Discounted Cash Flow (DCF) Analysis Levered

Daktronics, Inc. (DAKT)

$3.7

+0.08 (+2.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.48 | 3.7 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 610.53569.70608.93482.03610.97620.30629.77639.39649.15659.06
Revenue (%)
Operating Cash Flow 30.3629.5510.8166.21-27.0426.3626.7627.1727.5828
Operating Cash Flow (%)
Capital Expenditure -18.13-17.27-18.09-7.89-20.38-17.30-17.56-17.83-18.10-18.38
Capital Expenditure (%)
Free Cash Flow 12.2312.28-7.2858.32-47.419.069.209.349.489.62

Weighted Average Cost Of Capital

Share price $ 3.7
Beta 1.012
Diluted Shares Outstanding 45.33
Cost of Debt
Tax Rate 46.57
After-tax Cost of Debt 3.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.292
Total Debt 2.31
Total Equity 167.71
Total Capital 170.02
Debt Weighting 1.36
Equity Weighting 98.64
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 610.53569.70608.93482.03610.97620.30629.77639.39649.15659.06
Operating Cash Flow 30.3629.5510.8166.21-27.0426.3626.7627.1727.5828
Capital Expenditure -18.13-17.27-18.09-7.89-20.38-17.30-17.56-17.83-18.10-18.38
Free Cash Flow 12.2312.28-7.2858.32-47.419.069.209.349.489.62
WACC
PV LFCF 8.377.857.376.916.48
SUM PV LFCF 36.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.23
Free cash flow (t + 1) 9.82
Terminal Value 157.58
Present Value of Terminal Value 106.11

Intrinsic Value

Enterprise Value 143.09
Net Debt -14.83
Equity Value 157.92
Shares Outstanding 45.33
Equity Value Per Share 3.48