Discounted Cash Flow (DCF) Analysis Unlevered

Unifi, Inc. (UFI)

$9.29

-0.70 (-7.01%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.78 | 9.29 | 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 678.91708.80606.51667.59815.76861.11908.98959.511,012.851,069.15
Revenue (%)
EBITDA 57.7338.43-28.0875.2056.1247.2649.8852.6655.5858.67
EBITDA (%)
EBIT 35.1515.42-51.7349.6729.9117.1018.0519.0620.1221.23
EBIT (%)
Depreciation 22.582323.6525.5326.2130.1531.8333.6035.4737.44
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 44.8922.2377.4478.2553.2970.2174.1278.2482.5987.18
Total Cash (%)
Account Receivables 97.59103.5765.32103.50106.73117.70124.24131.15138.44146.13
Account Receivables (%)
Inventories 126.31133.78109.70141.22173.29168.72178.09187.99198.45209.48
Inventories (%)
Accounts Payable 48.9741.8025.6154.2673.5459.3762.6766.1669.8473.72
Accounts Payable (%)
Capital Expenditure -25.03-24.87-18.51-24.78-39.63-32.41-34.21-36.11-38.12-40.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.29
Beta 1.011
Diluted Shares Outstanding 18.86
Cost of Debt
Tax Rate 43.45
After-tax Cost of Debt 1.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.649
Total Debt 109.05
Total Equity 175.17
Total Capital 284.22
Debt Weighting 38.37
Equity Weighting 61.63
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 678.91708.80606.51667.59815.76861.11908.98959.511,012.851,069.15
EBITDA 57.7338.43-28.0875.2056.1247.2649.8852.6655.5858.67
EBIT 35.1515.42-51.7349.6729.9117.1018.0519.0620.1221.23
Tax Rate -4.94%75.47%-1.73%37.27%43.45%29.91%29.91%29.91%29.91%29.91%
EBIAT 36.883.78-52.6331.1616.9211.9912.6513.3614.1014.88
Depreciation 22.582323.6525.5326.2130.1531.8333.6035.4737.44
Accounts Receivable --5.9838.25-38.18-3.23-10.97-6.54-6.91-7.29-7.70
Inventories --7.4724.08-31.52-32.074.58-9.38-9.90-10.45-11.03
Accounts Payable --7.17-16.1928.6519.29-14.173.303.483.683.88
Capital Expenditure -25.03-24.87-18.51-24.78-39.63-32.41-34.21-36.11-38.12-40.24
UFCF 34.44-18.71-1.34-9.15-12.52-10.83-2.35-2.48-2.62-2.76
WACC
PV UFCF -10.22-2.09-2.08-2.08-2.07
SUM PV UFCF -18.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.94
Free cash flow (t + 1) -2.82
Terminal Value -71.48
Present Value of Terminal Value -53.57

Intrinsic Value

Enterprise Value -72.11
Net Debt 55.76
Equity Value -127.87
Shares Outstanding 18.86
Equity Value Per Share -6.78