Discounted Cash Flow (DCF) Analysis Unlevered
Kaspien Holdings Inc. (KSPN)
$0.8501
+0.05 (+6.28%)
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 | 442.86 | 418.19 | 325.93 | 158.34 | 143.71 | 111.99 | 87.27 | 68.01 | 53 | 41.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 14.16 | 9.12 | 11.46 | 2.71 | 2.10 | 2.70 | 2.11 | 1.64 | 1.28 | 1 |
| 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 | 31.33 | 4.36 | 2.98 | 1.81 | 1.22 | 2.47 | 1.92 | 1.50 | 1.17 | 0.91 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.47 | 5.38 | 4.20 | 2.72 | 2.33 | 1.55 | 1.21 | 0.94 | 0.73 | 0.57 |
| Account Receivables (%) | ||||||||||
| Inventories | 109.11 | 94.84 | 67.96 | 24.51 | 29.28 | 23.30 | 18.16 | 14.15 | 11.03 | 8.59 |
| Inventories (%) | ||||||||||
| Accounts Payable | 41.78 | 34.33 | 24.12 | 8.89 | 6.27 | 7.84 | 6.11 | 4.76 | 3.71 | 2.89 |
| 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 | 442.86 | 418.19 | 325.93 | 158.34 | 143.71 | 111.99 | 87.27 | 68.01 | 53 | 41.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 14.16 | 9.12 | 11.46 | 2.71 | 2.10 | 2.70 | 2.11 | 1.64 | 1.28 | 1 |
| Accounts Receivable | - | -0.91 | 1.18 | 1.48 | 0.38 | 0.78 | 0.34 | 0.27 | 0.21 | 0.16 |
| Inventories | - | 14.27 | 26.88 | 43.44 | -4.76 | 5.98 | 5.14 | 4.01 | 3.12 | 2.43 |
| Accounts Payable | - | -7.45 | -10.21 | -15.23 | -2.62 | 1.57 | -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 | -31.36 | 27.33 | -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 |