Discounted Cash Flow (DCF) Analysis Levered
DZS Inc. (DZSI)
$1.56
+0.05 (+3.31%)
All numbers are in Millions, Currency in USD
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 | 282.35 | 306.88 | 300.64 | 350.21 | 375.69 | 404.26 | 435 | 468.09 | 503.68 | 541.99 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | -12.22 | -22.70 | 5.06 | -14.33 | -50.90 | -22.38 | -24.08 | -25.91 | -27.88 | -30 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -1.18 | -2.31 | -2.27 | -5.59 | -4.53 | -3.82 | -4.11 | -4.43 | -4.76 | -5.13 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | -13.40 | -25.02 | 2.79 | -19.91 | -55.43 | -26.20 | -28.20 | -30.34 | -32.65 | -35.13 |
Weighted Average Cost Of Capital
Share price | $ 1.56 |
---|---|
Beta | 1.318 |
Diluted Shares Outstanding | 28.09 |
Cost of Debt | |
Tax Rate | -5.64 |
After-tax Cost of Debt | 4.28% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.496 |
Total Debt | 50.03 |
Total Equity | 43.81 |
Total Capital | 93.84 |
Debt Weighting | 53.31 |
Equity Weighting | 46.69 |
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 | 282.35 | 306.88 | 300.64 | 350.21 | 375.69 | 404.26 | 435 | 468.09 | 503.68 | 541.99 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | -12.22 | -22.70 | 5.06 | -14.33 | -50.90 | -22.38 | -24.08 | -25.91 | -27.88 | -30 |
Capital Expenditure | -1.18 | -2.31 | -2.27 | -5.59 | -4.53 | -3.82 | -4.11 | -4.43 | -4.76 | -5.13 |
Free Cash Flow | -13.40 | -25.02 | 2.79 | -19.91 | -55.43 | -26.20 | -28.20 | -30.34 | -32.65 | -35.13 |
WACC | ||||||||||
PV LFCF | -24.45 | -24.54 | -24.64 | -24.74 | -24.84 | |||||
SUM PV LFCF | -123.21 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.18 |
Free cash flow (t + 1) | -35.83 |
Terminal Value | -691.74 |
Present Value of Terminal Value | -489.07 |
Intrinsic Value
Enterprise Value | -612.28 |
---|---|
Net Debt | 11.71 |
Equity Value | -623.99 |
Shares Outstanding | 28.09 |
Equity Value Per Share | -22.22 |