Discounted Cash Flow (DCF) Analysis Unlevered

Maui Land & Pineapple Company, Inc. (MLP)

$9.21

+0.48 (+5.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.15 | 9.21 | 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 13.03-2.51-3.67-1.07-2.24-0.89-0.84-0.79-0.74-0.70
EBITDA (%)
EBIT 11.09-4.34-5.17-2.47-3.54-2.50-2.35-2.21-2.08-1.96
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 --0.31-0.71-0.084.200.670.630.590.560.52
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.21
Beta 0.636
Diluted Shares Outstanding 19.36
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.808
Total Debt -
Total Equity 178.32
Total Capital 178.32
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 13.03-2.51-3.67-1.07-2.24-0.89-0.84-0.79-0.74-0.70
EBIT 11.09-4.34-5.17-2.47-3.54-2.50-2.35-2.21-2.08-1.96
Tax Rate 0.00%111.06%-415.72%-14.87%0.00%-63.90%-63.90%-63.90%-63.90%-63.90%
EBIAT 11.090.48-26.66-2.84-3.54-4.09-3.85-3.62-3.41-3.21
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 --0.31-0.71-0.084.200.670.630.590.560.52
UFCF 13.030.88-24.32-2.161.90-1.81-1.68-1.58-1.49-1.40
WACC
PV UFCF -1.69-1.47-1.30-1.14-1.01
SUM PV UFCF -6.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.81
Free cash flow (t + 1) -1.43
Terminal Value -29.67
Present Value of Terminal Value -21.34

Intrinsic Value

Enterprise Value -27.95
Net Debt -5.60
Equity Value -22.36
Shares Outstanding 19.36
Equity Value Per Share -1.15