Discounted Cash Flow (DCF) Analysis Unlevered

Weyco Group, Inc. (WEYS)

$26.9788

+0.11 (+0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: 30.57 | 26.9788 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 283.75298.38304.01195.38267.64273.19278.86284.64290.55296.58
Revenue (%)
EBITDA 28.0330.3630.81-3.7630.2221.6122.0622.5222.9923.46
EBITDA (%)
EBIT 23.7326.3327.33-6.9727.4317.9518.3218.7019.0919.49
EBIT (%)
Depreciation 4.314.033.493.222.803.663.743.823.903.98
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 29.4224.5015.7034.6928.0528.4028.9929.5930.2130.83
Total Cash (%)
Account Receivables 50.1251.5351.5336.0153.7849.4050.4251.4752.5453.63
Account Receivables (%)
Inventories 60.2772.6886.7159.0271.0371.5172.9974.5076.0577.63
Inventories (%)
Accounts Payable 8.9012.7612.458.4419.2312.5812.8413.1113.3813.66
Accounts Payable (%)
Capital Expenditure -1.58-1.41-7.39-3.37-1.01-3.04-3.10-3.17-3.23-3.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.9,788
Beta 0.744
Diluted Shares Outstanding 9.69
Cost of Debt
Tax Rate 24.83
After-tax Cost of Debt 0.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.971
Total Debt 11.11
Total Equity 261.51
Total Capital 272.62
Debt Weighting 4.08
Equity Weighting 95.92
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 283.75298.38304.01195.38267.64273.19278.86284.64290.55296.58
EBITDA 28.0330.3630.81-3.7630.2221.6122.0622.5222.9923.46
EBIT 23.7326.3327.33-6.9727.4317.9518.3218.7019.0919.49
Tax Rate 31.06%20.47%22.90%-20.29%24.83%15.80%15.80%15.80%15.80%15.80%
EBIAT 16.3620.9421.07-8.3920.6215.1115.4315.7516.0816.41
Depreciation 4.314.033.493.222.803.663.743.823.903.98
Accounts Receivable --1.41015.53-17.784.38-1.02-1.05-1.07-1.09
Inventories --12.41-14.0327.69-12-0.48-1.48-1.51-1.55-1.58
Accounts Payable -3.86-0.31-4.0110.79-6.660.260.270.270.28
Capital Expenditure -1.58-1.41-7.39-3.37-1.01-3.04-3.10-3.17-3.23-3.30
UFCF 19.0813.592.8330.663.4212.9913.8214.1114.4014.70
WACC
PV UFCF 12.1712.1411.6111.1110.62
SUM PV UFCF 57.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.71
Free cash flow (t + 1) 14.99
Terminal Value 318.31
Present Value of Terminal Value 230.05

Intrinsic Value

Enterprise Value 287.70
Net Debt -8.60
Equity Value 296.29
Shares Outstanding 9.69
Equity Value Per Share 30.57