek Industries, Inc. (FTK)
$1.3
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 317.10 | 177.77 | 119.35 | 53.14 | 43.27 | 26.95 | 16.79 | 10.46 | 6.51 | 4.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 12.16 | 9.22 | 8.47 | 3.41 | 1.01 | 1.34 | 0.83 | 0.52 | 0.32 | 0.20 |
| 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 | 4.58 | 3.04 | 100.58 | 38.66 | 11.53 | 10.07 | 6.27 | 3.91 | 2.43 | 1.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 48.84 | 40.21 | 16.27 | 12.17 | 13.32 | 5.68 | 3.54 | 2.20 | 1.37 | 0.85 |
| Account Receivables (%) | ||||||||||
| Inventories | 75.76 | 27.29 | 21.70 | 11.84 | 9.45 | 5.47 | 3.41 | 2.12 | 1.32 | 0.82 |
| Inventories (%) | ||||||||||
| Accounts Payable | 22.05 | 15.01 | 16.23 | 5.79 | 7.62 | 3.10 | 1.93 | 1.20 | 0.75 | 0.47 |
| 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 | 317.10 | 177.77 | 119.35 | 53.14 | 43.27 | 26.95 | 16.79 | 10.46 | 6.51 | 4.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 12.16 | 9.22 | 8.47 | 3.41 | 1.01 | 1.34 | 0.83 | 0.52 | 0.32 | 0.20 |
| Accounts Receivable | - | 8.64 | 23.94 | 4.10 | -1.15 | 7.64 | 2.14 | 1.33 | 0.83 | 0.52 |
| Inventories | - | 48.47 | 5.59 | 9.86 | 2.38 | 3.98 | 2.06 | 1.29 | 0.80 | 0.50 |
| Accounts Payable | - | -7.04 | 1.22 | -10.44 | 1.83 | -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 | -11.01 | 23.41 | -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 |