Discounted Cash Flow (DCF) Analysis Unlevered
Oil States International, Inc. (OIS)
$8.42
+0.20 (+2.43%)
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 | 670.63 | 1,088.13 | 1,017.35 | 638.07 | 573.16 | 585.05 | 597.19 | 609.57 | 622.22 | 635.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 34.93 | 121.11 | -99.51 | -421.53 | 17.73 | -66.01 | -67.38 | -68.77 | -70.20 | -71.66 |
| EBITDA (%) | ||||||||||
| EBIT | -72.74 | -2.42 | -222.83 | -520.07 | -63.01 | -146.81 | -149.86 | -152.97 | -156.14 | -159.38 |
| EBIT (%) | ||||||||||
| Depreciation | 107.67 | 123.53 | 123.32 | 98.54 | 80.74 | 80.81 | 82.48 | 84.19 | 85.94 | 87.72 |
| 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 | 53.46 | 19.32 | 8.49 | 72.01 | 52.85 | 36.38 | 37.13 | 37.90 | 38.69 | 39.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 222.07 | 293.14 | 233.49 | 163.14 | 186.08 | 165.03 | 168.45 | 171.94 | 175.51 | 179.15 |
| Account Receivables (%) | ||||||||||
| Inventories | 168.29 | 209.39 | 221.34 | 170.38 | 168.57 | 142.99 | 145.96 | 148.99 | 152.08 | 155.23 |
| Inventories (%) | ||||||||||
| Accounts Payable | 49.09 | 77.51 | 78.37 | 46.43 | 63.34 | 47.36 | 48.34 | 49.34 | 50.37 | 51.41 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -35.17 | -88.02 | -56.12 | -12.75 | -17.52 | -27.97 | -28.55 | -29.14 | -29.75 | -30.36 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.42 |
|---|---|
| Beta | 2.992 |
| Diluted Shares Outstanding | 60.29 |
| Cost of Debt | |
| Tax Rate | 12.74 |
| After-tax Cost of Debt | 4.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.656 |
| Total Debt | 208.68 |
| Total Equity | 507.67 |
| Total Capital | 716.35 |
| Debt Weighting | 29.13 |
| Equity Weighting | 70.87 |
| 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 | 670.63 | 1,088.13 | 1,017.35 | 638.07 | 573.16 | 585.05 | 597.19 | 609.57 | 622.22 | 635.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 34.93 | 121.11 | -99.51 | -421.53 | 17.73 | -66.01 | -67.38 | -68.77 | -70.20 | -71.66 |
| EBIT | -72.74 | -2.42 | -222.83 | -520.07 | -63.01 | -146.81 | -149.86 | -152.97 | -156.14 | -159.38 |
| Tax Rate | -9.61% | 12.09% | 3.71% | 12.34% | 12.74% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% |
| EBIAT | -79.73 | -2.13 | -214.57 | -455.88 | -54.98 | -137.63 | -140.49 | -143.40 | -146.38 | -149.41 |
| Depreciation | 107.67 | 123.53 | 123.32 | 98.54 | 80.74 | 80.81 | 82.48 | 84.19 | 85.94 | 87.72 |
| Accounts Receivable | - | -71.07 | 59.65 | 70.35 | -22.95 | 21.05 | -3.42 | -3.49 | -3.57 | -3.64 |
| Inventories | - | -41.11 | -11.95 | 50.97 | 1.80 | 25.58 | -2.97 | -3.03 | -3.09 | -3.15 |
| Accounts Payable | - | 28.42 | 0.86 | -31.94 | 16.91 | -15.98 | 0.98 | 1 | 1.02 | 1.04 |
| Capital Expenditure | -35.17 | -88.02 | -56.12 | -12.75 | -17.52 | -27.97 | -28.55 | -29.14 | -29.75 | -30.36 |
| UFCF | -7.23 | -50.38 | -98.81 | -280.71 | 4.01 | -54.15 | -91.96 | -93.87 | -95.82 | -97.80 |
| WACC | ||||||||||
| PV UFCF | -47.59 | -71.05 | -63.74 | -57.19 | -51.31 | |||||
| SUM PV UFCF | -290.89 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.77 |
| Free cash flow (t + 1) | -99.76 |
| Terminal Value | -847.58 |
| Present Value of Terminal Value | -444.67 |
Intrinsic Value
| Enterprise Value | -735.56 |
|---|---|
| Net Debt | 155.83 |
| Equity Value | -891.39 |
| Shares Outstanding | 60.29 |
| Equity Value Per Share | -14.78 |