Discounted Cash Flow (DCF) Analysis Levered
Invacare Corporation (IVC)
$1.24
-0.04 (-3.12%)
All numbers are in Millions, Currency in USD
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 | 966.50 | 972.35 | 927.96 | 850.69 | 872.46 | 851.24 | 830.54 | 810.34 | 790.63 | 771.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -25.77 | -46.42 | 2.74 | 21.92 | -9.97 | -9.72 | -9.49 | -9.26 | -9.03 | -8.81 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -14.57 | -9.82 | -10.87 | -22.30 | -13.77 | -13.43 | -13.10 | -12.79 | -12.47 | -12.17 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -40.34 | -56.25 | -8.13 | -0.39 | -23.73 | -23.15 | -22.59 | -22.04 | -21.51 | -20.98 |
Weighted Average Cost Of Capital
| Share price | $ 1.24 |
|---|---|
| Beta | 0.855 |
| Diluted Shares Outstanding | 35.27 |
| Cost of Debt | |
| Tax Rate | -16.48 |
| After-tax Cost of Debt | 7.89% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.924 |
| Total Debt | 308.13 |
| Total Equity | 43.74 |
| Total Capital | 351.87 |
| Debt Weighting | 87.57 |
| Equity Weighting | 12.43 |
| 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 | 966.50 | 972.35 | 927.96 | 850.69 | 872.46 | 851.24 | 830.54 | 810.34 | 790.63 | 771.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -25.77 | -46.42 | 2.74 | 21.92 | -9.97 | -9.72 | -9.49 | -9.26 | -9.03 | -8.81 |
| Capital Expenditure | -14.57 | -9.82 | -10.87 | -22.30 | -13.77 | -13.43 | -13.10 | -12.79 | -12.47 | -12.17 |
| Free Cash Flow | -40.34 | -56.25 | -8.13 | -0.39 | -23.73 | -23.15 | -22.59 | -22.04 | -21.51 | -20.98 |
| WACC | ||||||||||
| PV LFCF | -21.49 | -19.45 | -17.61 | -15.94 | -14.43 | |||||
| SUM PV LFCF | -88.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.77 |
| Free cash flow (t + 1) | -21.40 |
| Terminal Value | -370.93 |
| Present Value of Terminal Value | -255.15 |
Intrinsic Value
| Enterprise Value | -344.08 |
|---|---|
| Net Debt | 224.38 |
| Equity Value | -568.46 |
| Shares Outstanding | 35.27 |
| Equity Value Per Share | -16.12 |