Discounted Cash Flow (DCF) Analysis Unlevered
Limoneira Company (LMNR)
$16.23
+0.21 (+1.31%)
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 | 129.39 | 171.40 | 164.56 | 166.03 | 184.60 | 203.32 | 223.94 | 246.64 | 271.65 | 299.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 21.86 | 3.73 | -12.78 | 7.61 | 12.68 | 9.25 | 10.19 | 11.22 | 12.36 | 13.61 |
| EBITDA (%) | ||||||||||
| EBIT | 14.58 | -4.91 | -22.88 | -2.21 | 2.88 | -2.14 | -2.36 | -2.60 | -2.86 | -3.15 |
| EBIT (%) | ||||||||||
| Depreciation | 7.28 | 8.63 | 10.10 | 9.81 | 9.80 | 11.39 | 12.55 | 13.82 | 15.22 | 16.76 |
| 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 | 0.61 | 0.62 | 0.50 | 0.44 | 0.86 | 0.76 | 0.83 | 0.92 | 1.01 | 1.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 17.29 | 19.26 | 28.82 | 26.79 | 15.65 | 27.13 | 29.89 | 32.92 | 36.25 | 39.93 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 17.44 | 20.37 | 15.31 | 19.33 | 10.66 | 21.18 | 23.33 | 25.69 | 28.30 | 31.17 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -26.98 | -16.26 | -10.60 | -9.83 | -10.07 | -19.58 | -21.57 | -23.76 | -26.17 | -28.82 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 16.23 |
|---|---|
| Beta | 0.616 |
| Diluted Shares Outstanding | 17.51 |
| Cost of Debt | |
| Tax Rate | 167.62 |
| After-tax Cost of Debt | -1.47% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.287 |
| Total Debt | 105.81 |
| Total Equity | 284.24 |
| Total Capital | 390.04 |
| Debt Weighting | 27.13 |
| Equity Weighting | 72.87 |
| 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 | 129.39 | 171.40 | 164.56 | 166.03 | 184.60 | 203.32 | 223.94 | 246.64 | 271.65 | 299.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 21.86 | 3.73 | -12.78 | 7.61 | 12.68 | 9.25 | 10.19 | 11.22 | 12.36 | 13.61 |
| EBIT | 14.58 | -4.91 | -22.88 | -2.21 | 2.88 | -2.14 | -2.36 | -2.60 | -2.86 | -3.15 |
| Tax Rate | -49.73% | 9.45% | 37.83% | 17.34% | 167.62% | 36.50% | 36.50% | 36.50% | 36.50% | 36.50% |
| EBIAT | 21.83 | -4.44 | -14.23 | -1.82 | -1.95 | -1.36 | -1.50 | -1.65 | -1.82 | -2 |
| Depreciation | 7.28 | 8.63 | 10.10 | 9.81 | 9.80 | 11.39 | 12.55 | 13.82 | 15.22 | 16.76 |
| Accounts Receivable | - | -1.97 | -9.56 | 2.03 | 11.14 | -11.48 | -2.75 | -3.03 | -3.34 | -3.68 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.94 | -5.06 | 4.02 | -8.67 | 10.52 | 2.15 | 2.37 | 2.61 | 2.87 |
| Capital Expenditure | -26.98 | -16.26 | -10.60 | -9.83 | -10.07 | -19.58 | -21.57 | -23.76 | -26.17 | -28.82 |
| UFCF | 2.12 | -11.11 | -29.35 | 4.21 | 0.25 | -10.52 | -11.13 | -12.25 | -13.50 | -14.86 |
| WACC | ||||||||||
| PV UFCF | -10.10 | -10.25 | -10.84 | -11.46 | -12.11 | |||||
| SUM PV UFCF | -54.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.18 |
| Free cash flow (t + 1) | -15.16 |
| Terminal Value | -695.47 |
| Present Value of Terminal Value | -566.70 |
Intrinsic Value
| Enterprise Value | -621.46 |
|---|---|
| Net Debt | 104.95 |
| Equity Value | -726.41 |
| Shares Outstanding | 17.51 |
| Equity Value Per Share | -41.48 |