Discounted Cash Flow (DCF) Analysis Unlevered

Virco Mfg. Corporation (VIRC)

$4.36

-0.09 (-2.02%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.91 | 4.36 | 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 189.29200.72191.06152.79184.83185.83186.83187.84188.86189.88
Revenue (%)
EBITDA 9.426.8610.963.65-2.535.635.665.695.725.76
EBITDA (%)
EBIT 3.961.075.19-1.44-7.100.210.210.210.210.21
EBIT (%)
Depreciation 5.475.795.775.094.575.425.455.485.515.54
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 0.530.741.150.401.360.840.840.850.850.85
Total Cash (%)
Account Receivables 11.5913.4712.129.9818.0413.1813.2513.3213.4013.47
Account Receivables (%)
Inventories 42.0647.2943.3338.2747.3744.2844.5244.764545.24
Inventories (%)
Accounts Payable 14.1117.7610.598.4219.7814.1414.2214.3014.3814.45
Accounts Payable (%)
Capital Expenditure -13.41-5.39-4.22-2.15-2.99-5.58-5.61-5.64-5.67-5.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.36
Beta 1.011
Diluted Shares Outstanding 15.76
Cost of Debt
Tax Rate -306.01
After-tax Cost of Debt 3.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.594
Total Debt 30.68
Total Equity 68.71
Total Capital 99.39
Debt Weighting 30.87
Equity Weighting 69.13
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 189.29200.72191.06152.79184.83185.83186.83187.84188.86189.88
EBITDA 9.426.8610.963.65-2.535.635.665.695.725.76
EBIT 3.961.075.19-1.44-7.100.210.210.210.210.21
Tax Rate 232.93%-44.49%12.65%25.00%-306.01%-15.98%-15.98%-15.98%-15.98%-15.98%
EBIAT -5.261.554.53-1.08-28.840.240.240.240.240.25
Depreciation 5.475.795.775.094.575.425.455.485.515.54
Accounts Receivable --1.881.352.13-8.064.86-0.07-0.07-0.07-0.07
Inventories --5.233.965.06-9.103.10-0.24-0.24-0.24-0.24
Accounts Payable -3.65-7.17-2.1711.36-5.640.080.080.080.08
Capital Expenditure -13.41-5.39-4.22-2.15-3-5.58-5.61-5.64-5.67-5.70
UFCF -13.20-1.514.226.88-33.062.40-0.15-0.15-0.15-0.15
WACC
PV UFCF 2.26-0.13-0.12-0.12-0.11
SUM PV UFCF 1.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.45
Free cash flow (t + 1) -0.15
Terminal Value -3.41
Present Value of Terminal Value -2.49

Intrinsic Value

Enterprise Value -0.71
Net Debt 29.32
Equity Value -30.04
Shares Outstanding 15.76
Equity Value Per Share -1.91