Discounted Cash Flow (DCF) Analysis Unlevered
Perma-Fix Environmental Services, I... (PESI)
$8.1
+0.35 (+4.52%)
All numbers are in Millions, Currency in USD
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 | 49.54 | 73.46 | 105.43 | 72.19 | 70.60 | 80.85 | 92.59 | 106.03 | 121.42 | 139.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.36 | 3.32 | 3.41 | -5.14 | -3.40 | -1.77 | -2.03 | -2.32 | -2.66 | -3.05 |
| EBITDA (%) | ||||||||||
| EBIT | -4.82 | 1.98 | 1.82 | -6.83 | -5.50 | -3.65 | -4.18 | -4.78 | -5.48 | -6.27 |
| EBIT (%) | ||||||||||
| Depreciation | 1.46 | 1.34 | 1.60 | 1.69 | 2.11 | 1.88 | 2.15 | 2.46 | 2.82 | 3.23 |
| 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 | 0.81 | 0.39 | 7.92 | 4.44 | 1.87 | 2.99 | 3.42 | 3.92 | 4.49 | 5.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10.84 | 21.16 | 24.11 | 20.37 | 15.43 | 19.99 | 22.89 | 26.22 | 30.02 | 34.38 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.45 | 0.10 | 0.61 | 0.68 | 0.81 | 0.60 | 0.69 | 0.79 | 0.90 | 1.03 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.50 | 9.28 | 15.38 | 11.97 | 10.32 | 11.24 | 12.87 | 14.74 | 16.88 | 19.34 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.43 | -1.53 | -1.71 | -1.58 | -1.02 | -1.66 | -1.90 | -2.17 | -2.49 | -2.85 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.1 |
|---|---|
| Beta | 0.749 |
| Diluted Shares Outstanding | 13.28 |
| Cost of Debt | |
| Tax Rate | 10.53 |
| After-tax Cost of Debt | 4.46% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.790 |
| Total Debt | 3.51 |
| Total Equity | 107.57 |
| Total Capital | 111.08 |
| Debt Weighting | 3.16 |
| Equity Weighting | 96.84 |
| 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 | 49.54 | 73.46 | 105.43 | 72.19 | 70.60 | 80.85 | 92.59 | 106.03 | 121.42 | 139.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.36 | 3.32 | 3.41 | -5.14 | -3.40 | -1.77 | -2.03 | -2.32 | -2.66 | -3.05 |
| EBIT | -4.82 | 1.98 | 1.82 | -6.83 | -5.50 | -3.65 | -4.18 | -4.78 | -5.48 | -6.27 |
| Tax Rate | 29.30% | 19.87% | 3.38% | 129.84% | 10.53% | 38.59% | 38.59% | 38.59% | 38.59% | 38.59% |
| EBIAT | -3.41 | 1.59 | 1.76 | 2.04 | -4.93 | -2.24 | -2.57 | -2.94 | -3.36 | -3.85 |
| Depreciation | 1.46 | 1.34 | 1.60 | 1.69 | 2.11 | 1.88 | 2.15 | 2.46 | 2.82 | 3.23 |
| Accounts Receivable | - | -10.32 | -2.95 | 3.75 | 4.94 | -4.56 | -2.90 | -3.32 | -3.81 | -4.36 |
| Inventories | - | 0.34 | -0.51 | -0.07 | -0.13 | 0.21 | -0.09 | -0.10 | -0.11 | -0.13 |
| Accounts Payable | - | 3.78 | 6.11 | -3.41 | -1.65 | 0.92 | 1.63 | 1.87 | 2.14 | 2.45 |
| Capital Expenditure | -1.43 | -1.53 | -1.72 | -1.58 | -1.02 | -1.66 | -1.90 | -2.17 | -2.49 | -2.85 |
| UFCF | -3.38 | -4.80 | 4.29 | 2.42 | -0.68 | -5.45 | -3.67 | -4.20 | -4.81 | -5.51 |
| WACC | ||||||||||
| PV UFCF | -5.06 | -3.17 | -3.37 | -3.58 | -3.81 | |||||
| SUM PV UFCF | -18.99 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.68 |
| Free cash flow (t + 1) | -5.62 |
| Terminal Value | -98.99 |
| Present Value of Terminal Value | -68.38 |
Intrinsic Value
| Enterprise Value | -87.36 |
|---|---|
| Net Debt | 1.65 |
| Equity Value | -89.01 |
| Shares Outstanding | 13.28 |
| Equity Value Per Share | -6.70 |