Discounted Cash Flow (DCF) Analysis Unlevered
Unifi, Inc. (UFI)
$7.29
+0.12 (+1.67%)
All numbers are in Millions, Currency in USD
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 | 678.91 | 708.80 | 606.51 | 667.59 | 815.76 | 861.11 | 908.98 | 959.51 | 1,012.85 | 1,069.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 57.73 | 38.43 | -28.08 | 75.20 | 56.12 | 47.26 | 49.88 | 52.66 | 55.58 | 58.67 |
| EBITDA (%) | ||||||||||
| EBIT | 35.15 | 15.42 | -51.73 | 49.67 | 29.91 | 17.10 | 18.05 | 19.06 | 20.12 | 21.23 |
| EBIT (%) | ||||||||||
| Depreciation | 22.58 | 23 | 23.65 | 25.53 | 26.21 | 30.15 | 31.83 | 33.60 | 35.47 | 37.44 |
| 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 | 44.89 | 22.23 | 75.27 | 78.25 | 53.29 | 69.60 | 73.47 | 77.55 | 81.86 | 86.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 97.59 | 103.57 | 65.32 | 103.50 | 115.77 | 119.61 | 126.26 | 133.28 | 140.68 | 148.50 |
| Account Receivables (%) | ||||||||||
| Inventories | 126.31 | 133.78 | 109.70 | 141.22 | 173.29 | 168.72 | 178.09 | 187.99 | 198.45 | 209.48 |
| Inventories (%) | ||||||||||
| Accounts Payable | 48.97 | 41.80 | 25.61 | 54.26 | 73.54 | 59.37 | 62.67 | 66.16 | 69.84 | 73.72 |
| 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 | $ 7.29 |
|---|---|
| Beta | 0.880 |
| 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 | 7.965 |
| Total Debt | 122.96 |
| Total Equity | 137.46 |
| Total Capital | 260.42 |
| Debt Weighting | 47.22 |
| Equity Weighting | 52.78 |
| 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 | 678.91 | 708.80 | 606.51 | 667.59 | 815.76 | 861.11 | 908.98 | 959.51 | 1,012.85 | 1,069.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 57.73 | 38.43 | -28.08 | 75.20 | 56.12 | 47.26 | 49.88 | 52.66 | 55.58 | 58.67 |
| EBIT | 35.15 | 15.42 | -51.73 | 49.67 | 29.91 | 17.10 | 18.05 | 19.06 | 20.12 | 21.23 |
| Tax Rate | -4.94% | 75.47% | -1.73% | 37.27% | 43.45% | 29.91% | 29.91% | 29.91% | 29.91% | 29.91% |
| EBIAT | 36.88 | 3.78 | -52.63 | 31.16 | 16.92 | 11.99 | 12.65 | 13.36 | 14.10 | 14.88 |
| Depreciation | 22.58 | 23 | 23.65 | 25.53 | 26.21 | 30.15 | 31.83 | 33.60 | 35.47 | 37.44 |
| Accounts Receivable | - | -5.98 | 38.25 | -38.18 | -12.27 | -3.84 | -6.65 | -7.02 | -7.41 | -7.82 |
| Inventories | - | -7.47 | 24.08 | -31.52 | -32.07 | 4.58 | -9.38 | -9.90 | -10.45 | -11.03 |
| Accounts Payable | - | -7.17 | -16.19 | 28.65 | 19.29 | -14.17 | 3.30 | 3.48 | 3.68 | 3.88 |
| 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 | -3.53 | -2.23 | -2.25 | -2.26 | -2.28 | |||||
| SUM PV UFCF | -12.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.87 |
| Free cash flow (t + 1) | -2.94 |
| Terminal Value | -102.56 |
| Present Value of Terminal Value | -80.86 |
Intrinsic Value
| Enterprise Value | -93.40 |
|---|---|
| Net Debt | 69.67 |
| Equity Value | -163.07 |
| Shares Outstanding | 18.86 |
| Equity Value Per Share | -8.65 |