Discounted Cash Flow (DCF) Analysis Unlevered

Grindrod Shipping Holdings Ltd. (GRIN)

$22.93

+0.28 (+1.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 51.69 | 22.93 | 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 409.52319.02331.05279.22455.84489.20524.99563.41604.64648.88
Revenue (%)
EBITDA -31.981.1817.2327.62193.0648.9352.5156.3560.4864.90
EBITDA (%)
EBIT -51.66-13.11-31.53-23.93131.10-5.93-6.36-6.82-7.32-7.86
EBIT (%)
Depreciation 19.6814.2948.7651.5561.9554.8658.8763.1867.8072.76
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 46.5235.6435.5537.94107.1268.8473.8779.2885.0891.31
Total Cash (%)
Account Receivables 76.5369.2138.8624.6135.0967.1572.0677.3482.9989.07
Account Receivables (%)
Inventories 9.0810.8412.248.7013.9115.1416.2517.4418.7220.09
Inventories (%)
Accounts Payable 28.357.997.7827.3633.8728.3830.4632.6935.0837.64
Accounts Payable (%)
Capital Expenditure -1.23-0.37-0.26-0.42-0.06-0.64-0.69-0.74-0.79-0.85
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.93
Beta 0.825
Diluted Shares Outstanding 20.01
Cost of Debt
Tax Rate 10.26
After-tax Cost of Debt 3.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.772
Total Debt 278.94
Total Equity 458.89
Total Capital 737.83
Debt Weighting 37.81
Equity Weighting 62.19
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 409.52319.02331.05279.22455.84489.20524.99563.41604.64648.88
EBITDA -31.981.1817.2327.62193.0648.9352.5156.3560.4864.90
EBIT -51.66-13.11-31.53-23.93131.10-5.93-6.36-6.82-7.32-7.86
Tax Rate -5.60%-7.22%-1.60%3.92%10.26%-0.05%-0.05%-0.05%-0.05%-0.05%
EBIAT -54.55-14.06-32.03-22.99117.65-5.93-6.36-6.83-7.33-7.86
Depreciation 19.6814.2948.7651.5561.9554.8658.8763.1867.8072.76
Accounts Receivable -7.3130.3514.25-10.49-32.06-4.91-5.27-5.66-6.07
Inventories --1.76-1.393.54-5.21-1.23-1.11-1.19-1.28-1.37
Accounts Payable --20.36-0.2219.586.52-5.492.082.232.392.57
Capital Expenditure -1.23-0.37-0.26-0.42-0.06-0.64-0.69-0.74-0.79-0.85
UFCF -36.10-14.9545.2265.51170.379.5047.8851.3855.1459.17
WACC
PV UFCF 8.9442.3542.7443.1443.54
SUM PV UFCF 180.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.33
Free cash flow (t + 1) 60.36
Terminal Value 1,393.95
Present Value of Terminal Value 1,025.57

Intrinsic Value

Enterprise Value 1,206.27
Net Debt 171.82
Equity Value 1,034.45
Shares Outstanding 20.01
Equity Value Per Share 51.69