Discounted Cash Flow (DCF) Analysis Levered

PCTEL, Inc. (PCTI)

$4.67

+0.06 (+1.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.39 | 4.67 | 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 91.4482.9890.6277.4687.8187.5487.2887.0286.7586.49
Revenue (%)
Operating Cash Flow 9.773.9410.9213.429.849.819.789.759.729.69
Operating Cash Flow (%)
Capital Expenditure -2.67-2.75-2.26-4.09-3.08-3.07-3.06-3.05-3.04-3.03
Capital Expenditure (%)
Free Cash Flow 7.101.198.669.336.766.746.726.706.686.66

Weighted Average Cost Of Capital

Share price $ 4.67
Beta 0.408
Diluted Shares Outstanding 18.12
Cost of Debt
Tax Rate 20.31
After-tax Cost of Debt 3.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.444
Total Debt -
Total Equity 84.63
Total Capital 84.63
Debt Weighting 0.00
Equity Weighting 100.00
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 91.4482.9890.6277.4687.8187.5487.2887.0286.7586.49
Operating Cash Flow 9.773.9410.9213.429.849.819.789.759.729.69
Capital Expenditure -2.67-2.75-2.26-4.09-3.08-3.07-3.06-3.05-3.04-3.03
Free Cash Flow 7.101.198.669.336.766.746.726.706.686.66
WACC
PV LFCF 6.396.045.715.405.11
SUM PV LFCF 28.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.44
Free cash flow (t + 1) 6.79
Terminal Value 197.43
Present Value of Terminal Value 151.49

Intrinsic Value

Enterprise Value 180.16
Net Debt -8.19
Equity Value 188.35
Shares Outstanding 18.12
Equity Value Per Share 10.39