Discounted Cash Flow (DCF) Analysis Levered
DZS Inc. (DZSI)
$1.53
-0.08 (-4.97%)
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 | $ 1.53 |
|---|---|
| Beta | 1.318 |
| Diluted Shares Outstanding | 28.09 |
| Cost of Debt | |
| Tax Rate | -5.64 |
| After-tax Cost of Debt | 4.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.377 |
| Total Debt | 50.03 |
| Total Equity | 42.97 |
| Total Capital | 93 |
| Debt Weighting | 53.80 |
| Equity Weighting | 46.20 |
| 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 | -24.48 | -24.61 | -24.75 | -24.88 | -25.01 | |||||
| SUM PV LFCF | -123.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.03 |
| Free cash flow (t + 1) | -35.83 |
| Terminal Value | -712.36 |
| Present Value of Terminal Value | -507.19 |
Intrinsic Value
| Enterprise Value | -630.92 |
|---|---|
| Net Debt | 11.71 |
| Equity Value | -642.64 |
| Shares Outstanding | 28.09 |
| Equity Value Per Share | -22.88 |