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
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 | 38.93 | 41.80 | 42.26 | 55.56 | 64.30 | 73.25 | 83.44 | 95.05 | 108.28 | 123.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.63 | 4.76 | 5.78 | 13.74 | 7.74 | 10.80 | 12.31 | 14.02 | 15.97 | 18.19 |
| EBITDA (%) | ||||||||||
| EBIT | 3.68 | 3.59 | 4.49 | 12.36 | 6.25 | 8.88 | 10.12 | 11.53 | 13.13 | 14.96 |
| EBIT (%) | ||||||||||
| Depreciation | 0.96 | 1.18 | 1.29 | 1.37 | 1.49 | 1.92 | 2.19 | 2.49 | 2.84 | 3.23 |
| 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 | 2.42 | 1.40 | 6.13 | 11.12 | 12.68 | 9.35 | 10.65 | 12.13 | 13.82 | 15.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.55 | 6.70 | 8.14 | 9.82 | 9.54 | 12.40 | 14.13 | 16.09 | 18.33 | 20.88 |
| Account Receivables (%) | ||||||||||
| Inventories | 9.07 | 12.09 | 9.56 | 13.18 | 16.82 | 18.27 | 20.81 | 23.71 | 27.01 | 30.76 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.81 | 1.47 | 1.05 | 1.97 | 2.88 | 2.73 | 3.11 | 3.55 | 4.04 | 4.60 |
| 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 | 38.93 | 41.80 | 42.26 | 55.56 | 64.30 | 73.25 | 83.44 | 95.05 | 108.28 | 123.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.63 | 4.76 | 5.78 | 13.74 | 7.74 | 10.80 | 12.31 | 14.02 | 15.97 | 18.19 |
| EBIT | 3.68 | 3.59 | 4.49 | 12.36 | 6.25 | 8.88 | 10.12 | 11.53 | 13.13 | 14.96 |
| Tax Rate | 29.20% | 22.06% | 22.16% | 21.38% | 21.53% | 23.27% | 23.27% | 23.27% | 23.27% | 23.27% |
| EBIAT | 2.60 | 2.80 | 3.50 | 9.72 | 4.90 | 6.82 | 7.76 | 8.84 | 10.08 | 11.48 |
| Depreciation | 0.96 | 1.18 | 1.29 | 1.37 | 1.49 | 1.92 | 2.19 | 2.49 | 2.84 | 3.23 |
| Accounts Receivable | - | -0.16 | -1.44 | -1.68 | 0.28 | -2.86 | -1.73 | -1.97 | -2.24 | -2.55 |
| Inventories | - | -3.01 | 2.53 | -3.62 | -3.64 | -1.45 | -2.54 | -2.90 | -3.30 | -3.76 |
| Accounts Payable | - | -0.33 | -0.42 | 0.92 | 0.91 | -0.14 | 0.38 | 0.43 | 0.49 | 0.56 |
| 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 | -1.27 | 4.66 | 4.88 | -3.51 | -0.76 | 0.31 | 0.36 | 0.41 | 0.46 |
| WACC | ||||||||||
| PV UFCF | -0.73 | 0.29 | 0.31 | 0.34 | 0.37 | |||||
| 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 |