Discounted Cash Flow (DCF) Analysis Levered

Gilat Satellite Networks Ltd. (GILT)

$5.59

-0.21 (-3.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.40 | 5.59 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 282.76266.39263.49165.89218.82212.25205.88199.69193.70187.88
Revenue (%)
Operating Cash Flow 20.8032.0234.7843.1618.9028.5427.6826.8526.0525.26
Operating Cash Flow (%)
Capital Expenditure -3.69-10.76-7.98-4.72-8.93-6.49-6.30-6.11-5.93-5.75
Capital Expenditure (%)
Free Cash Flow 17.1121.2626.8038.449.9722.0521.3820.7420.1219.51

Weighted Average Cost Of Capital

Share price $ 5.59
Beta 0.399
Diluted Shares Outstanding 56.40
Cost of Debt
Tax Rate 430.05
After-tax Cost of Debt -138.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.643
Total Debt 4.10
Total Equity 315.28
Total Capital 319.38
Debt Weighting 1.28
Equity Weighting 98.72
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 282.76266.39263.49165.89218.82212.25205.88199.69193.70187.88
Operating Cash Flow 20.8032.0234.7843.1618.9028.5427.6826.8526.0525.26
Capital Expenditure -3.69-10.76-7.98-4.72-8.93-6.49-6.30-6.11-5.93-5.75
Free Cash Flow 17.1121.2626.8038.449.9722.0521.3820.7420.1219.51
WACC
PV LFCF 18.3017.1115.9914.9413.96
SUM PV LFCF 93.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.79
Free cash flow (t + 1) 19.90
Terminal Value 1,112
Present Value of Terminal Value 923.27

Intrinsic Value

Enterprise Value 1,016.45
Net Debt -77.76
Equity Value 1,094.21
Shares Outstanding 56.40
Equity Value Per Share 19.40