Discounted Cash Flow (DCF) Analysis Unlevered

Superior Group of Companies, Inc. (SGC)

$8.83

-0.05 (-0.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -32.59 | 8.83 | 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 266.81346.35376.70526.70536.99644.85774.37929.911,116.691,340.99
Revenue (%)
EBITDA 31.2432.5127.9661.5943.6462.3474.8689.89107.95129.63
EBITDA (%)
EBIT 25.5824.6019.6953.4634.3549.6159.5771.5485.90103.16
EBIT (%)
Depreciation 5.657.918.278.139.2912.7315.2918.3622.0526.48
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 8.135.369.045.178.9412.4314.9317.9321.5325.86
Total Cash (%)
Account Receivables 52.42115119.36142.49107.05169.62203.70244.61293.74352.74
Account Receivables (%)
Inventories 64.9867.3073.3889.77120.55132.53159.15191.11229.50275.60
Inventories (%)
Accounts Payable 19.7524.6833.2739.3352.3452.3362.8475.4690.62108.82
Accounts Payable (%)
Capital Expenditure -4.25-4.87-9.67-11.86-17.70-14.33-17.21-20.67-24.82-29.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.83
Beta 0.964
Diluted Shares Outstanding 15.51
Cost of Debt
Tax Rate 17.77
After-tax Cost of Debt 0.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.374
Total Debt 119.86
Total Equity 136.94
Total Capital 256.80
Debt Weighting 46.67
Equity Weighting 53.33
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 266.81346.35376.70526.70536.99644.85774.37929.911,116.691,340.99
EBITDA 31.2432.5127.9661.5943.6462.3474.8689.89107.95129.63
EBIT 25.5824.6019.6953.4634.3549.6159.5771.5485.90103.16
Tax Rate 39.38%20.66%21.07%20.27%17.77%23.83%23.83%23.83%23.83%23.83%
EBIAT 15.5119.5215.5442.6228.2437.7945.3754.4965.4378.58
Depreciation 5.657.918.278.139.2912.7315.2918.3622.0526.48
Accounts Receivable --62.58-4.36-23.1335.44-62.57-34.07-40.91-49.13-59
Inventories --2.32-6.08-16.39-30.79-11.97-26.62-31.97-38.39-46.10
Accounts Payable -4.938.596.0613.01-0.0110.5112.6215.1618.20
Capital Expenditure -4.25-4.87-9.67-11.86-17.70-14.33-17.21-20.67-24.82-29.80
UFCF 16.91-37.4112.285.4437.50-38.37-6.73-8.08-9.70-11.65
WACC
PV UFCF -36.59-6.12-7-8.02-9.19
SUM PV UFCF -66.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.86
Free cash flow (t + 1) -11.88
Terminal Value -415.39
Present Value of Terminal Value -327.65

Intrinsic Value

Enterprise Value -394.57
Net Debt 110.92
Equity Value -505.49
Shares Outstanding 15.51
Equity Value Per Share -32.59