Discounted Cash Flow (DCF) Analysis Unlevered
The InterGroup Corporation (INTG)
$35.6
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 71.58 | 74.75 | 58.02 | 28.66 | 47.22 | 46.77 | 46.33 | 45.89 | 45.45 | 45.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 22.87 | 16.87 | 8.46 | 28.67 | 5.31 | 16.87 | 16.71 | 16.56 | 16.40 | 16.24 |
| EBITDA (%) | ||||||||||
| EBIT | 18.09 | 12.09 | 3.74 | 24.26 | 0.55 | 12.51 | 12.39 | 12.27 | 12.16 | 12.04 |
| EBIT (%) | ||||||||||
| Depreciation | 4.78 | 4.78 | 4.71 | 4.41 | 4.75 | 4.36 | 4.32 | 4.28 | 4.24 | 4.20 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 8.05 | 11.84 | 14.16 | 42.60 | 25.42 | 23.76 | 23.53 | 23.31 | 23.09 | 22.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.54 | 0.85 | 0.50 | 0.34 | 0.63 | 0.89 | 0.88 | 0.87 | 0.86 | 0.85 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.25 | 15.06 | 11.63 | 10.10 | 10.22 | 10.81 | 10.71 | 10.61 | 10.51 | 10.41 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.21 | -1.40 | -1.29 | -1.07 | -4.69 | -1.69 | -1.67 | -1.66 | -1.64 | -1.62 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 35.6 |
|---|---|
| Beta | 0.412 |
| Diluted Shares Outstanding | 2.56 |
| Cost of Debt | |
| Tax Rate | 25.10 |
| After-tax Cost of Debt | 3.90% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.636 |
| Total Debt | 197.89 |
| Total Equity | 91.15 |
| Total Capital | 289.04 |
| Debt Weighting | 68.46 |
| Equity Weighting | 31.54 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 71.58 | 74.75 | 58.02 | 28.66 | 47.22 | 46.77 | 46.33 | 45.89 | 45.45 | 45.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 22.87 | 16.87 | 8.46 | 28.67 | 5.31 | 16.87 | 16.71 | 16.56 | 16.40 | 16.24 |
| EBIT | 18.09 | 12.09 | 3.74 | 24.26 | 0.55 | 12.51 | 12.39 | 12.27 | 12.16 | 12.04 |
| Tax Rate | 53.99% | 42.02% | 52.04% | 26.43% | 25.10% | 39.91% | 39.91% | 39.91% | 39.91% | 39.91% |
| EBIAT | 8.32 | 7.01 | 1.80 | 17.85 | 0.41 | 7.52 | 7.45 | 7.37 | 7.30 | 7.24 |
| Depreciation | 4.78 | 4.78 | 4.71 | 4.41 | 4.75 | 4.36 | 4.32 | 4.28 | 4.24 | 4.20 |
| Accounts Receivable | - | 2.68 | 0.35 | 0.16 | -0.29 | -0.25 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 1.82 | -3.44 | -1.53 | 0.12 | 0.59 | -0.10 | -0.10 | -0.10 | -0.10 |
| Capital Expenditure | -0.21 | -1.40 | -1.29 | -1.07 | -4.69 | -1.69 | -1.67 | -1.66 | -1.64 | -1.62 |
| UFCF | 12.89 | 14.89 | 2.13 | 19.83 | 0.31 | 10.53 | 10 | 9.91 | 9.81 | 9.72 |
| WACC | ||||||||||
| PV UFCF | 10.08 | 9.17 | 8.69 | 8.24 | 7.82 | |||||
| SUM PV UFCF | 44.01 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.45 |
| Free cash flow (t + 1) | 9.91 |
| Terminal Value | 404.68 |
| Present Value of Terminal Value | 325.51 |
Intrinsic Value
| Enterprise Value | 369.52 |
|---|---|
| Net Debt | 183.52 |
| Equity Value | 186 |
| Shares Outstanding | 2.56 |
| Equity Value Per Share | 72.64 |