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	610.53	569.70	608.93	482.03	610.97	620.30	629.77	639.39	649.15	659.06
Revenue (%)
Operating Cash Flow	30.36	29.55	10.81	66.21	-27.04	26.36	26.76	27.17	27.58	28
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	12.23	12.28	-7.28	58.32	-47.41	9.06	9.20	9.34	9.48	9.62

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	610.53	569.70	608.93	482.03	610.97	620.30	629.77	639.39	649.15	659.06
Operating Cash Flow	30.36	29.55	10.81	66.21	-27.04	26.36	26.76	27.17	27.58	28
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	12.23	12.28	-7.28	58.32	-47.41	9.06	9.20	9.34	9.48	9.62
WACC
PV LFCF						8.37	7.85	7.37	6.91	6.48
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