Discounted Cash Flow (DCF) Analysis Levered

CalAmp Corp. (CAMP)

$1.8

+0.02 (+1.12%)

All numbers are in Millions, Currency in USD

Stock DCF: -7.59 | 1.8 | 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	363.80	366.11	308.59	295.84	294.95	280.56	266.88	253.86	241.48	229.70
Revenue (%)
Operating Cash Flow	47.74	11.54	28.59	-4.22	-22.93	9.17	8.72	8.30	7.89	7.51
Operating Cash Flow (%)
Capital Expenditure	-12.01	-22.19	-11.36	-13.30	-11.10	-11.95	-11.37	-10.81	-10.29	-9.79
Capital Expenditure (%)
Free Cash Flow	35.73	-10.65	17.23	-17.52	-34.03	-2.78	-2.65	-2.52	-2.40	-2.28

Weighted Average Cost Of Capital

Share price	$ 1.8
Beta	2.001
Diluted Shares Outstanding	36.13
Cost of Debt
Tax Rate	-3.67
After-tax Cost of Debt	2.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.134
Total Debt	240.44
Total Equity	65.04
Total Capital	305.47
Debt Weighting	78.71
Equity Weighting	21.29
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	363.80	366.11	308.59	295.84	294.95	280.56	266.88	253.86	241.48	229.70
Operating Cash Flow	47.74	11.54	28.59	-4.22	-22.93	9.17	8.72	8.30	7.89	7.51
Capital Expenditure	-12.01	-22.19	-11.36	-13.30	-11.10	-11.95	-11.37	-10.81	-10.29	-9.79
Free Cash Flow	35.73	-10.65	17.23	-17.52	-34.03	-2.78	-2.65	-2.52	-2.40	-2.28
WACC
PV LFCF						-2.53	-2.30	-2.09	-1.89	-1.72
SUM PV LFCF										-11.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.84
Free cash flow (t + 1)	-2.33
Terminal Value	-81.87
Present Value of Terminal Value	-64.64

Intrinsic Value

Enterprise Value	-75.68
Net Debt	198.51
Equity Value	-274.18
Shares Outstanding	36.13
Equity Value Per Share	-7.59