Discounted Cash Flow (DCF) Analysis Unlevered

IES Holdings, Inc. (IESC)

$28.72

+1.10 (+3.98%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.20 | 28.72 | 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 810.74876.831,0771,190.861,536.491,807.592,126.522,501.732,943.133,462.42
Revenue (%)
EBITDA 29.6734.5150.9763.47105.5788.68104.32122.73144.38169.86
EBITDA (%)
EBIT 20.0425.6541.4150.9683.6568.5780.6694.90111.64131.34
EBIT (%)
Depreciation 9.638.869.5612.5121.9120.1123.6627.8332.7438.52
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 28.2926.2518.9353.5823.1051.4960.5871.2783.8498.63
Total Cash (%)
Account Receivables 177.74207.34245.35283.83371.44420.66494.88582.20684.92805.77
Account Receivables (%)
Inventories 16.9220.9721.5424.8968.5747.1155.4265.2076.7190.24
Inventories (%)
Accounts Payable 63.2575.2985.2893.32136.97148.43174.61205.42241.67284.31
Accounts Payable (%)
Capital Expenditure -4.59-4.56-6.30-4.75-7.40-9.22-10.85-12.77-15.02-17.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.72
Beta 1.303
Diluted Shares Outstanding 21.09
Cost of Debt
Tax Rate 21.49
After-tax Cost of Debt 0.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.764
Total Debt 82.37
Total Equity 605.59
Total Capital 687.96
Debt Weighting 11.97
Equity Weighting 88.03
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 810.74876.831,0771,190.861,536.491,807.592,126.522,501.732,943.133,462.42
EBITDA 29.6734.5150.9763.47105.5788.68104.32122.73144.38169.86
EBIT 20.0425.6541.4150.9683.6568.5780.6694.90111.64131.34
Tax Rate 28.63%158.14%17.28%15.61%21.49%48.23%48.23%48.23%48.23%48.23%
EBIAT 14.30-14.9234.2543.0165.6735.5041.7649.1357.8067.99
Depreciation 9.638.869.5612.5121.9120.1123.6627.8332.7438.52
Accounts Receivable --29.59-38.02-38.48-87.61-49.22-74.22-87.32-102.72-120.85
Inventories --4.04-0.58-3.35-43.6821.46-8.31-9.78-11.50-13.53
Accounts Payable -12.059.988.0443.6511.4626.1930.8136.2442.64
Capital Expenditure -4.59-4.56-6.30-4.75-7.40-9.22-10.85-12.77-15.02-17.67
UFCF 19.35-32.218.9016.99-7.4530.08-1.78-2.09-2.46-2.90
WACC
PV UFCF 27.68-1.51-1.63-1.76-1.91
SUM PV UFCF 20.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.68
Free cash flow (t + 1) -2.95
Terminal Value -44.23
Present Value of Terminal Value -29.17

Intrinsic Value

Enterprise Value -8.31
Net Debt 59.26
Equity Value -67.57
Shares Outstanding 21.09
Equity Value Per Share -3.20