Discounted Cash Flow (DCF) Analysis Unlevered
cbdMD, Inc. (YCBD)
$1.0568
+0.02 (+2.11%)
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 | 8.42 | 23.65 | 41.88 | 44.48 | 35.40 | 56.98 | 91.70 | 147.59 | 237.54 | 382.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.34 | 19.43 | -45.71 | -12.69 | 38.78 | 6.62 | 10.65 | 17.14 | 27.59 | 44.40 |
| EBITDA (%) | ||||||||||
| EBIT | 0.12 | 19.14 | -46.43 | -14.94 | 35.81 | 4.45 | 7.16 | 11.52 | 18.54 | 29.84 |
| EBIT (%) | ||||||||||
| Depreciation | 0.22 | 0.29 | 0.72 | 2.25 | 2.97 | 2.17 | 3.49 | 5.62 | 9.05 | 14.56 |
| 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 | 6.49 | 5.49 | 15.10 | 27.44 | 7.72 | 25.06 | 40.33 | 64.90 | 104.46 | 168.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.20 | 2.67 | 1.36 | 1.12 | 1.45 | 8.10 | 13.04 | 20.98 | 33.76 | 54.34 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.12 | 4.30 | 4.60 | 5.02 | 4.26 | 6.15 | 9.90 | 15.93 | 25.63 | 41.25 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.48 | 3.02 | 2.85 | 2.98 | 2.04 | 4.30 | 6.92 | 11.14 | 17.93 | 28.86 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.38 | -1.25 | -1.32 | -2.34 | -0.69 | -2.30 | -3.70 | -5.96 | -9.59 | -15.44 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.0,568 |
|---|---|
| Beta | 2.150 |
| Diluted Shares Outstanding | 59.75 |
| Cost of Debt | |
| Tax Rate | -5.71 |
| After-tax Cost of Debt | 0.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.773 |
| Total Debt | 4.87 |
| Total Equity | 63.14 |
| Total Capital | 68.01 |
| Debt Weighting | 7.16 |
| Equity Weighting | 92.84 |
| 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 | 8.42 | 23.65 | 41.88 | 44.48 | 35.40 | 56.98 | 91.70 | 147.59 | 237.54 | 382.30 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.34 | 19.43 | -45.71 | -12.69 | 38.78 | 6.62 | 10.65 | 17.14 | 27.59 | 44.40 |
| EBIT | 0.12 | 19.14 | -46.43 | -14.94 | 35.81 | 4.45 | 7.16 | 11.52 | 18.54 | 29.84 |
| Tax Rate | 979.86% | 4.94% | -11.47% | 3.68% | -5.71% | 194.26% | 194.26% | 194.26% | 194.26% | 194.26% |
| EBIAT | -1.03 | 18.20 | -51.75 | -14.39 | 37.85 | -4.19 | -6.75 | -10.86 | -17.48 | -28.13 |
| Depreciation | 0.22 | 0.29 | 0.72 | 2.25 | 2.97 | 2.17 | 3.49 | 5.62 | 9.05 | 14.56 |
| Accounts Receivable | - | 1.54 | 1.31 | 0.23 | -0.32 | -6.65 | -4.94 | -7.94 | -12.79 | -20.58 |
| Inventories | - | -4.18 | -0.30 | -0.42 | 0.77 | -1.89 | -3.75 | -6.03 | -9.71 | -15.62 |
| Accounts Payable | - | 2.54 | -0.17 | 0.13 | -0.94 | 2.27 | 2.62 | 4.22 | 6.79 | 10.93 |
| Capital Expenditure | -0.38 | -1.25 | -1.32 | -2.34 | -0.69 | -2.30 | -3.70 | -5.96 | -9.59 | -15.44 |
| UFCF | -1.19 | 17.14 | -51.52 | -14.53 | 39.63 | -10.60 | -13.02 | -20.95 | -33.72 | -54.27 |
| WACC | ||||||||||
| PV UFCF | -9.32 | -10.06 | -14.24 | -20.15 | -28.51 | |||||
| SUM PV UFCF | -82.29 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.74 |
| Free cash flow (t + 1) | -55.36 |
| Terminal Value | -471.55 |
| Present Value of Terminal Value | -247.72 |
Intrinsic Value
| Enterprise Value | -330.01 |
|---|---|
| Net Debt | -1.85 |
| Equity Value | -328.16 |
| Shares Outstanding | 59.75 |
| Equity Value Per Share | -5.49 |