Discounted Cash Flow (DCF) Analysis Unlevered

StoneMor Inc. (STON)

$3.44

+0.01 (+0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.23 | 3.44 | 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 338.23316.13289.52279.54322.84320.50318.17315.85313.56311.28
Revenue (%)
EBITDA -44.25-32.16-64.4441.7210.19-17.58-17.46-17.33-17.20-17.08
EBITDA (%)
EBIT -57.43-43.89-75.2232.322.06-28.62-28.41-28.20-28-27.79
EBIT (%)
Depreciation 13.1811.7410.789.408.1211.0310.9510.8710.7910.71
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 6.8218.1534.8739.2483.8838.3438.0737.7937.5137.24
Total Cash (%)
Account Receivables 79.1257.9355.7957.8762.2264.7264.2463.7863.3162.85
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 43.0259.0455.1351.7255.6455.2454.8454.4454.0453.65
Accounts Payable (%)
Capital Expenditure -10.79-12.17-6.42-6.36-12-9.77-9.70-9.63-9.56-9.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.44
Beta 0.863
Diluted Shares Outstanding 107
Cost of Debt
Tax Rate 26.61
After-tax Cost of Debt 7.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.724
Total Debt 390.16
Total Equity 368.08
Total Capital 758.25
Debt Weighting 51.46
Equity Weighting 48.54
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 338.23316.13289.52279.54322.84320.50318.17315.85313.56311.28
EBITDA -44.25-32.16-64.4441.7210.19-17.58-17.46-17.33-17.20-17.08
EBIT -57.43-43.89-75.2232.322.06-28.62-28.41-28.20-28-27.79
Tax Rate 11.35%2.41%-22.79%80.19%26.61%19.55%19.55%19.55%19.55%19.55%
EBIAT -50.92-42.84-92.366.401.52-23.02-22.85-22.69-22.52-22.36
Depreciation 13.1811.7410.789.408.1211.0310.9510.8710.7910.71
Accounts Receivable -21.192.13-2.08-4.35-2.500.470.470.460.46
Inventories ----------
Accounts Payable -16.01-3.90-3.423.92-0.40-0.40-0.40-0.40-0.39
Capital Expenditure -10.79-12.17-6.42-6.36-11.99-9.77-9.70-9.63-9.56-9.49
UFCF -48.52-6.07-89.773.95-2.79-24.66-21.53-21.38-21.22-21.07
WACC
PV UFCF -22.94-18.63-17.20-15.88-14.66
SUM PV UFCF -89.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.52
Free cash flow (t + 1) -21.49
Terminal Value -389.32
Present Value of Terminal Value -270.93

Intrinsic Value

Enterprise Value -360.23
Net Debt 306.28
Equity Value -666.52
Shares Outstanding 107
Equity Value Per Share -6.23