Discounted Cash Flow (DCF) Analysis Unlevered

Maui Land & Pineapple Company, Inc. (MLP)

$9.32

-0.12 (-1.27%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.25 | 9.32 | overvalue

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 24.3811.0410.047.5412.4411.7111.0210.379.759.18
Revenue (%)
EBITDA 13.03-2.51-3.67-1.07-2-0.84-0.79-0.75-0.70-0.66
EBITDA (%)
EBIT 11.09-4.34-5.17-2.47-3.30-2.45-2.30-2.17-2.04-1.92
EBIT (%)
Depreciation 1.941.841.501.401.301.611.511.421.341.26
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 1.030.620.680.875.601.711.611.521.431.34
Total Cash (%)
Account Receivables 0.943.401.171.361.101.711.611.521.431.34
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.702.021.360.900.581.201.131.0610.94
Accounts Payable (%)
Capital Expenditure --0.31-0.71-0.08-0.03-0.33-0.31-0.29-0.27-0.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.32
Beta 0.551
Diluted Shares Outstanding 19.35
Cost of Debt
Tax Rate -6.74
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.184
Total Debt -
Total Equity 180.38
Total Capital 180.38
Debt Weighting 0.00
Equity Weighting 100.00
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 24.3811.0410.047.5412.4411.7111.0210.379.759.18
EBITDA 13.03-2.51-3.67-1.07-2-0.84-0.79-0.75-0.70-0.66
EBIT 11.09-4.34-5.17-2.47-3.30-2.45-2.30-2.17-2.04-1.92
Tax Rate 0.00%111.06%-415.72%-14.87%-6.74%-65.25%-65.25%-65.25%-65.25%-65.25%
EBIAT 11.090.48-26.66-2.84-3.52-4.05-3.81-3.58-3.37-3.17
Depreciation 1.941.841.501.401.301.611.511.421.341.26
Accounts Receivable --2.462.22-0.190.26-0.610.100.100.090.08
Inventories ----------
Accounts Payable -1.33-0.67-0.46-0.320.62-0.07-0.07-0.06-0.06
Capital Expenditure --0.31-0.71-0.08-0.03-0.33-0.31-0.29-0.27-0.26
UFCF 13.030.88-24.32-2.16-2.31-2.76-2.58-2.42-2.28-2.15
WACC
PV UFCF -2.60-2.29-2.03-1.79-1.59
SUM PV UFCF -10.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.18
Free cash flow (t + 1) -2.19
Terminal Value -52.38
Present Value of Terminal Value -38.81

Intrinsic Value

Enterprise Value -49.10
Net Debt -5.60
Equity Value -43.51
Shares Outstanding 19.35
Equity Value Per Share -2.25