Discounted Cash Flow (DCF) Analysis Unlevered

OneWater Marine Inc. (ONEW)

$31.57

-0.06 (-0.19%)
All numbers are in Millions, Currency in USD
Stock DCF: -254.40 | 31.57 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 602.80767.621,022.971,228.211,744.822,280.192,979.813,894.115,088.946,650.38
Revenue (%)
EBITDA 12.1754.3044.69117.18207.62159.17208271.83355.23464.23
EBITDA (%)
EBIT 10.4951.6241.44111.77191.33148.58194.17253.75331.61433.35
EBIT (%)
Depreciation 1.682.683.255.4116.3010.5913.8318.0823.6230.87
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 15.3511.1166.0962.6142.0781.91107.04139.89182.81238.90
Total Cash (%)
Account Receivables 10.8915.2918.4828.5357.9651.3067.0487.62114.50149.63
Account Receivables (%)
Inventories 184.36277.34150.12143.88372.96522.06682.25891.581,165.151,522.65
Inventories (%)
Accounts Payable 6.345.5512.7818.1127.3127.6536.1447.2261.7180.65
Accounts Payable (%)
Capital Expenditure -10.13-7.29-6.31-9.90-11.40-21.47-28.05-36.66-47.91-62.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31.57
Beta 2.442
Diluted Shares Outstanding 14.34
Cost of Debt
Tax Rate 33.14
After-tax Cost of Debt 1.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.043
Total Debt 835.02
Total Equity 452.62
Total Capital 1,287.64
Debt Weighting 64.85
Equity Weighting 35.15
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 602.80767.621,022.971,228.211,744.822,280.192,979.813,894.115,088.946,650.38
EBITDA 12.1754.3044.69117.18207.62159.17208271.83355.23464.23
EBIT 10.4951.6241.44111.77191.33148.58194.17253.75331.61433.35
Tax Rate 42.64%4.31%68.22%44.41%33.14%38.54%38.54%38.54%38.54%38.54%
EBIAT 6.0249.4013.1762.13127.9391.31119.33155.95203.79266.33
Depreciation 1.682.683.255.4116.3010.5913.8318.0823.6230.87
Accounts Receivable --4.41-3.18-10.05-29.436.66-15.74-20.57-26.88-35.13
Inventories --92.98127.216.24-229.08-149.11-160.18-209.33-273.56-357.50
Accounts Payable --0.797.235.339.190.358.4811.0914.4918.94
Capital Expenditure -10.13-7.29-6.31-9.90-11.40-21.47-28.05-36.66-47.91-62.61
UFCF -2.43-53.39141.3759.18-116.50-61.67-62.33-81.45-106.45-139.11
WACC
PV UFCF -58.06-55.24-67.97-83.62-102.88
SUM PV UFCF -367.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.22
Free cash flow (t + 1) -141.89
Terminal Value -3,362.33
Present Value of Terminal Value -2,486.62

Intrinsic Value

Enterprise Value -2,854.39
Net Debt 792.95
Equity Value -3,647.34
Shares Outstanding 14.34
Equity Value Per Share -254.40