Discounted Cash Flow (DCF) Analysis Unlevered

Unifi, Inc. (UFI)

$8.24

+0.08 (+0.98%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.18 | 8.24 | 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 44.8922.2375.2778.2553.2969.6073.4777.5581.8686.41
Total Cash (%)
Account Receivables 97.59103.5765.32103.50115.77119.61126.26133.28140.68148.50
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 $ 8.24
Beta 0.968
Diluted Shares Outstanding 18.86
Cost of Debt
Tax Rate 43.45
After-tax Cost of Debt 1.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.138
Total Debt 122.96
Total Equity 155.37
Total Capital 278.33
Debt Weighting 44.18
Equity Weighting 55.82
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 --5.9838.25-38.18-12.27-3.84-6.65-7.02-7.41-7.82
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 34.44-18.71-1.34-9.15-21.57-3.70-2.45-2.59-2.73-2.89
WACC
PV UFCF -3.52-2.22-2.23-2.23-2.24
SUM PV UFCF -12.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.17
Free cash flow (t + 1) -2.94
Terminal Value -92.86
Present Value of Terminal Value -72.17

Intrinsic Value

Enterprise Value -84.61
Net Debt 69.67
Equity Value -154.28
Shares Outstanding 18.86
Equity Value Per Share -8.18