Discounted Cash Flow (DCF) Analysis Unlevered
Mexco Energy Corporation (MXC)
$15.75
-0.45 (-2.78%)
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 | $ 15.75 |
|---|---|
| Beta | 1.179 |
| 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 | 9.329 |
| Total Debt | 0.13 |
| Total Equity | 33.99 |
| Total Capital | 34.12 |
| Debt Weighting | 0.38 |
| Equity Weighting | 99.62 |
| 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 | -2.43 | -3 | -3.70 | -4.56 | -5.61 | |||||
| SUM PV UFCF | -19.30 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.37 |
| Free cash flow (t + 1) | -8.96 |
| Terminal Value | -121.53 |
| Present Value of Terminal Value | -77.66 |
Intrinsic Value
| Enterprise Value | -96.95 |
|---|---|
| Net Debt | -1.24 |
| Equity Value | -95.71 |
| Shares Outstanding | 2.16 |
| Equity Value Per Share | -44.35 |