Discounted Cash Flow (DCF) Analysis Unlevered

Ocean Bio-Chem, Inc. (OBCI)

$12.86

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.94 | 12.86 | 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 38.9341.8042.2655.5664.3073.2583.4495.05108.28123.35
Revenue (%)
EBITDA 4.634.765.7813.747.7410.8012.3114.0215.9718.19
EBITDA (%)
EBIT 3.683.594.4912.366.258.8810.1211.5313.1314.96
EBIT (%)
Depreciation 0.961.181.291.371.491.922.192.492.843.23
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 2.421.406.1311.1212.689.3510.6512.1313.8215.74
Total Cash (%)
Account Receivables 6.556.708.149.829.5412.4014.1316.0918.3320.88
Account Receivables (%)
Inventories 9.0712.099.5613.1816.8218.2720.8123.7127.0130.76
Inventories (%)
Accounts Payable 1.811.471.051.972.882.733.113.554.044.60
Accounts Payable (%)
Capital Expenditure -5.28-1.74-0.79-1.84-7.44-5.05-5.75-6.55-7.46-8.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.86
Beta 0.370
Diluted Shares Outstanding 9.49
Cost of Debt
Tax Rate 21.53
After-tax Cost of Debt 1.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.954
Total Debt 8.67
Total Equity 122
Total Capital 130.67
Debt Weighting 6.63
Equity Weighting 93.37
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 38.9341.8042.2655.5664.3073.2583.4495.05108.28123.35
EBITDA 4.634.765.7813.747.7410.8012.3114.0215.9718.19
EBIT 3.683.594.4912.366.258.8810.1211.5313.1314.96
Tax Rate 29.20%22.06%22.16%21.38%21.53%23.27%23.27%23.27%23.27%23.27%
EBIAT 2.602.803.509.724.906.827.768.8410.0811.48
Depreciation 0.961.181.291.371.491.922.192.492.843.23
Accounts Receivable --0.16-1.44-1.680.28-2.86-1.73-1.97-2.24-2.55
Inventories --3.012.53-3.62-3.64-1.45-2.54-2.90-3.30-3.76
Accounts Payable --0.33-0.420.920.91-0.140.380.430.490.56
Capital Expenditure -5.28-1.74-0.79-1.84-7.44-5.05-5.75-6.55-7.46-8.50
UFCF -1.72-1.274.664.88-3.51-0.760.310.360.410.46
WACC
PV UFCF -0.730.290.310.340.37
SUM PV UFCF 0.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.71
Free cash flow (t + 1) 0.47
Terminal Value 17.40
Present Value of Terminal Value 13.82

Intrinsic Value

Enterprise Value 14.39
Net Debt -4.01
Equity Value 18.41
Shares Outstanding 9.49
Equity Value Per Share 1.94