Discounted Cash Flow (DCF) Analysis Unlevered
Wilhelmina International, Inc. (WHLM)
$4.59
-0.18 (-3.77%)
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 | 77.85 | 75.50 | 41.60 | 56.81 | 17.78 | 14.22 | 11.38 | 9.10 | 7.28 | 5.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.36 | 1.87 | -1.92 | 4.33 | 2.61 | 0.66 | 0.53 | 0.42 | 0.34 | 0.27 |
| EBITDA (%) | ||||||||||
| EBIT | 1.37 | 0.67 | -3.17 | 3.48 | 2.42 | 0.42 | 0.34 | 0.27 | 0.21 | 0.17 |
| EBIT (%) | ||||||||||
| Depreciation | 0.99 | 1.19 | 1.25 | 0.85 | 0.19 | 0.24 | 0.19 | 0.15 | 0.12 | 0.10 |
| 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 | 6.75 | 6.99 | 5.56 | 10.25 | 12 | 3.32 | 2.66 | 2.13 | 1.70 | 1.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 11.90 | 9.44 | 7.15 | 8.86 | 9.47 | 3.24 | 2.59 | 2.07 | 1.66 | 1.32 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.07 | 3.81 | 2.87 | 3.71 | 4.31 | 1.40 | 1.12 | 0.90 | 0.72 | 0.57 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.44 | -0.39 | -0.15 | -0.02 | -0.27 | -0.09 | -0.07 | -0.05 | -0.04 | -0.03 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.59 |
|---|---|
| Beta | 0.682 |
| Diluted Shares Outstanding | 5.16 |
| Cost of Debt | |
| Tax Rate | -37.05 |
| After-tax Cost of Debt | 4.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.375 |
| Total Debt | 3.84 |
| Total Equity | 23.67 |
| Total Capital | 27.51 |
| Debt Weighting | 13.96 |
| Equity Weighting | 86.04 |
| 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 | 77.85 | 75.50 | 41.60 | 56.81 | 17.78 | 14.22 | 11.38 | 9.10 | 7.28 | 5.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.36 | 1.87 | -1.92 | 4.33 | 2.61 | 0.66 | 0.53 | 0.42 | 0.34 | 0.27 |
| EBIT | 1.37 | 0.67 | -3.17 | 3.48 | 2.42 | 0.42 | 0.34 | 0.27 | 0.21 | 0.17 |
| Tax Rate | 28.01% | -9.12% | -22.33% | 15.41% | -37.05% | -5.02% | -5.02% | -5.02% | -5.02% | -5.02% |
| EBIAT | 0.99 | 0.73 | -3.88 | 2.94 | 3.32 | 0.44 | 0.35 | 0.28 | 0.23 | 0.18 |
| Depreciation | 0.99 | 1.19 | 1.25 | 0.85 | 0.19 | 0.24 | 0.19 | 0.15 | 0.12 | 0.10 |
| Accounts Receivable | - | 2.46 | 2.29 | -1.71 | -0.61 | 6.23 | 0.65 | 0.52 | 0.41 | 0.33 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.26 | -0.95 | 0.84 | 0.60 | -2.91 | -0.28 | -0.22 | -0.18 | -0.14 |
| Capital Expenditure | -0.44 | -0.39 | -0.15 | -0.02 | -0.27 | -0.09 | -0.07 | -0.05 | -0.04 | -0.03 |
| UFCF | 1.54 | 2.74 | -1.43 | 2.91 | 3.23 | 3.92 | 0.84 | 0.68 | 0.54 | 0.43 |
| WACC | ||||||||||
| PV UFCF | 3.67 | 0.74 | 0.55 | 0.41 | 0.31 | |||||
| SUM PV UFCF | 5.68 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.93 |
| Free cash flow (t + 1) | 0.44 |
| Terminal Value | 8.94 |
| Present Value of Terminal Value | 6.39 |
Intrinsic Value
| Enterprise Value | 12.07 |
|---|---|
| Net Debt | -8.16 |
| Equity Value | 20.23 |
| Shares Outstanding | 5.16 |
| Equity Value Per Share | 3.92 |