Discounted Cash Flow (DCF) Analysis Unlevered

Mesa Laboratories, Inc. (MLAB)

$140.83

-1.81 (-1.27%)
All numbers are in Millions, Currency in USD
Stock DCF: -64.45 | 140.83 | 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 96.18103.13117.69133.94184.33217.87257.51304.37359.75425.20
Revenue (%)
EBITDA 9.7718.0521.9327.9932.5336.9743.6951.6461.0472.14
EBITDA (%)
EBIT 0.308.628.9410.337.4612.2114.4317.0620.1623.83
EBIT (%)
Depreciation 9.479.4312.9917.6625.0724.7629.2634.5840.8848.31
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 5.4710.1881.38263.8649.35134.42158.88187.79221.95262.34
Total Cash (%)
Account Receivables 14.3012.5221.1323.7941.2237.0843.8251.7961.2272.36
Account Receivables (%)
Inventories 9.236.7714.2311.1824.6121.7625.7230.4035.9442.47
Inventories (%)
Accounts Payable 2.382.903.414.477.906.898.149.6211.3713.44
Accounts Payable (%)
Capital Expenditure -2.80-1.26-1.50-1.99-4.43-4.05-4.79-5.66-6.69-7.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 140.83
Beta 0.583
Diluted Shares Outstanding 5.33
Cost of Debt
Tax Rate 47.65
After-tax Cost of Debt 0.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.557
Total Debt 221.13
Total Equity 751.33
Total Capital 972.46
Debt Weighting 22.74
Equity Weighting 77.26
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 96.18103.13117.69133.94184.33217.87257.51304.37359.75425.20
EBITDA 9.7718.0521.9327.9932.5336.9743.6951.6461.0472.14
EBIT 0.308.628.9410.337.4612.2114.4317.0620.1623.83
Tax Rate 1,084.05%13.21%60.70%-42.16%47.65%232.69%232.69%232.69%232.69%232.69%
EBIAT -2.967.483.5114.683.90-16.20-19.15-22.64-26.76-31.62
Depreciation 9.479.4312.9917.6625.0724.7629.2634.5840.8848.31
Accounts Receivable -1.79-8.62-2.65-17.444.15-6.75-7.97-9.42-11.14
Inventories -2.46-7.463.05-13.432.84-3.96-4.68-5.53-6.54
Accounts Payable -0.520.511.073.42-1.011.251.481.752.07
Capital Expenditure -2.80-1.26-1.50-1.99-4.43-4.05-4.79-5.66-6.69-7.91
UFCF 3.7120.41-0.5631.81-2.9010.48-4.13-4.89-5.78-6.83
WACC
PV UFCF 9.95-3.73-4.19-4.70-5.28
SUM PV UFCF -7.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.28
Free cash flow (t + 1) -6.96
Terminal Value -212.27
Present Value of Terminal Value -164.12

Intrinsic Value

Enterprise Value -172.06
Net Debt 171.79
Equity Value -343.85
Shares Outstanding 5.33
Equity Value Per Share -64.45