Discounted Cash Flow (DCF) Analysis Unlevered

Genie Energy Ltd. (GNE)

$9.79

+0.05 (+0.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.89 | 9.79 | undervalue

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 264.20280.31315.29379.31363.73395.34429.71467.07507.67551.80
Revenue (%)
EBITDA -2.8212.8712.9325.3439.7119.9521.6823.5725.6127.84
EBITDA (%)
EBIT -4.9610.819.3121.8038.4316.8018.2619.8421.5723.44
EBIT (%)
Depreciation 2.142.063.633.551.283.153.423.724.044.40
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 29.9141.6031.244296.8358.3363.4068.9174.9081.41
Total Cash (%)
Account Receivables 44.6335.9249.8260.7857.0161.0566.3572.1278.3985.20
Account Receivables (%)
Inventories 3.999.8916.6316.9317.7215.5416.8918.3519.9521.68
Inventories (%)
Accounts Payable 21.0718.5124.394333.5533.9036.8540.0543.5347.32
Accounts Payable (%)
Capital Expenditure -8.82-1.33-0.40-0.17-0.13-3.18-3.46-3.76-4.08-4.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.79
Beta 0.359
Diluted Shares Outstanding 26.32
Cost of Debt
Tax Rate 10.55
After-tax Cost of Debt 4.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.386
Total Debt -
Total Equity 257.63
Total Capital 257.63
Debt Weighting 0.00
Equity Weighting 100.00
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 264.20280.31315.29379.31363.73395.34429.71467.07507.67551.80
EBITDA -2.8212.8712.9325.3439.7119.9521.6823.5725.6127.84
EBIT -4.9610.819.3121.8038.4316.8018.2619.8421.5723.44
Tax Rate -1.04%-152.49%30.17%44.88%10.55%-13.58%-13.58%-13.58%-13.58%-13.58%
EBIAT -5.0127.296.5012.0134.3719.0820.7422.5424.5026.63
Depreciation 2.142.063.633.551.283.153.423.724.044.40
Accounts Receivable -8.71-13.90-10.963.77-4.03-5.31-5.77-6.27-6.81
Inventories --5.91-6.74-0.30-0.792.18-1.35-1.47-1.60-1.73
Accounts Payable --2.565.8818.62-9.450.352.953.203.483.78
Capital Expenditure -8.82-1.33-0.40-0.17-0.13-3.18-3.46-3.76-4.08-4.44
UFCF -11.6928.27-5.0422.7629.0617.551718.4720.0821.82
WACC
PV UFCF 16.6515.3015.7816.2816.79
SUM PV UFCF 80.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.39
Free cash flow (t + 1) 22.26
Terminal Value 656.65
Present Value of Terminal Value 505.05

Intrinsic Value

Enterprise Value 585.85
Net Debt -95.49
Equity Value 681.34
Shares Outstanding 26.32
Equity Value Per Share 25.89