Discounted Cash Flow (DCF) Analysis Unlevered
Sunwin Stevia International, Inc. (SUWN)
$0.0053
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 22.04 | 20.85 | 26.09 | 25.38 | 35.26 | 40.19 | 45.82 | 52.22 | 59.53 | 67.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -2.61 | -3.01 | 0.58 | -1.64 | -0.96 | -2.67 | -3.05 | -3.47 | -3.96 | -4.51 |
| EBITDA (%) | ||||||||||
| EBIT | -4.17 | -4.10 | -0.64 | -2.98 | -2.43 | -4.80 | -5.47 | -6.24 | -7.11 | -8.10 |
| EBIT (%) | ||||||||||
| Depreciation | 1.56 | 1.09 | 1.22 | 1.34 | 1.48 | 2.13 | 2.43 | 2.76 | 3.15 | 3.59 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 1.10 | 0.29 | 1.14 | 1.57 | 0.32 | 1.43 | 1.64 | 1.86 | 2.12 | 2.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.09 | 5.46 | 5.75 | 7.69 | 7.40 | 10.22 | 11.65 | 13.28 | 15.14 | 17.26 |
| Account Receivables (%) | ||||||||||
| Inventories | 12.56 | 11.99 | 12.87 | 12.93 | 5.56 | 18.54 | 21.13 | 24.09 | 27.45 | 31.29 |
| Inventories (%) | ||||||||||
| Accounts Payable | 9.17 | 5.30 | 6.44 | 8.16 | 7.95 | 11.77 | 13.41 | 15.29 | 17.43 | 19.87 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.02 | -2.36 | -1.77 | -0.77 | -2.48 | -2.64 | -3.01 | -3.43 | -3.90 | -4.45 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.0,053 |
|---|---|
| Beta | 0.933 |
| Diluted Shares Outstanding | 199.63 |
| Cost of Debt | |
| Tax Rate | 36.65 |
| After-tax Cost of Debt | 6.18% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.103 |
| Total Debt | 4.91 |
| Total Equity | 1.06 |
| Total Capital | 5.97 |
| Debt Weighting | 82.26 |
| Equity Weighting | 17.74 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 22.04 | 20.85 | 26.09 | 25.38 | 35.26 | 40.19 | 45.82 | 52.22 | 59.53 | 67.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -2.61 | -3.01 | 0.58 | -1.64 | -0.96 | -2.67 | -3.05 | -3.47 | -3.96 | -4.51 |
| EBIT | -4.17 | -4.10 | -0.64 | -2.98 | -2.43 | -4.80 | -5.47 | -6.24 | -7.11 | -8.10 |
| Tax Rate | 0.00% | -5.24% | -22.44% | 38.30% | 36.65% | 9.45% | 9.45% | 9.45% | 9.45% | 9.45% |
| EBIAT | -4.17 | -4.32 | -0.78 | -1.84 | -1.54 | -4.35 | -4.95 | -5.65 | -6.44 | -7.34 |
| Depreciation | 1.56 | 1.09 | 1.22 | 1.34 | 1.48 | 2.13 | 2.43 | 2.76 | 3.15 | 3.59 |
| Accounts Receivable | - | 0.63 | -0.29 | -1.95 | 0.29 | -2.82 | -1.43 | -1.63 | -1.86 | -2.12 |
| Inventories | - | 0.57 | -0.88 | -0.06 | 7.37 | -12.97 | -2.59 | -2.96 | -3.37 | -3.84 |
| Accounts Payable | - | -3.87 | 1.14 | 1.71 | -0.21 | 3.82 | 1.65 | 1.88 | 2.14 | 2.44 |
| Capital Expenditure | -1.02 | -2.36 | -1.77 | -0.77 | -2.48 | -2.64 | -3.01 | -3.43 | -3.90 | -4.45 |
| UFCF | -3.63 | -8.26 | -1.36 | -1.56 | 4.90 | -16.82 | -7.91 | -9.02 | -10.28 | -11.72 |
| WACC | ||||||||||
| PV UFCF | -15.79 | -6.97 | -7.46 | -7.98 | -8.54 | |||||
| SUM PV UFCF | -46.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.52 |
| Free cash flow (t + 1) | -11.95 |
| Terminal Value | -264.37 |
| Present Value of Terminal Value | -192.78 |
Intrinsic Value
| Enterprise Value | -239.53 |
|---|---|
| Net Debt | 4.59 |
| Equity Value | -244.12 |
| Shares Outstanding | 199.63 |
| Equity Value Per Share | -1.22 |