Discounted Cash Flow (DCF) Analysis Unlevered

InfuSystem Holdings, Inc. (INFU)

$6.75

+0.02 (+0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.44 | 6.75 | 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 71.0867.1481.1297.39102.38112.74124.14136.70150.53165.76
Revenue (%)
EBITDA 8.6011.6915.7742.4017.2624.6527.1529.8932.9236.25
EBITDA (%)
EBIT -3.920.383.4328.382.636.987.698.479.3310.27
EBIT (%)
Depreciation 12.5211.3112.3414.0214.6217.6719.4621.4323.5925.98
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 3.474.322.659.650.195.566.126.747.438.18
Total Cash (%)
Account Receivables 11.399.5912.1014.7215.401718.7220.6122.6924.99
Account Receivables (%)
Inventories 1.762.252.9033.943.684.064.474.925.42
Inventories (%)
Accounts Payable 5.527.097.966.787.869.6510.6211.7012.8814.18
Accounts Payable (%)
Capital Expenditure -3.60-8.30-22.60-16.91-16.66-17.79-19.59-21.58-23.76-26.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.75
Beta 1.169
Diluted Shares Outstanding 20.58
Cost of Debt
Tax Rate -12.97
After-tax Cost of Debt 3.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.394
Total Debt 36.77
Total Equity 138.90
Total Capital 175.67
Debt Weighting 20.93
Equity Weighting 79.07
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 71.0867.1481.1297.39102.38112.74124.14136.70150.53165.76
EBITDA 8.6011.6915.7742.4017.2624.6527.1529.8932.9236.25
EBIT -3.920.383.4328.382.636.987.698.479.3310.27
Tax Rate -293.89%-5.09%10.70%-129.78%-12.97%-86.21%-86.21%-86.21%-86.21%-86.21%
EBIAT -15.460.403.0665.202.9813.0114.3215.7717.3719.12
Depreciation 12.5211.3112.3414.0214.6217.6719.4621.4323.5925.98
Accounts Receivable -1.79-2.50-2.62-0.69-1.59-1.72-1.89-2.08-2.30
Inventories --0.49-0.64-0.10-0.940.25-0.37-0.41-0.45-0.50
Accounts Payable -1.570.87-1.181.081.780.981.071.181.30
Capital Expenditure -3.60-8.30-22.59-16.91-16.66-17.79-19.59-21.58-23.76-26.16
UFCF -6.536.28-9.4758.400.4013.3313.0714.3915.8517.45
WACC
PV UFCF 12.3211.1611.3611.5611.76
SUM PV UFCF 58.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.21
Free cash flow (t + 1) 17.80
Terminal Value 286.59
Present Value of Terminal Value 193.16

Intrinsic Value

Enterprise Value 251.31
Net Debt 36.58
Equity Value 214.73
Shares Outstanding 20.58
Equity Value Per Share 10.44