Discounted Cash Flow (DCF) Analysis Unlevered

Reading International, Inc. (RDIB)

$23.6

+0.60 (+2.61%)
All numbers are in Millions, Currency in USD
Stock DCF: -21.11 | 23.6 | 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 279.73309.39276.7777.86139.06141.42143.82146.26148.74151.27
Revenue (%)
EBITDA 58.8848.0634.01-37.4575.6715.6115.8716.1416.4216.70
EBITDA (%)
EBIT 40.5324.6210.31-60.8151.55-4.20-4.27-4.35-4.42-4.49
EBIT (%)
Depreciation 18.3523.4423.7023.3624.1119.8120.1520.4920.8421.19
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 13.7113.1712.1826.8583.2730.5331.0531.5732.1132.65
Total Cash (%)
Account Receivables 14.7410.758.758.015.417.387.507.637.767.89
Account Receivables (%)
Inventories 1.431.421.671.061.411.121.141.151.171.19
Inventories (%)
Accounts Payable 47.8734.8238.1541.3546.7336.4537.0737.6938.3338.98
Accounts Payable (%)
Capital Expenditure -69.60-63.53-45.71-16.07-28.71-29.19-29.69-30.19-30.71-31.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 23.6
Beta 1.406
Diluted Shares Outstanding 22.41
Cost of Debt
Tax Rate 21.68
After-tax Cost of Debt 2.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.477
Total Debt 487.08
Total Equity 528.80
Total Capital 1,015.88
Debt Weighting 47.95
Equity Weighting 52.05
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 279.73309.39276.7777.86139.06141.42143.82146.26148.74151.27
EBITDA 58.8848.0634.01-37.4575.6715.6115.8716.1416.4216.70
EBIT 40.5324.6210.31-60.8151.55-4.20-4.27-4.35-4.42-4.49
Tax Rate 7.55%15.21%1,232.35%7.94%21.68%256.95%256.95%256.95%256.95%256.95%
EBIAT 37.4720.88-116.77-55.9840.386.606.716.826.947.05
Depreciation 18.3523.4423.7023.3624.1119.8120.1520.4920.8421.19
Accounts Receivable -3.991.990.742.60-1.97-0.13-0.13-0.13-0.13
Inventories -0.01-0.260.62-0.350.29-0.02-0.02-0.02-0.02
Accounts Payable --13.053.343.205.38-10.280.620.630.640.65
Capital Expenditure -69.60-63.53-45.71-16.07-28.71-29.19-29.69-30.19-30.71-31.23
UFCF -13.79-28.27-133.70-44.1443.41-14.75-2.36-2.40-2.44-2.48
WACC
PV UFCF -13.91-2.10-2.02-1.93-1.86
SUM PV UFCF -21.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.99
Free cash flow (t + 1) -2.53
Terminal Value -63.47
Present Value of Terminal Value -47.45

Intrinsic Value

Enterprise Value -69.27
Net Debt 403.82
Equity Value -473.10
Shares Outstanding 22.41
Equity Value Per Share -21.11