Discounted Cash Flow (DCF) Analysis Unlevered
Mexco Energy Corporation (MXC)
$17.805
-0.61 (-3.34%)
All numbers are in Millions, Currency in USD
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 | 2.71 | 2.69 | 2.74 | 2.80 | 6.59 | 8.87 | 11.95 | 16.10 | 21.69 | 29.22 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -0.23 | 0.01 | -0.06 | 1.12 | 4.23 | 1.66 | 2.24 | 3.01 | 4.06 | 5.46 |
EBITDA (%) | ||||||||||
EBIT | -0.23 | 0.01 | -0.06 | 0.21 | 2.09 | -1.21 | -1.63 | -2.20 | -2.97 | -4 |
EBIT (%) | ||||||||||
Depreciation | - | - | - | 0.91 | 2.13 | 2.87 | 3.87 | 5.21 | 7.02 | 9.46 |
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 | 0.49 | 0.13 | 0.03 | 0.06 | 1.37 | 0.84 | 1.13 | 1.52 | 2.04 | 2.75 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 0.83 | 0.38 | 0.28 | 0.65 | 1.31 | 1.75 | 2.35 | 3.17 | 4.27 | 5.75 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -1.09 | -0.82 | -1.70 | -1.60 | -1.89 | -3.88 | -5.22 | -7.03 | -9.48 | -12.76 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 17.805 |
---|---|
Beta | 1.214 |
Diluted Shares Outstanding | 2.16 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 20.41% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.704 |
Total Debt | 0.13 |
Total Equity | 38.42 |
Total Capital | 38.55 |
Debt Weighting | 0.34 |
Equity Weighting | 99.66 |
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 | 2.71 | 2.69 | 2.74 | 2.80 | 6.59 | 8.87 | 11.95 | 16.10 | 21.69 | 29.22 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -0.23 | 0.01 | -0.06 | 1.12 | 4.23 | 1.66 | 2.24 | 3.01 | 4.06 | 5.46 |
EBIT | -0.23 | 0.01 | -0.06 | 0.21 | 2.09 | -1.21 | -1.63 | -2.20 | -2.97 | -4 |
Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
EBIAT | -0.23 | 0.01 | -0.06 | 0.21 | 2.09 | -1.21 | -1.63 | -2.20 | -2.97 | -4 |
Depreciation | - | - | - | 0.91 | 2.13 | 2.87 | 3.87 | 5.21 | 7.02 | 9.46 |
Accounts Receivable | - | 0.45 | 0.10 | -0.37 | -0.66 | -0.44 | -0.61 | -0.82 | -1.10 | -1.48 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | - | - | - | - | - | - | - | - | - |
Capital Expenditure | -1.09 | -0.82 | -1.70 | -1.60 | -1.89 | -3.88 | -5.22 | -7.03 | -9.48 | -12.76 |
UFCF | -1.32 | -0.36 | -1.66 | -0.85 | 1.68 | -2.65 | -3.59 | -4.84 | -6.52 | -8.78 |
WACC | ||||||||||
PV UFCF | -2.44 | -3.04 | -3.76 | -4.66 | -5.78 | |||||
SUM PV UFCF | -19.68 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.74 |
Free cash flow (t + 1) | -8.96 |
Terminal Value | -132.89 |
Present Value of Terminal Value | -87.40 |
Intrinsic Value
Enterprise Value | -107.08 |
---|---|
Net Debt | -1.24 |
Equity Value | -105.84 |
Shares Outstanding | 2.16 |
Equity Value Per Share | -49.05 |