Discounted Cash Flow (DCF) Analysis Unlevered

Sotherly Hotels Inc. (SOHON)

$22.7

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.84 | 22.7 | 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 154.27178.17185.7971.50127.59139.29152.07166.02181.25197.88
Revenue (%)
EBITDA 34.9141.4243.07-5.96-31.3410.07111213.1114.31
EBITDA (%)
EBIT 17.9120.5321.43-25.86-51.25-11.61-12.67-13.84-15.10-16.49
EBIT (%)
Depreciation 1720.8821.6419.9019.9121.6823.6725.8428.2130.80
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 29.7833.7923.7425.30389.05109.03119.03129.95141.87154.88
Total Cash (%)
Account Receivables 5.987.034.912.184.824.825.265.746.276.85
Account Receivables (%)
Inventories ---7.736.8911.2912.3313.4614.6916.04
Inventories (%)
Accounts Payable 13.8116.2720.1935.6325.1327.4429.9532.7035.7038.97
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.7
Beta 1.679
Diluted Shares Outstanding 4.38
Cost of Debt
Tax Rate -0.10
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.675
Total Debt -
Total Equity 99.53
Total Capital 99.53
Debt Weighting 0.00
Equity Weighting 100.00
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 154.27178.17185.7971.50127.59139.29152.07166.02181.25197.88
EBITDA 34.9141.4243.07-5.96-31.3410.07111213.1114.31
EBIT 17.9120.5321.43-25.86-51.25-11.61-12.67-13.84-15.10-16.49
Tax Rate 74.96%179.20%-106.18%-1.63%-0.10%29.25%29.25%29.25%29.25%29.25%
EBIAT 4.48-16.2644.18-26.28-51.30-8.21-8.97-9.79-10.69-11.67
Depreciation 1720.8821.6419.9019.9121.6823.6725.8428.2130.80
Accounts Receivable --1.052.122.73-2.640-0.44-0.48-0.53-0.58
Inventories ----0.83-4.40-1.04-1.13-1.23-1.35
Accounts Payable -2.453.9215.44-10.502.312.522.7533.28
Capital Expenditure ----------
UFCF -----11.3815.7417.1918.7620.48
WACC
PV UFCF 10.1912.6212.3412.0611.80
SUM PV UFCF 59.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.67
Free cash flow (t + 1) 20.89
Terminal Value 216.05
Present Value of Terminal Value 124.42

Intrinsic Value

Enterprise Value 183.43
Net Debt -13.17
Equity Value 196.60
Shares Outstanding 4.38
Equity Value Per Share 44.84