Discounted Cash Flow (DCF) Analysis Unlevered

Interface, Inc. (TILE)

$10.34

+0.03 (+0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.94 | 10.34 | 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 996.441,179.571,343.031,559.501,810.852,102.722,441.632,835.173,292.143,822.764,438.90
Revenue (%)
EBITDA 137.93114.90178.31191.61222.49258.35299.99348.34404.48469.68545.38
EBITDA (%)
EBIT 107.6770.43127.47136.54158.55184.11213.78248.24288.25334.71388.66
EBIT (%)
Depreciation 30.2644.4750.8455.0663.9474.2486.21100.10116.24134.97156.72
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 87.0480.9981.30112.57130.71151.78176.24204.65237.63275.93320.40
Total Cash (%)
Account Receivables 142.81179177.48222.08257.88299.44347.71403.75468.82544.39632.13
Account Receivables (%)
Inventories 177.93258.66253.58304.97354.12411.20477.47554.43643.79747.56868.05
Inventories (%)
Accounts Payable 50.6766.3075.6984.9598.64114.54133154.44179.33208.23241.80
Accounts Payable (%)
Capital Expenditure -30.47-54.86-74.65-68.97-80.08-92.99-107.98-125.38-145.59-169.05-196.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.34
Beta 1.820
Diluted Shares Outstanding 58.55
Cost of Debt
Tax Rate 23.95
After-tax Cost of Debt 3.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.394
Total Debt 610.55
Total Equity 605.38
Total Capital 1,215.93
Debt Weighting 50.21
Equity Weighting 49.79
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 996.441,179.571,343.031,559.501,810.852,102.722,441.632,835.173,292.143,822.764,438.90
EBITDA 137.93114.90178.31191.61222.49258.35299.99348.34404.48469.68545.38
EBIT 107.6770.43127.47136.54158.55184.11213.78248.24288.25334.71388.66
Tax Rate 47.04%8.62%22.21%22.25%9.43%23.95%22.25%22.25%22.25%22.25%22.25%
EBIAT 57.0264.3699.16106.16143.60140.01166.21193224.11260.23302.18
Depreciation 30.2644.4750.8455.0663.9474.2486.21100.10116.24134.97156.72
Accounts Receivable --36.201.52-44.60-35.79-41.56-48.26-56.04-65.08-75.56-87.74
Inventories --80.725.07-51.38-49.15-57.08-66.28-76.96-89.36-103.77-120.49
Accounts Payable -15.639.399.2613.6915.9018.4621.4424.8928.9033.56
Capital Expenditure -30.47-54.86-74.65-68.97-62.95-28.07-107.98-125.38-145.59-169.05-196.30
UFCF 56.81-47.3291.335.5356.1938.5148.3656.1665.2175.7287.93
WACC
PV UFCF 5.9856.1935.6541.4444.5447.8851.4655.32
SUM PV UFCF 259.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.03
Free cash flow (t + 1) 89.69
Terminal Value 1,487.33
Present Value of Terminal Value 1,010.85

Intrinsic Value

Enterprise Value 1,270.82
Net Debt 513.30
Equity Value 757.52
Shares Outstanding 58.55
Equity Value Per Share 12.94