Discounted Cash Flow (DCF) Analysis Unlevered

Virco Mfg. Corporation (VIRC)

$4.33

-0.05 (-1.14%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.58 | 4.33 | 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 9.426.8610.963.652.046.556.596.626.666.69
EBITDA (%)
EBIT 3.961.075.19-1.44-2.531.131.131.141.141.15
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 $ 4.33
Beta 0.979
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 8.239
Total Debt 30.68
Total Equity 68.24
Total Capital 98.92
Debt Weighting 31.02
Equity Weighting 68.98
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 9.426.8610.963.652.046.556.596.626.666.69
EBIT 3.961.075.19-1.44-2.531.131.131.141.141.15
Tax Rate 232.93%-44.49%12.65%25.00%-306.01%-15.98%-15.98%-15.98%-15.98%-15.98%
EBIAT -5.261.554.53-1.08-10.281.311.311.321.331.34
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 -13.20-1.514.226.88-14.503.470.930.930.940.94
WACC
PV UFCF 3.240.810.760.720.67
SUM PV UFCF 6.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.89
Free cash flow (t + 1) 0.96
Terminal Value 19.61
Present Value of Terminal Value 14.06

Intrinsic Value

Enterprise Value 20.26
Net Debt 29.32
Equity Value -9.06
Shares Outstanding 15.76
Equity Value Per Share -0.58