Discounted Cash Flow (DCF) Analysis Unlevered

Tejon Ranch Co. (TRC)

$14.98

-0.12 (-0.79%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 14.98 | 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 35.6645.6249.5237.8355.6163.9473.5184.5297.18111.73
Revenue (%)
EBITDA 1.871119.605.0313.7613.6815.7318.0820.7923.90
EBITDA (%)
EBIT -2.685.5714.560.099.176.507.478.599.8811.36
EBIT (%)
Depreciation 4.555.425.044.944.597.188.259.4910.9112.54
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 90.9779.6666.1958.0947.18102.53117.89135.54155.83179.17
Total Cash (%)
Account Receivables 7.6110.889.954.596.4711.3913.0915.0517.3119.90
Account Receivables (%)
Inventories 2.472.622.792.995.704.665.366.167.098.15
Inventories (%)
Accounts Payable 3.556.046.153.374.556.737.748.9010.2311.77
Accounts Payable (%)
Capital Expenditure -21.71-22.58-25.22-20.34-29.90-34.38-39.53-45.45-52.25-60.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.98
Beta 0.583
Diluted Shares Outstanding 26.35
Cost of Debt
Tax Rate 41.63
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.629
Total Debt 52.63
Total Equity 394.67
Total Capital 447.30
Debt Weighting 11.77
Equity Weighting 88.23
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 35.6645.6249.5237.8355.6163.9473.5184.5297.18111.73
EBITDA 1.871119.605.0313.7613.6815.7318.0820.7923.90
EBIT -2.685.5714.560.099.176.507.478.599.8811.36
Tax Rate 42.45%23.40%27.33%1,002.44%41.63%227.45%227.45%227.45%227.45%227.45%
EBIAT -1.544.2710.58-0.805.35-8.29-9.53-10.95-12.59-14.48
Depreciation 4.555.425.044.944.597.188.259.4910.9112.54
Accounts Receivable --3.270.935.36-1.88-4.91-1.71-1.96-2.25-2.59
Inventories --0.15-0.17-0.20-2.711.04-0.70-0.80-0.92-1.06
Accounts Payable -2.490.11-2.781.182.191.011.161.331.53
Capital Expenditure -21.71-22.58-25.22-20.34-20.88-34.38-39.53-45.45-52.25-60.08
UFCF -18.70-13.81-8.75-13.82-23.37-37.17-42.20-48.51-55.78-64.13
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -65.41
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 16.43
Equity Value -
Shares Outstanding 26.35
Equity Value Per Share -