Discounted Cash Flow (DCF) Analysis Unlevered

RYB Education, Inc. (RYB)

$0.7391

+0.02 (+2.95%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 0.7391 | undervalue

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 140.80156.50182.28109.72180.31203.83230.40260.45294.41332.80
Revenue (%)
EBITDA 17.038.7312.63-25.4023.285.856.627.488.469.56
EBITDA (%)
EBIT 10.930.671.11-37.0710.23-7.87-8.90-10.06-11.37-12.86
EBIT (%)
Depreciation 6.108.0611.5211.6713.0513.7315.5217.5419.8322.41
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 158.69104.0869.7353.4565.48123.32139.40157.57178.12201.35
Total Cash (%)
Account Receivables 1.752.236.244.824.575.3166.797.678.67
Account Receivables (%)
Inventories 3.554.817.265.776.137.438.409.5010.7412.14
Inventories (%)
Accounts Payable 2.443.143.744.354.845.075.736.487.328.28
Accounts Payable (%)
Capital Expenditure -11.92-11.48-12.49-3.97-7.02-12.30-13.90-15.71-17.76-20.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.7,391
Beta 0.751
Diluted Shares Outstanding 28.96
Cost of Debt
Tax Rate 2.78
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.194
Total Debt 79.58
Total Equity 21.41
Total Capital 100.99
Debt Weighting 78.80
Equity Weighting 21.20
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 140.80156.50182.28109.72180.31203.83230.40260.45294.41332.80
EBITDA 17.038.7312.63-25.4023.285.856.627.488.469.56
EBIT 10.930.671.11-37.0710.23-7.87-8.90-10.06-11.37-12.86
Tax Rate 32.83%272.52%220.79%8.59%2.78%107.50%107.50%107.50%107.50%107.50%
EBIAT 7.34-1.16-1.34-33.889.950.590.670.750.850.96
Depreciation 6.108.0611.5211.6713.0513.7315.5217.5419.8322.41
Accounts Receivable --0.48-4.011.420.25-0.74-0.69-0.78-0.89-1
Inventories --1.26-2.451.48-0.36-1.30-0.97-1.10-1.24-1.40
Accounts Payable -0.700.600.610.490.230.660.750.840.96
Capital Expenditure -11.92-11.48-12.49-3.98-7.02-12.30-13.90-15.71-17.76-20.08
UFCF 1.52-5.61-8.16-22.6816.360.211.281.451.641.85
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 1.89
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 14.32
Equity Value -
Shares Outstanding 28.96
Equity Value Per Share -