Discounted Cash Flow (DCF) Analysis Unlevered

OneSpaWorld Holdings Limited (OSW)

$8.97

-0.03 (-0.33%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.95 | 8.97 | 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 506.69540.78562.23120.93144.03126.50111.1097.5885.7075.27
Revenue (%)
EBITDA 46.2155.13-0.12-240.52-32.14-51.09-44.87-39.41-34.61-30.40
EBITDA (%)
EBIT 36.3845.07-21.71-264.97-54.61-62.08-54.52-47.89-42.06-36.94
EBIT (%)
Depreciation 9.8310.0521.5924.4522.47119.668.487.456.54
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 8.6715.3013.8641.5530.9415.9013.9712.2710.779.46
Total Cash (%)
Account Receivables 23.2625.3530.512.9919.487.776.825.995.264.62
Account Receivables (%)
Inventories 25.3032.2736.0727.2029.4815.2713.4111.7810.349.08
Inventories (%)
Accounts Payable 16.0714.1523.448.6015.857.106.245.484.814.23
Accounts Payable (%)
Capital Expenditure -2.68-4.98-3.43-2.13-2.87-1.47-1.29-1.13-1-0.88
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.97
Beta 2.466
Diluted Shares Outstanding 90.13
Cost of Debt
Tax Rate -0.63
After-tax Cost of Debt 5.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.335
Total Debt 230.46
Total Equity 808.50
Total Capital 1,038.96
Debt Weighting 22.18
Equity Weighting 77.82
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 506.69540.78562.23120.93144.03126.50111.1097.5885.7075.27
EBITDA 46.2155.13-0.12-240.52-32.14-51.09-44.87-39.41-34.61-30.40
EBIT 36.3845.07-21.71-264.97-54.61-62.08-54.52-47.89-42.06-36.94
Tax Rate 19.15%33.34%-10.75%-0.29%-0.63%8.16%8.16%8.16%8.16%8.16%
EBIAT 29.4130.04-24.05-265.75-54.95-57.01-50.07-43.98-38.63-33.92
Depreciation 9.8310.0521.5924.4522.47119.668.487.456.54
Accounts Receivable --2.09-5.1627.52-16.4911.710.950.830.730.64
Inventories --6.97-3.808.87-2.2814.221.861.631.431.26
Accounts Payable --1.929.29-14.847.24-8.74-0.86-0.76-0.67-0.59
Capital Expenditure -2.68-4.98-3.43-2.13-2.87-1.47-1.29-1.13-1-0.88
UFCF 36.5624.14-5.55-221.88-46.87-30.30-39.77-34.93-30.68-26.94
WACC
PV UFCF -26.76-31.02-24.06-18.66-14.48
SUM PV UFCF -114.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.23
Free cash flow (t + 1) -27.48
Terminal Value -244.71
Present Value of Terminal Value -131.48

Intrinsic Value

Enterprise Value -246.46
Net Debt 199.52
Equity Value -445.98
Shares Outstanding 90.13
Equity Value Per Share -4.95