Discounted Cash Flow (DCF) Analysis Unlevered

Chembio Diagnostics, Inc. (CEMI)

$ 2.395
-0.02 (-0.62%)

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 17.8724.0233.4134.4630.4535.4041.1647.8555.6364.67
Revenue (%)
EBITDA -6.41-5.18-7.03-12.26-20.44-12.83-14.91-17.34-20.15-23.43
EBITDA (%)
EBIT -7.55-6.46-7.93-14.18-23.14-14.87-17.28-20.09-23.36-27.16
EBIT (%)
Depreciation 1.141.280.901.922.702.042.372.763.213.73
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 10.553.7912.5218.2723.0717.0719.8523.0726.8231.18
Total Cash (%)
Account Receivables 3.382.097.373.663.385.065.886.837.949.24
Account Receivables (%)
Inventories 3.344.427.859.6012.529.1710.6612.4014.4116.75
Inventories (%)
Accounts Payable 1.441.493.623.145.733.764.375.085.906.86
Accounts Payable (%)
Capital Expenditure -0.12-1.03-1.47-3.80-4.17-2.41-2.80-3.26-3.79-4.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.395
Beta 1.886
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 17.470
Total Debt 18.88
Total Equity 48.15
Total Capital 67.03
Debt Weighting 28.17
Equity Weighting 71.83
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 17.8724.0233.4134.4630.4535.4041.1647.8555.6364.67
EBITDA -6.41-5.18-7.03-12.26-20.44-12.83-14.91-17.34-20.15-23.43
EBIT -7.55-6.46-7.93-14.18-23.14-14.87-17.28-20.09-23.36-27.16
Tax Rate -76.87%1.37%0.85%3.53%1.76%-13.87%-13.87%-13.87%-13.87%-13.87%
EBIAT -13.35-6.37-7.87-13.68-22.73-16.93-19.68-22.88-26.60-30.93
Depreciation 1.141.280.901.922.702.042.372.763.213.73
Accounts Receivable -1.30-5.293.710.28-1.68-0.82-0.96-1.11-1.29
Inventories --1.09-3.43-1.75-2.923.34-1.49-1.73-2.02-2.34
Accounts Payable -0.062.13-0.482.58-1.970.610.710.830.96
Capital Expenditure -0.12-1.03-1.47-3.80-4.17-2.41-2.80-3.26-3.79-4.40
UFCF -12.33-5.85-15.02-14.07-24.25-17.61-21.81-25.36-29.48-34.28
WACC
PV UFCF -15.45-16.81-17.15-17.50-17.86
SUM PV UFCF -84.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.93
Free cash flow (t + 1) -35.65
Terminal Value -358.99
Present Value of Terminal Value -187.02

Intrinsic Value

Enterprise Value -271.79
Net Debt -4.18
Equity Value -267.60
Shares Outstanding 20.10
Equity Value Per Share -13.31