Discounted Cash Flow (DCF) Analysis Unlevered

Biomerica Inc

Biomerica Inc (BMRA)

$5.53
-0.08 (-1.43%)

Operating Data

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 6.475.124.965.145.795.565.206.696.796.907.007.117.21
Revenue (%)
EBITDA 0.75-0.22-0.37-0.56-0.69-1.25-2.21-2.20-1.03-1.04-1.06-1.07-1.09
EBITDA (%)
EBIT 0.53-0.43-0.62-0.80-0.91-1.43-2.37-2.33-1.28-1.29-1.31-1.33-1.35
EBIT (%)
Depreciation 0.220.210.250.230.220.190.160.130.250.250.260.260.26
Depreciation (%)

Balance Sheet Data

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
Total Cash 2.471.511.091.891.231.200.698.642.652.682.732.772.81
Total Cash (%)
Account Receivables 0.871.451.110.971.060.801.451.771.441.471.491.511.53
Account Receivables (%)
Inventories 1.571.772.031.861.732.182.152.852.452.492.532.572.60
Inventories (%)
Accounts Payable 0.280.390.360.330.340.691.04986.71125.74127.63129.55131.50133.48
Accounts Payable (%)
Capital Expenditure -0.26-0.28-0.02-0.10-0.10-0.13-0.17-0.12-0.18-0.18-0.18-0.19-0.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.53
Beta -0.884
Diluted Shares Outstanding 10,166.30
Cost of Debt
Tax Rate -0.32
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity -4.580
Total Debt 211.81
Total Equity 56,219.62
Total Capital 56,431.43
Debt Weighting 0.38
Equity Weighting 99.62
Wacc

Build Up Free Cash

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 6.475.124.965.145.795.565.206.696.796.907.007.117.21
EBITDA 0.75-0.22-0.37-0.56-0.69-1.25-2.21-2.20-1.03-1.04-1.06-1.07-1.09
EBIT 0.53-0.43-0.62-0.80-0.91-1.43-2.37-2.33-1.28-1.29-1.31-1.33-1.35
Tax Rate -3.85%48.84%48.73%-88.42%0.00%-2.22%-1.02%-0.32%0.22%0.22%0.22%0.22%0.22%
EBIAT 0.55-0.22-0.32-1.50-0.91-1.47-2.39-2.34-1.27-1.29-1.31-1.33-1.35
Depreciation 0.220.210.250.230.220.190.160.130.250.250.260.260.26
Accounts Receivable --0.580.340.14-0.090.26-0.65-0.310.32-0.02-0.02-0.02-0.02
Inventories --0.20-0.260.160.13-0.450.03-0.700.40-0.04-0.04-0.04-0.04
Accounts Payable -0.11-0.03-0.030.010.350.35985.67-860.971.891.921.951.98
Capital Expenditure -0.26-0.28-0.02-0.10-0.10-0.13-0.17-0.12-0.18-0.18-0.18-0.19-0.19
UFCF 0.51-0.96-0.04-1.09-0.73-1.25-2.68982.33-861.460.620.630.630.64
WACC
PV UFCF -945.350.710.750.800.85
SUM PV UFCF -899.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -4.54
Free cash flow (t + 1) 0.67
Terminal Value -7.85
Present Value of Terminal Value -9.90

Intrinsic Value

Enterprise Value -909.35
Net Debt -8.64
Equity Value -900.71
Shares Outstanding 10,166.30
Equity Value Per Share -0.09