Discounted Cash Flow (DCF) Analysis Unlevered

TSR, Inc. (TSRI)

$7.1675

-0.04 (-0.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.57 | 7.1675 | overvalue

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 64.9963.3459.1268.8297.31109.14122.40137.27153.95172.66
Revenue (%)
EBITDA 0.88-1.86-1.75-0.347.160.510.570.640.710.80
EBITDA (%)
EBIT 0.87-1.87-1.76-0.506.930.390.440.490.550.62
EBIT (%)
Depreciation 0.010.010.010.160.240.110.130.140.160.18
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 5.864.229.787.426.5310.8512.1713.6515.3117.17
Total Cash (%)
Account Receivables 7.237.457.069.7011.9013.3514.9716.7918.8321.12
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.560.570.502.081.371.541.731.942.172.44
Accounts Payable (%)
Capital Expenditure -0.02-0-0.02-0.13-0.06-0.07-0.08-0.09-0.10-0.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.1,675
Beta 0.918
Diluted Shares Outstanding 1.96
Cost of Debt
Tax Rate 1.03
After-tax Cost of Debt 4.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.986
Total Debt 0.71
Total Equity 14.06
Total Capital 14.77
Debt Weighting 4.79
Equity Weighting 95.21
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 64.9963.3459.1268.8297.31109.14122.40137.27153.95172.66
EBITDA 0.88-1.86-1.75-0.347.160.510.570.640.710.80
EBIT 0.87-1.87-1.76-0.506.930.390.440.490.550.62
Tax Rate 48.11%27.28%37.77%12.41%1.03%25.32%25.32%25.32%25.32%25.32%
EBIAT 0.45-1.36-1.09-0.446.860.290.330.370.410.46
Depreciation 0.010.010.010.160.240.110.130.140.160.18
Accounts Receivable --0.220.39-2.64-2.20-1.45-1.62-1.82-2.04-2.29
Inventories ----------
Accounts Payable -0.02-0.071.58-0.710.170.190.210.240.26
Capital Expenditure -0.02-0-0.02-0.13-0.06-0.07-0.08-0.09-0.10-0.11
UFCF 0.44-1.56-0.79-1.474.12-0.94-1.06-1.19-1.33-1.49
WACC
PV UFCF -0.87-0.91-0.95-0.98-1.02
SUM PV UFCF -4.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.84
Free cash flow (t + 1) -1.52
Terminal Value -26.06
Present Value of Terminal Value -17.87

Intrinsic Value

Enterprise Value -22.61
Net Debt -5.78
Equity Value -16.82
Shares Outstanding 1.96
Equity Value Per Share -8.57