Discounted Cash Flow (DCF) Analysis Unlevered
Unisync Corp. (UNI.TO)
$2
+0.02 (+1.01%)
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 | 76.84 | 77.99 | 93.10 | 86.29 | 96.31 | 102.37 | 108.81 | 115.66 | 122.93 | 130.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 9.39 | -2.15 | 4.14 | 2.46 | 4.31 | 4.35 | 4.62 | 4.92 | 5.22 | 5.55 |
| EBITDA (%) | ||||||||||
| EBIT | 8.44 | -3.87 | 0.89 | -1.35 | 0.29 | 1.17 | 1.24 | 1.32 | 1.40 | 1.49 |
| EBIT (%) | ||||||||||
| Depreciation | 0.95 | 1.72 | 3.26 | 3.81 | 4.02 | 3.18 | 3.38 | 3.59 | 3.82 | 4.06 |
| 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 | 0.21 | 0.02 | 0.22 | 0.28 | 0.10 | 0.20 | 0.21 | 0.22 | 0.24 | 0.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.66 | 11.24 | 8.66 | 11.73 | 13.27 | 11.70 | 12.44 | 13.22 | 14.05 | 14.93 |
| Account Receivables (%) | ||||||||||
| Inventories | 21.64 | 44.09 | 39.48 | 36.21 | 56.20 | 46.56 | 49.49 | 52.60 | 55.91 | 59.43 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.23 | 6.26 | 3.86 | 5.01 | 12.58 | 7.75 | 8.24 | 8.76 | 9.31 | 9.89 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.42 | -2.55 | -1.82 | -1.50 | -0.68 | -1.68 | -1.79 | -1.90 | -2.02 | -2.15 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2 |
|---|---|
| Beta | 1.554 |
| Diluted Shares Outstanding | 19.02 |
| Cost of Debt | |
| Tax Rate | -23.99 |
| After-tax Cost of Debt | 3.83% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.715 |
| Total Debt | 45.30 |
| Total Equity | 38.04 |
| Total Capital | 83.34 |
| Debt Weighting | 54.35 |
| Equity Weighting | 45.65 |
| 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 | 76.84 | 77.99 | 93.10 | 86.29 | 96.31 | 102.37 | 108.81 | 115.66 | 122.93 | 130.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 9.39 | -2.15 | 4.14 | 2.46 | 4.31 | 4.35 | 4.62 | 4.92 | 5.22 | 5.55 |
| EBIT | 8.44 | -3.87 | 0.89 | -1.35 | 0.29 | 1.17 | 1.24 | 1.32 | 1.40 | 1.49 |
| Tax Rate | 7.11% | 23.14% | 11.23% | 13.77% | -23.99% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% |
| EBIAT | 7.84 | -2.98 | 0.79 | -1.17 | 0.36 | 1.10 | 1.17 | 1.24 | 1.32 | 1.40 |
| Depreciation | 0.95 | 1.72 | 3.26 | 3.81 | 4.02 | 3.18 | 3.38 | 3.59 | 3.82 | 4.06 |
| Accounts Receivable | - | -6.58 | 2.58 | -3.07 | -1.55 | 1.57 | -0.74 | -0.78 | -0.83 | -0.88 |
| Inventories | - | -22.45 | 4.60 | 3.28 | -19.99 | 9.64 | -2.93 | -3.11 | -3.31 | -3.52 |
| Accounts Payable | - | 1.03 | -2.40 | 1.15 | 7.57 | -4.83 | 0.49 | 0.52 | 0.55 | 0.59 |
| Capital Expenditure | -0.42 | -2.55 | -1.82 | -1.50 | -0.68 | -1.68 | -1.79 | -1.90 | -2.02 | -2.15 |
| UFCF | 8.38 | -31.80 | 7 | 2.50 | -10.26 | 8.98 | -0.42 | -0.45 | -0.47 | -0.50 |
| WACC | ||||||||||
| PV UFCF | 8.39 | -0.37 | -0.37 | -0.36 | -0.36 | |||||
| SUM PV UFCF | 6.94 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.97 |
| Free cash flow (t + 1) | -0.51 |
| Terminal Value | -10.36 |
| Present Value of Terminal Value | -7.40 |
Intrinsic Value
| Enterprise Value | -0.46 |
|---|---|
| Net Debt | 45.20 |
| Equity Value | -45.66 |
| Shares Outstanding | 19.02 |
| Equity Value Per Share | -2.40 |