Discounted Cash Flow (DCF) Analysis Levered

PFSweb, Inc. (PFSW)

$9.2

-0.24 (-2.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.72 | 9.2 | 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 326.82326.16294.02342.5050.9340.9132.8626.4021.2017.03
Revenue (%)
Operating Cash Flow 11.0511.5710.861.80-0.040.910.730.580.470.38
Operating Cash Flow (%)
Capital Expenditure -4.65-4.94-3.91-4.20-0.01-0.45-0.36-0.29-0.23-0.19
Capital Expenditure (%)
Free Cash Flow 6.406.636.95-2.40-0.050.450.370.290.240.19

Weighted Average Cost Of Capital

Share price $ 9.2
Beta 1.507
Diluted Shares Outstanding 20
Cost of Debt
Tax Rate 18.13
After-tax Cost of Debt 0.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.860
Total Debt 40.90
Total Equity 184.05
Total Capital 224.94
Debt Weighting 18.18
Equity Weighting 81.82
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 326.82326.16294.02342.5050.9340.9132.8626.4021.2017.03
Operating Cash Flow 11.0511.5710.861.80-0.040.910.730.580.470.38
Capital Expenditure -4.65-4.94-3.91-4.20-0.01-0.45-0.36-0.29-0.23-0.19
Free Cash Flow 6.406.636.95-2.40-0.050.450.370.290.240.19
WACC
PV LFCF 0.420.310.230.170.12
SUM PV LFCF 1.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.89
Free cash flow (t + 1) 0.19
Terminal Value 2.80
Present Value of Terminal Value 1.83

Intrinsic Value

Enterprise Value 3.07
Net Debt -111.44
Equity Value 114.51
Shares Outstanding 20
Equity Value Per Share 5.72