Discounted Cash Flow (DCF) Analysis Unlevered

Perma-Fix Environmental Services, I... (PESI)

$3.5285

-0.05 (-1.44%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.59 | 3.5285 | 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 49.7749.5473.46105.4372.1982.9995.40109.66126.06144.91
Revenue (%)
EBITDA -0.81-0.654.254.67-1.080.961.101.261.451.67
EBITDA (%)
EBIT -4.62-2.112.903.07-2.77-1.74-2-2.30-2.65-3.04
EBIT (%)
Depreciation 3.801.461.341.601.692.703.103.574.104.71
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 1.060.810.397.924.442.983.433.944.535.21
Total Cash (%)
Account Receivables 12.4910.8421.1624.1120.3721.0624.2027.8231.9836.77
Account Receivables (%)
Inventories 0.390.450.620.890.610.700.810.931.071.23
Inventories (%)
Accounts Payable 3.545.509.2815.3811.9710.2911.8313.6015.6317.97
Accounts Payable (%)
Capital Expenditure -0.44-1.43-1.53-1.71-1.58-1.61-1.85-2.12-2.44-2.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.5,285
Beta 0.919
Diluted Shares Outstanding 12.67
Cost of Debt
Tax Rate 129.84
After-tax Cost of Debt -1.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.851
Total Debt 4.64
Total Equity 44.72
Total Capital 49.36
Debt Weighting 9.41
Equity Weighting 90.59
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 49.7749.5473.46105.4372.1982.9995.40109.66126.06144.91
EBITDA -0.81-0.654.254.67-1.080.961.101.261.451.67
EBIT -4.62-2.112.903.07-2.77-1.74-2-2.30-2.65-3.04
Tax Rate 23.70%29.30%19.87%3.38%129.84%41.22%41.22%41.22%41.22%41.22%
EBIAT -3.52-1.492.332.970.83-1.02-1.18-1.35-1.56-1.79
Depreciation 3.801.461.341.601.692.703.103.574.104.71
Accounts Receivable -1.65-10.32-2.953.75-0.69-3.15-3.62-4.16-4.78
Inventories --0.06-0.17-0.270.28-0.09-0.11-0.12-0.14-0.16
Accounts Payable -1.963.786.11-3.41-1.681.541.772.032.34
Capital Expenditure -0.44-1.43-1.53-1.72-1.58-1.61-1.85-2.12-2.44-2.80
UFCF -0.162.09-4.585.731.56-2.39-1.64-1.88-2.16-2.48
WACC
PV UFCF -2.24-1.43-1.54-1.65-1.78
SUM PV UFCF -8.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.94
Free cash flow (t + 1) -2.53
Terminal Value -51.30
Present Value of Terminal Value -36.68

Intrinsic Value

Enterprise Value -45.32
Net Debt 0.20
Equity Value -45.52
Shares Outstanding 12.67
Equity Value Per Share -3.59