Discounted Cash Flow (DCF) Analysis Unlevered

Liquidity Services, Inc. (LQDT)

$16.99

-0.31 (-1.79%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 16.99 | 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 270.01224.51226.53205.94257.53257.54257.54257.55257.55257.56
Revenue (%)
EBITDA -33.84-16.34-12.973.3234.55-5.41-5.41-5.41-5.42-5.42
EBITDA (%)
EBIT -39.64-20.94-18.06-2.9727.58-11.70-11.70-11.70-11.70-11.70
EBIT (%)
Depreciation 5.804.605.096.296.976.296.296.296.296.29
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 94.3578.4566.5076.04106.3491.4091.4091.4091.4191.41
Total Cash (%)
Account Receivables 14.066.609.246.975.879.219.219.219.219.21
Account Receivables (%)
Inventories 20.7410.125.845.6112.4711.5011.5011.5011.5011.50
Inventories (%)
Accounts Payable 37.4842.8335.3048.1374.3251.9051.9151.9151.9151.91
Accounts Payable (%)
Capital Expenditure -7.92-4.21-5.96-4.25-5.45-5.99-5.99-5.99-5.99-5.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.99
Beta 1.405
Diluted Shares Outstanding 35.02
Cost of Debt
Tax Rate -84.74
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.515
Total Debt 14.35
Total Equity 595.06
Total Capital 609.41
Debt Weighting 2.35
Equity Weighting 97.65
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 270.01224.51226.53205.94257.53257.54257.54257.55257.55257.56
EBITDA -33.84-16.34-12.973.3234.55-5.41-5.41-5.41-5.42-5.42
EBIT -39.64-20.94-18.06-2.9727.58-11.70-11.70-11.70-11.70-11.70
Tax Rate 1.14%44.54%-6.64%-26.94%-84.74%-14.53%-14.53%-14.53%-14.53%-14.53%
EBIAT -39.19-11.62-19.26-3.7750.95-13.40-13.40-13.40-13.40-13.40
Depreciation 5.804.605.096.296.976.296.296.296.296.29
Accounts Receivable -7.47-2.642.261.11-3.35-0-0-0-0
Inventories -10.614.280.24-6.860.97-0-0-0-0
Accounts Payable -5.35-7.5212.8226.20-22.420000
Capital Expenditure -7.92-4.21-5.96-4.25-5.45-5.99-5.99-5.99-5.99-5.99
UFCF -41.3212.20-26.0113.5972.91-37.90-13.10-13.10-13.10-13.10
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -13.36
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -91.99
Equity Value -
Shares Outstanding 35.02
Equity Value Per Share -