Discounted Cash Flow (DCF) Analysis Unlevered
Marine Products Corporation (MPX)
$11.45
-0.25 (-2.14%)
All numbers are in Millions, Currency in USD
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 | 267.32 | 298.62 | 292.14 | 239.83 | 298.01 | 309.86 | 322.17 | 334.97 | 348.28 | 362.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 31.51 | 37.48 | 36.55 | 26.41 | 38.22 | 37.61 | 39.10 | 40.66 | 42.27 | 43.95 |
| EBITDA (%) | ||||||||||
| EBIT | 29.99 | 35.66 | 34.46 | 24.46 | 36.41 | 35.55 | 36.96 | 38.43 | 39.96 | 41.55 |
| EBIT (%) | ||||||||||
| Depreciation | 1.53 | 1.82 | 2.09 | 1.95 | 1.82 | 2.06 | 2.14 | 2.22 | 2.31 | 2.40 |
| 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 | 10.32 | 11.71 | 19.80 | 31.57 | 14.10 | 20.11 | 20.91 | 21.75 | 22.61 | 23.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.76 | 4.32 | 7.51 | 4.71 | 3.27 | 5.26 | 5.47 | 5.69 | 5.91 | 6.15 |
| Account Receivables (%) | ||||||||||
| Inventories | 38.01 | 46.77 | 41.55 | 42.31 | 73.26 | 53.50 | 55.63 | 57.84 | 60.13 | 62.52 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.36 | 4.67 | 3.89 | 6.08 | 6.77 | 6.02 | 6.26 | 6.50 | 6.76 | 7.03 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.41 | -2.15 | -2.33 | -2.10 | -1.25 | -2.30 | -2.39 | -2.49 | -2.59 | -2.69 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 11.45 |
|---|---|
| Beta | 1.115 |
| Diluted Shares Outstanding | 33.99 |
| Cost of Debt | |
| Tax Rate | 20.28 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.052 |
| Total Debt | - |
| Total Equity | 389.21 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | 267.32 | 298.62 | 292.14 | 239.83 | 298.01 | 309.86 | 322.17 | 334.97 | 348.28 | 362.13 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 31.51 | 37.48 | 36.55 | 26.41 | 38.22 | 37.61 | 39.10 | 40.66 | 42.27 | 43.95 |
| EBIT | 29.99 | 35.66 | 34.46 | 24.46 | 36.41 | 35.55 | 36.96 | 38.43 | 39.96 | 41.55 |
| Tax Rate | 35.64% | 20.10% | 18.05% | 20.49% | 20.28% | 22.91% | 22.91% | 22.91% | 22.91% | 22.91% |
| EBIAT | 19.30 | 28.49 | 28.24 | 19.44 | 29.03 | 27.41 | 28.50 | 29.63 | 30.80 | 32.03 |
| Depreciation | 1.53 | 1.82 | 2.09 | 1.95 | 1.82 | 2.06 | 2.14 | 2.22 | 2.31 | 2.40 |
| Accounts Receivable | - | -0.56 | -3.19 | 2.81 | 1.43 | -1.99 | -0.21 | -0.22 | -0.23 | -0.23 |
| Inventories | - | -8.76 | 5.22 | -0.76 | -30.95 | 19.76 | -2.13 | -2.21 | -2.30 | -2.39 |
| Accounts Payable | - | -0.69 | -0.79 | 2.19 | 0.69 | -0.75 | 0.24 | 0.25 | 0.26 | 0.27 |
| Capital Expenditure | -2.41 | -2.15 | -2.33 | -2.10 | -1.25 | -2.30 | -2.39 | -2.49 | -2.59 | -2.69 |
| UFCF | 18.42 | 18.14 | 29.23 | 23.54 | 0.77 | 44.18 | 26.14 | 27.18 | 28.26 | 29.39 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 29.97 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -14.10 |
| Equity Value | - |
| Shares Outstanding | 33.99 |
| Equity Value Per Share | - |