Discounted Cash Flow (DCF) Analysis Unlevered

Kaspien Holdings Inc. (KSPN)

$0.8501

+0.05 (+6.28%)
All numbers are in Millions, Currency in USD
Stock DCF: -22.19 | 0.8501 | overvalue

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 442.86418.19325.93158.34143.71111.9987.2768.015341.30
Revenue (%)
EBITDA -28.36-87.46-46.08-4.73-4.04-10.58-8.25-6.43-5.01-3.90
EBITDA (%)
EBIT -42.52-96.58-57.54-7.43-6.14-13.29-10.35-8.07-6.29-4.90
EBIT (%)
Depreciation 14.169.1211.462.712.102.702.111.641.281
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 31.334.362.981.811.222.471.921.501.170.91
Total Cash (%)
Account Receivables 4.475.384.202.722.331.551.210.940.730.57
Account Receivables (%)
Inventories 109.1194.8467.9624.5129.2823.3018.1614.1511.038.59
Inventories (%)
Accounts Payable 41.7834.3324.128.896.277.846.114.763.712.89
Accounts Payable (%)
Capital Expenditure -8.41-3.69-2.82-1.19-1.43-1.21-0.94-0.73-0.57-0.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.8,501
Beta 0.696
Diluted Shares Outstanding 1.85
Cost of Debt
Tax Rate -0.34
After-tax Cost of Debt 11.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.777
Total Debt 16.58
Total Equity 1.57
Total Capital 18.15
Debt Weighting 91.34
Equity Weighting 8.66
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 442.86418.19325.93158.34143.71111.9987.2768.015341.30
EBITDA -28.36-87.46-46.08-4.73-4.04-10.58-8.25-6.43-5.01-3.90
EBIT -42.52-96.58-57.54-7.43-6.14-13.29-10.35-8.07-6.29-4.90
Tax Rate 0.70%-0.08%-0.55%47.65%-0.34%9.47%9.47%9.47%9.47%9.47%
EBIAT -42.22-96.66-57.86-3.89-6.16-12.03-9.37-7.30-5.69-4.44
Depreciation 14.169.1211.462.712.102.702.111.641.281
Accounts Receivable --0.911.181.480.380.780.340.270.210.16
Inventories -14.2726.8843.44-4.765.985.144.013.122.43
Accounts Payable --7.45-10.21-15.23-2.621.57-1.73-1.35-1.05-0.82
Capital Expenditure -8.41-3.69-2.82-1.19-1.43-1.21-0.94-0.73-0.57-0.45
UFCF -36.47-85.33-31.3627.33-12.49-2.20-4.45-3.47-2.71-2.11
WACC
PV UFCF -1.98-3.62-2.55-1.79-1.26
SUM PV UFCF -11.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.87
Free cash flow (t + 1) -2.15
Terminal Value -24.24
Present Value of Terminal Value -14.47

Intrinsic Value

Enterprise Value -25.67
Net Debt 15.36
Equity Value -41.03
Shares Outstanding 1.85
Equity Value Per Share -22.19