Discounted Cash Flow (DCF) Analysis Levered

Daktronics, Inc. (DAKT)

$8.78

+0.10 (+1.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.75 | 8.78 | 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 569.70608.93482.03610.97754.20822.52897.03978.301,066.931,163.58
Revenue (%)
Operating Cash Flow 29.5510.8166.21-27.0415.0230.0532.7735.7438.9742.50
Operating Cash Flow (%)
Capital Expenditure -17.27-18.09-7.89-20.38-25.39-23.59-25.73-28.06-30.60-33.37
Capital Expenditure (%)
Free Cash Flow 12.28-7.2858.32-47.41-10.366.467.047.688.379.13

Weighted Average Cost Of Capital

Share price $ 8.78
Beta 1.052
Diluted Shares Outstanding 45.52
Cost of Debt
Tax Rate 48.69
After-tax Cost of Debt 2.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.124
Total Debt 17.75
Total Equity 399.67
Total Capital 417.42
Debt Weighting 4.25
Equity Weighting 95.75
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 569.70608.93482.03610.97754.20822.52897.03978.301,066.931,163.58
Operating Cash Flow 29.5510.8166.21-27.0415.0230.0532.7735.7438.9742.50
Capital Expenditure -17.27-18.09-7.89-20.38-25.39-23.59-25.73-28.06-30.60-33.37
Free Cash Flow 12.28-7.2858.32-47.41-10.366.467.047.688.379.13
WACC
PV LFCF 5.935.945.965.975.98
SUM PV LFCF 29.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.83
Free cash flow (t + 1) 9.32
Terminal Value 136.39
Present Value of Terminal Value 89.34

Intrinsic Value

Enterprise Value 119.12
Net Debt -6.23
Equity Value 125.35
Shares Outstanding 45.52
Equity Value Per Share 2.75