Discounted Cash Flow (DCF) Analysis Unlevered

Newpark Resources, Inc. (NR)

$2.52

-0.11 (-4.18%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.22 | 2.52 | 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 747.76946.55820.12492.62614.78611.85608.93606.02603.13600.25
Revenue (%)
EBITDA 51.77108.0458.36-36.2832.8028.6628.5328.3928.2628.12
EBITDA (%)
EBIT 12.0262.1411.21-81.59-9.43-10.47-10.42-10.37-10.32-10.27
EBIT (%)
Depreciation 39.7645.9047.1445.3142.2239.1438.9538.7638.5838.39
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 56.3556.1248.6724.2024.0934.5434.3834.2234.0533.89
Total Cash (%)
Account Receivables 265.87254.39216.71141.05194.30182.44181.57180.71179.84178.98
Account Receivables (%)
Inventories 165.34196.90196.90147.86155.34149.54148.83148.12147.41146.71
Inventories (%)
Accounts Payable 88.6590.6179.7849.2584.5967.1966.8766.5666.2465.92
Accounts Payable (%)
Capital Expenditure -31.37-45.14-44.81-15.79-21.79-25.92-25.79-25.67-25.55-25.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.52
Beta 2.937
Diluted Shares Outstanding 90.20
Cost of Debt
Tax Rate -40.00
After-tax Cost of Debt 6.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.666
Total Debt 137.16
Total Equity 227.30
Total Capital 364.45
Debt Weighting 37.63
Equity Weighting 62.37
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 747.76946.55820.12492.62614.78611.85608.93606.02603.13600.25
EBITDA 51.77108.0458.36-36.2832.8028.6628.5328.3928.2628.12
EBIT 12.0262.1411.21-81.59-9.43-10.47-10.42-10.37-10.32-10.27
Tax Rate 138.16%31.72%-309.94%12.84%-40.00%-33.45%-33.45%-33.45%-33.45%-33.45%
EBIAT -4.5942.4345.96-71.12-13.20-13.97-13.91-13.84-13.77-13.71
Depreciation 39.7645.9047.1445.3142.2239.1438.9538.7638.5838.39
Accounts Receivable -11.4737.6875.67-53.2511.850.870.870.860.86
Inventories --31.56-049.04-7.485.800.710.710.710.70
Accounts Payable -1.96-10.83-30.5335.33-17.39-0.32-0.32-0.32-0.32
Capital Expenditure -31.37-45.14-44.81-15.79-21.79-25.92-25.79-25.67-25.55-25.43
UFCF 3.8025.0675.1552.58-18.17-0.490.510.510.510.51
WACC
PV UFCF -0.430.400.350.310.27
SUM PV UFCF 0.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.43
Free cash flow (t + 1) 0.52
Terminal Value 4.51
Present Value of Terminal Value 2.40

Intrinsic Value

Enterprise Value 3.29
Net Debt 113.07
Equity Value -109.77
Shares Outstanding 90.20
Equity Value Per Share -1.22