Discounted Cash Flow (DCF) Analysis Levered

Chembio Diagnostics, Inc. (CEMI)

$ 3.95
0.58 (+19.73%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 29.5527.6524.2617.8724.0233.4134.4630.4531.3232.2233.1434.0835.06
Revenue (%)
Operating Cash Flow 2.28-3.821.79-6.70-5.03-11.78-9.06-18.89-7.08-7.28-7.49-7.70-7.92
Operating Cash Flow (%)
Capital Expenditure -0.89-1.45-1.03-0.12-1.03-1.47-3.80-4.17-1.82-1.87-1.93-1.98-2.04
Capital Expenditure (%)
Free Cash Flow 1.39-5.270.76-6.82-6.06-13.25-12.86-23.05-8.90-9.15-9.41-9.68-9.96

Weighted Average Cost Of Capital

Share price $ 3.95
Beta 1.868
Diluted Shares Outstanding 20.10
Cost of Debt
Tax Rate 1.76
After-tax Cost of Debt 4.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.329
Total Debt 18.36
Total Equity 79.41
Total Capital 97.78
Debt Weighting 18.78
Equity Weighting 81.22
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 29.5527.6524.2617.8724.0233.4134.4630.4531.3232.2233.1434.0835.06
Operating Cash Flow 2.28-3.821.79-6.70-5.03-11.78-9.06-18.89-7.08-7.28-7.49-7.70-7.92
Capital Expenditure -0.89-1.45-1.03-0.12-1.03-1.47-3.80-4.17-1.82-1.87-1.93-1.98-2.04
Free Cash Flow 1.39-5.270.76-6.82-6.06-13.25-12.86-23.05-8.90-9.15-9.41-9.68-9.96
WACC
PV LFCF -7.74-6.92-6.19-5.54-4.95
SUM PV LFCF -31.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.00
Free cash flow (t + 1) -10.36
Terminal Value -94.17
Present Value of Terminal Value -46.82

Intrinsic Value

Enterprise Value -78.16
Net Debt -4.70
Equity Value -73.46
Shares Outstanding 20.10
Equity Value Per Share -3.65