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Mannatech Inc – Medicinal and Botanical Manufacturing
Mannatech, Incorporated is committed to transforming lives through the development of high quality integrated health, weight management, fitness and skin care products distributed through its global network of independent associates and members. The company has been operating for more than 25 years with operations in 25 markets.
Analysis Results
Intrinsic Value $563.17
Latest Price $21.57
Relative Value 96% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 27.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 27.1%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 14.6 14.1
2023 18.6 17.4
2024 23.6 21.3
2025 30.0 26.2
2026 38.1 32.2
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 1140 million. This corresponds to a present value of 935 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 111 million. Adding in the terminal value gives a total present value of 1050 million.

There are presently 1.86 million outstanding shares, so the intrinsic value per share is 563.17.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 42,838,000
Current Cash 24,185,000
Current Liabilities 30,098,000
Current Debt 273,000
Non-Cash Working Capital (NCWC) -11,172,000
Change in NCWC -84,000
EBIT 9,049,000
Tax Provision -950,000
Depreciation and Amortization 3,920,000
Capital Expenditure -650,000
Unlevered Free Cash Flow 12,235,000
Current Assets 42,477,000
Current Cash 22,207,000
Current Liabilities 31,987,000
Current Debt 629,000
Non-Cash Working Capital (NCWC) -11,088,000
Change in NCWC 711,000
EBIT 4,491,000
Tax Provision -536,000
Depreciation and Amortization 3,932,000
Capital Expenditure -949,000
Unlevered Free Cash Flow 8,185,000
Current Assets 41,029,000
Current Cash 24,762,000
Current Liabilities 28,892,000
Current Debt 826,000
Non-Cash Working Capital (NCWC) -11,799,000
Change in NCWC 496,000
EBIT 6,433,000
Tax Provision 2,447,000
Depreciation and Amortization 3,815,000
Capital Expenditure -1,220,000
Unlevered Free Cash Flow 6,779,657
Current Assets 42,387,000
Current Cash 21,845,000
Current Liabilities 33,614,000
Current Debt 777,000
Non-Cash Working Capital (NCWC) -12,295,000
Change in NCWC 1,541,000
EBIT -90,000
Tax Provision 4,375,000
Depreciation and Amortization 2,064,000
Capital Expenditure -2,338,000
Unlevered Free Cash Flow -3,198,000
Current Assets 56,248,000
Current Cash 37,682,000
Current Liabilities 33,445,000
Current Debt 1,043,000
Non-Cash Working Capital (NCWC) -13,836,000
Change in NCWC -7,088,000
EBIT 2,519,000
Tax Provision 4,247,000
Depreciation and Amortization 1,864,000
Capital Expenditure -1,340,000
Unlevered Free Cash Flow -8,292,000
Current Assets 50,762,000
Current Cash 28,687,000
Current Liabilities 29,981,000
Current Debt 1,158,000
Non-Cash Working Capital (NCWC) -6,748,000
Change in NCWC 580,000
EBIT 698,000
Tax Provision -369,000
Depreciation and Amortization 1,898,000
Capital Expenditure -2,286,000
Unlevered Free Cash Flow 890,000
Current Assets 49,885,000
Current Cash 31,994,000
Current Liabilities 26,379,000
Current Debt 1,160,000
Non-Cash Working Capital (NCWC) -7,328,000
Change in NCWC 3,415,000
EBIT 12,144,000
Tax Provision 2,360,000
Depreciation and Amortization 1,793,000
Capital Expenditure -1,979,000
Unlevered Free Cash Flow 11,877,471
Current Assets 49,363,000
Current Cash 27,999,000
Current Liabilities 33,008,000
Current Debt 901,000
Non-Cash Working Capital (NCWC) -10,743,000
Change in NCWC -4,668,000
EBIT 12,742,000
Tax Provision 3,325,000
Depreciation and Amortization 1,608,000
Capital Expenditure -1,534,000
Unlevered Free Cash Flow 3,834,065
Current Assets 43,674,000
Current Cash 20,395,000
Current Liabilities 30,058,000
Current Debt 704,000
Non-Cash Working Capital (NCWC) -6,075,000
Change in NCWC -3,559,000
EBIT 4,756,000
Tax Provision -365,000
Depreciation and Amortization 2,120,000
Capital Expenditure -602,000
Unlevered Free Cash Flow 2,715,000

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