Discounted Cash Flow (DCF) Analysis Unlevered

RCI Hospitality Holdings, Inc. (RICK)

$63.01

-1.88 (-2.90%)
All numbers are in Millions, Currency in USD
Stock DCF: 30.25 | 63.01 | 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 144.90165.75181.06132.33195.26216.87240.87267.53297.14330.03
Revenue (%)
EBITDA 30.3036.2743.3212.0732.3840.0944.5349.4554.9361.01
EBITDA (%)
EBIT 23.3828.5534.253.2324.1529.1032.3235.9039.8744.28
EBIT (%)
Depreciation 6.927.729.078.848.2410.9912.2113.5615.0616.73
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 9.9217.7314.1015.6135.6924.0326.6929.6432.9236.56
Total Cash (%)
Account Receivables 3.197.327.246.977.578.579.5210.5711.7413.04
Account Receivables (%)
Inventories 2.152.352.602.372.663.253.614.014.454.95
Inventories (%)
Accounts Payable 2.152.833.814.804.414.855.385.986.647.38
Accounts Payable (%)
Capital Expenditure -11.25-25.26-20.71-5.740.83-16.63-18.48-20.52-22.79-25.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 63.01
Beta 1.824
Diluted Shares Outstanding 9.01
Cost of Debt
Tax Rate 11.68
After-tax Cost of Debt -6.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.307
Total Debt 146.44
Total Equity 567.41
Total Capital 713.85
Debt Weighting 20.51
Equity Weighting 79.49
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 144.90165.75181.06132.33195.26216.87240.87267.53297.14330.03
EBITDA 30.3036.2743.3212.0732.3840.0944.5349.4554.9361.01
EBIT 23.3828.5534.253.2324.1529.1032.3235.9039.8744.28
Tax Rate 43.59%-16.26%20.73%10.58%11.68%14.06%14.06%14.06%14.06%14.06%
EBIAT 13.1933.1927.152.8921.3325.0127.7730.8534.2638.05
Depreciation 6.927.729.078.848.2410.9912.2113.5615.0616.73
Accounts Receivable --4.130.080.28-0.60-1-0.95-1.05-1.17-1.30
Inventories --0.20-0.240.23-0.29-0.59-0.36-0.40-0.44-0.49
Accounts Payable -0.680.980.99-0.390.440.540.600.660.73
Capital Expenditure -11.25-25.26-20.71-5.740.83-16.63-18.48-20.52-22.79-25.31
UFCF 8.8611.9916.337.4829.1118.2120.7323.0325.5828.41
WACC
PV UFCF 16.7817.601818.4218.85
SUM PV UFCF 89.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.55
Free cash flow (t + 1) 28.98
Terminal Value 442.38
Present Value of Terminal Value 293.52

Intrinsic Value

Enterprise Value 383.17
Net Debt 110.76
Equity Value 272.41
Shares Outstanding 9.01
Equity Value Per Share 30.25