Discounted Cash Flow (DCF) Analysis Unlevered

Summer Infant, Inc. (SUMR)

$11.99

-0.01 (-0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 49.83 | 11.99 | 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 189.87173.62173.18155.30143.67134.10125.17116.84109.06101.80
Revenue (%)
EBITDA 5.363.817.368.874.904.934.604.304.013.74
EBITDA (%)
EBIT 1.16-0.371.803.09-0.330.860.800.750.700.65
EBIT (%)
Depreciation 4.204.185.555.785.244.073.803.553.313.09
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 0.680.720.390.510.530.460.430.400.370.35
Total Cash (%)
Account Receivables 36.6431.2232.7925.9930.9325.3423.6522.0820.6119.24
Account Receivables (%)
Inventories 34.0336.0728.0625.1228.6224.4122.7821.2619.8518.53
Inventories (%)
Accounts Payable 24.6428.1225.4027.9927.9821.8220.3619.0117.7416.56
Accounts Payable (%)
Capital Expenditure -3.10-3.47-2.33-1.28-1.25-1.79-1.67-1.56-1.45-1.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.99
Beta 1.559
Diluted Shares Outstanding 2.15
Cost of Debt
Tax Rate -68.39
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.646
Total Debt 54.71
Total Equity 25.81
Total Capital 80.53
Debt Weighting 67.94
Equity Weighting 32.06
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 189.87173.62173.18155.30143.67134.10125.17116.84109.06101.80
EBITDA 5.363.817.368.874.904.934.604.304.013.74
EBIT 1.16-0.371.803.09-0.330.860.800.750.700.65
Tax Rate -2,820.78%11.71%-35.68%-11.88%-68.39%-585.00%-585.00%-585.00%-585.00%-585.00%
EBIAT 33.88-0.332.443.46-0.565.875.485.114.774.46
Depreciation 4.204.185.555.785.244.073.803.553.313.09
Accounts Receivable -5.42-1.566.79-4.945.591.691.571.471.37
Inventories --2.038.012.93-3.504.221.621.521.421.32
Accounts Payable -3.48-2.722.59-0-6.17-1.45-1.36-1.27-1.18
Capital Expenditure -3.10-3.47-2.33-1.28-1.25-1.79-1.67-1.56-1.45-1.36
UFCF 34.987.249.3920.28-5.0111.799.478.848.257.70
WACC
PV UFCF 11.068.337.296.385.59
SUM PV UFCF 38.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.64
Free cash flow (t + 1) 7.86
Terminal Value 169.36
Present Value of Terminal Value 122.80

Intrinsic Value

Enterprise Value 161.45
Net Debt 54.18
Equity Value 107.28
Shares Outstanding 2.15
Equity Value Per Share 49.83