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Discounted Cash Flow (DCF) Analysis Levered


Alpha Pro Tech Ltd.

Alpha Pro Tech Ltd. (APT)

Basic Materials

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 43.8147.6544.9646.1844.0346.6247.2947.9648.6449.3350.03
Revenue (%)
Operating Cash Flow 6.09-0.885.976.834.012.004.224.284.344.404.46
Operating Cash Flow (%)
Capital Expenditure -0.35-0.95-0.27-0.27-0.69-0.61-0.54-0.55-0.55-0.56-0.57
Capital Expenditure (%)
Free Cash Flow 5.74-1.825.706.573.321.393.683.733.783.843.89

Weighted Average Cost Of Capital

Share price $ 3.55
Diluted Shares Outstanding 13.91
Cost of Debt
Tax Rate 17.87
After-tax Cost of Debt -0.84
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.06
Total Debt -
Total Equity 49.38
Total Capital 49.38
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 43.8147.6544.9646.1844.0346.6247.2947.9648.6449.3350.03
Operating Cash Flow 6.09-0.885.976.834.012.004.224.284.344.404.46
Capital Expenditure -0.35-0.95-0.27-0.27-0.69-0.61-0.54-0.55-0.55-0.56-0.57
Free Cash Flow 5.74-1.825.706.573.321.393.683.733.783.843.89
WACC
PV LFCF 3.343.082.842.622.41
SUM PV LFCF 23.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.06
Free cash flow (t + 1) 3.32
Terminal Value 54.87
Present Value of Terminal Value 33.98

Intrinsic Value

Enterprise Value 55.46
Net Debt -7.26
Equity Value 62.72
Shares Outstanding 13.91
Equity Value Per Share 5.17