Discounted Cash Flow (DCF) Analysis Unlevered

Reliv' International, Inc. (RELV)

$3.85

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.80 | 3.85 | overvalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 51.7745.5141.7936.1235.0631.8328.9126.2523.8321.64
Revenue (%)
EBITDA -0.350.470.86-0.900.650.110.100.090.090.08
EBITDA (%)
EBIT -1.35-0.51-0.04-1.710.07-0.53-0.48-0.44-0.40-0.36
EBIT (%)
Depreciation 10.980.900.810.580.650.590.530.480.44
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 3.263.613.271.991.632.051.861.691.541.39
Total Cash (%)
Account Receivables 0.750.360.190.570.290.330.300.270.240.22
Account Receivables (%)
Inventories 5.174.494.562.952.702.972.702.452.222.02
Inventories (%)
Accounts Payable 1.862.351.672.111.571.471.331.211.101
Accounts Payable (%)
Capital Expenditure -0.25-0.17-0.50-0.18-0.10-0.18-0.16-0.15-0.14-0.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.85
Beta 0.151
Diluted Shares Outstanding 1.75
Cost of Debt
Tax Rate 1,979.44
After-tax Cost of Debt -88.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.401
Total Debt 1
Total Equity 6.72
Total Capital 7.72
Debt Weighting 12.95
Equity Weighting 87.05
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 51.7745.5141.7936.1235.0631.8328.9126.2523.8321.64
EBITDA -0.350.470.86-0.900.650.110.100.090.090.08
EBIT -1.35-0.51-0.04-1.710.07-0.53-0.48-0.44-0.40-0.36
Tax Rate 16.27%-1.46%-358.76%-5.43%1,979.44%326.01%326.01%326.01%326.01%326.01%
EBIAT -1.13-0.52-0.20-1.80-1.331.201.090.990.900.82
Depreciation 10.980.900.810.580.650.590.530.480.44
Accounts Receivable -0.380.17-0.380.29-0.040.030.030.020.02
Inventories -0.68-0.071.600.25-0.270.270.250.230.20
Accounts Payable -0.49-0.690.44-0.54-0.10-0.13-0.12-0.11-0.10
Capital Expenditure -0.25-0.17-0.50-0.18-0.10-0.18-0.16-0.15-0.14-0.12
UFCF -0.381.85-0.380.49-0.851.271.681.531.391.26
WACC
PV UFCF 1.371.971.941.911.88
SUM PV UFCF 9.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -7.66
Free cash flow (t + 1) 1.29
Terminal Value -13.31
Present Value of Terminal Value -19.82

Intrinsic Value

Enterprise Value -10.75
Net Debt -0.63
Equity Value -10.12
Shares Outstanding 1.75
Equity Value Per Share -5.80