Discounted Cash Flow (DCF) Analysis Unlevered

Hudson Technologies, Inc. (HDSN)

$7.41

-0.10 (-1.33%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.42 | 7.41 | 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 140.38166.53162.06147.60192.75210.87230.70252.38276.11302.07
Revenue (%)
EBITDA 18.54-35.480.7413.0350.9511.6512.7513.9515.2616.69
EBITDA (%)
EBIT 15.16-42.61-6.376.9444.773.884.254.655.095.56
EBIT (%)
Depreciation 3.387.137.126.106.187.778.509.3010.1711.13
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 52.272.601.353.493.904.274.675.115.59
Total Cash (%)
Account Receivables 24.5014.068.069.8114.2218.9320.7122.6624.7927.12
Account Receivables (%)
Inventories 172.49101.9659.2444.4694.14126.36138.24151.24165.46181.01
Inventories (%)
Accounts Payable 10.898.6710.277.649.6212.4313.6014.8816.2817.81
Accounts Payable (%)
Capital Expenditure -1.02-1.09-1.01-1.47-1.92-1.69-1.85-2.02-2.21-2.42
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.41
Beta 1.174
Diluted Shares Outstanding 42.71
Cost of Debt
Tax Rate 3.41
After-tax Cost of Debt 10.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.431
Total Debt 100.27
Total Equity 316.48
Total Capital 416.75
Debt Weighting 24.06
Equity Weighting 75.94
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 140.38166.53162.06147.60192.75210.87230.70252.38276.11302.07
EBITDA 18.54-35.480.7413.0350.9511.6512.7513.9515.2616.69
EBIT 15.16-42.61-6.376.9444.773.884.254.655.095.56
Tax Rate 7.06%2.97%-2.59%3.43%3.41%2.86%2.86%2.86%2.86%2.86%
EBIAT 14.09-41.34-6.546.7043.253.774.134.524.945.41
Depreciation 3.387.137.126.106.187.778.509.3010.1711.13
Accounts Receivable -10.436-1.75-4.42-4.71-1.78-1.95-2.13-2.33
Inventories -70.5242.7214.78-49.68-32.22-11.88-13-14.22-15.56
Accounts Payable --2.211.60-2.631.982.811.171.281.401.53
Capital Expenditure -1.02-1.09-1.01-1.47-1.92-1.69-1.85-2.02-2.21-2.42
UFCF 16.4543.4449.9021.73-4.62-24.27-1.71-1.87-2.05-2.24
WACC
PV UFCF -22.25-1.44-1.44-1.45-1.45
SUM PV UFCF -28.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.04
Free cash flow (t + 1) -2.29
Terminal Value -32.48
Present Value of Terminal Value -21.07

Intrinsic Value

Enterprise Value -49.11
Net Debt 96.78
Equity Value -145.89
Shares Outstanding 42.71
Equity Value Per Share -3.42