Discounted Cash Flow (DCF) Analysis Levered

Aviat Networks, Inc. (AVNW)

$34.89

-0.60 (-1.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.54 | 34.89 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 243.86238.64274.91302.96346.59379.23414.94454.01496.76543.53
Revenue (%)
Operating Cash Flow 2.9417.4917.302.79-1.6411.5912.6813.8715.1816.61
Operating Cash Flow (%)
Capital Expenditure -5.25-4.61-2.85-1.79-5.33-5.50-6.02-6.58-7.20-7.88
Capital Expenditure (%)
Free Cash Flow -2.3012.8814.451-6.986.096.667.297.988.73

Weighted Average Cost Of Capital

Share price $ 34.89
Beta 1.694
Diluted Shares Outstanding 11.86
Cost of Debt
Tax Rate 50.10
After-tax Cost of Debt 2.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.155
Total Debt 2.75
Total Equity 413.62
Total Capital 416.37
Debt Weighting 0.66
Equity Weighting 99.34
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 243.86238.64274.91302.96346.59379.23414.94454.01496.76543.53
Operating Cash Flow 2.9417.4917.302.79-1.6411.5912.6813.8715.1816.61
Capital Expenditure -5.25-4.61-2.85-1.79-5.33-5.50-6.02-6.58-7.20-7.88
Free Cash Flow -2.3012.8814.451-6.986.096.667.297.988.73
WACC
PV LFCF 5.435.305.185.054.93
SUM PV LFCF 25.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.09
Free cash flow (t + 1) 8.99
Terminal Value 98.88
Present Value of Terminal Value 55.88

Intrinsic Value

Enterprise Value 81.78
Net Debt -19.49
Equity Value 101.27
Shares Outstanding 11.86
Equity Value Per Share 8.54