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
Stock DCF: -14.78 | 8.42 | 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 670.631,088.131,017.35638.07573.16585.05597.19609.57622.22635.12
Revenue (%)
EBITDA 34.93121.11-99.51-421.5317.73-66.01-67.38-68.77-70.20-71.66
EBITDA (%)
EBIT -72.74-2.42-222.83-520.07-63.01-146.81-149.86-152.97-156.14-159.38
EBIT (%)
Depreciation 107.67123.53123.3298.5480.7480.8182.4884.1985.9487.72
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 53.4619.328.4972.0152.8536.3837.1337.9038.6939.49
Total Cash (%)
Account Receivables 222.07293.14233.49163.14186.08165.03168.45171.94175.51179.15
Account Receivables (%)
Inventories 168.29209.39221.34170.38168.57142.99145.96148.99152.08155.23
Inventories (%)
Accounts Payable 49.0977.5178.3746.4363.3447.3648.3449.3450.3751.41
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 670.631,088.131,017.35638.07573.16585.05597.19609.57622.22635.12
EBITDA 34.93121.11-99.51-421.5317.73-66.01-67.38-68.77-70.20-71.66
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 107.67123.53123.3298.5480.7480.8182.4884.1985.9487.72
Accounts Receivable --71.0759.6570.35-22.9521.05-3.42-3.49-3.57-3.64
Inventories --41.11-11.9550.971.8025.58-2.97-3.03-3.09-3.15
Accounts Payable -28.420.86-31.9416.91-15.980.9811.021.04
Capital Expenditure -35.17-88.02-56.12-12.75-17.52-27.97-28.55-29.14-29.75-30.36
UFCF -7.23-50.38-98.81-280.714.01-54.15-91.96-93.87-95.82-97.80
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