Discounted Cash Flow (DCF) Analysis Levered

Globalstar, Inc. (GSAT)

$1.13

-0.03 (-2.59%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.59 | 1.13 | overvalue

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 112.66130.11131.72128.49124.30127.72131.23134.85138.56142.37
Revenue (%)
Operating Cash Flow 13.865.923.0522.22131.8836.4137.4238.4539.5040.59
Operating Cash Flow (%)
Capital Expenditure -9.32-10.37-8.15-7.22-45.54-16.52-16.98-17.44-17.92-18.42
Capital Expenditure (%)
Free Cash Flow 4.54-4.45-5.101586.3519.8920.442121.5822.17

Weighted Average Cost Of Capital

Share price $ 1.13
Beta 0.107
Diluted Shares Outstanding 1,765.14
Cost of Debt
Tax Rate 0.26
After-tax Cost of Debt 4.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.384
Total Debt 269.67
Total Equity 1,994.61
Total Capital 2,264.28
Debt Weighting 11.91
Equity Weighting 88.09
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 112.66130.11131.72128.49124.30127.72131.23134.85138.56142.37
Operating Cash Flow 13.865.923.0522.22131.8836.4137.4238.4539.5040.59
Capital Expenditure -9.32-10.37-8.15-7.22-45.54-16.52-16.98-17.44-17.92-18.42
Free Cash Flow 4.54-4.45-5.101586.3519.8920.442121.5822.17
WACC
PV LFCF 19.2119.0518.9018.7518.61
SUM PV LFCF 94.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.57
Free cash flow (t + 1) 22.62
Terminal Value 1,440.60
Present Value of Terminal Value 1,208.85

Intrinsic Value

Enterprise Value 1,303.38
Net Debt 255.37
Equity Value 1,048.01
Shares Outstanding 1,765.14
Equity Value Per Share 0.59