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: 58.79 | 11.99 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 189.87173.62173.18165.55158.26151.29144.62138.25132.16126.34120.77
Revenue (%)
EBITDA 5.363.817.365.114.894.674.474.274.083.903.73
EBITDA (%)
EBIT 1.16-0.371.800.790.760.720.690.660.630.610.58
EBIT (%)
Depreciation 4.204.185.554.324.133.953.773.613.453.303.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 0.680.720.390.550.530.510.480.460.440.420.40
Total Cash (%)
Account Receivables 36.6431.2232.7931.0229.6528.3527.1025.9124.7623.6722.63
Account Receivables (%)
Inventories 34.0336.0728.0630.3028.9627.6826.4725.3024.1823.1222.10
Inventories (%)
Accounts Payable 24.6428.1225.4024.1923.1322.1121.1320.2019.3118.4617.65
Accounts Payable (%)
Capital Expenditure -3.10-3.47-2.33-2.75-2.63-2.51-2.40-2.29-2.19-2.10-2
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 2.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.239
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
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 189.87173.62173.18165.55158.26151.29144.62138.25132.16126.34120.77
EBITDA 5.363.817.365.114.894.674.474.274.083.903.73
EBIT 1.16-0.371.800.790.760.720.690.660.630.610.58
Tax Rate -2,820.78%11.71%-35.68%-585.00%-11.88%-68.39%-585.00%-585.00%-585.00%-585.00%-585.00%
EBIAT 33.88-0.332.445.430.851.224.744.544.344.143.96
Depreciation 4.204.185.554.324.133.953.773.613.453.303.15
Accounts Receivable -5.42-1.561.771.371.311.251.191.141.091.04
Inventories --2.038.01-2.241.331.281.221.171.111.071.02
Accounts Payable -3.48-2.72-1.20-1.07-1.02-0.97-0.93-0.89-0.85-0.81
Capital Expenditure -3.10-3.47-2.33-2.75-1.28-1.25-2.40-2.29-2.19-2.10-2
UFCF 34.987.249.395.333.994.227.617.286.966.656.36
WACC
PV UFCF 5.613.994.016.866.235.655.134.66
SUM PV UFCF 30.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.32
Free cash flow (t + 1) 6.48
Terminal Value 195.29
Present Value of Terminal Value 150.71

Intrinsic Value

Enterprise Value 180.76
Net Debt 54.18
Equity Value 126.58
Shares Outstanding 2.15
Equity Value Per Share 58.79