Discounted Cash Flow (DCF) Analysis Levered
PFSweb, Inc. (PFSW)
$4.32
+0.07 (+1.65%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 326.16 | 294.02 | 342.50 | 277.30 | 295.12 | 290.71 | 286.37 | 282.09 | 277.88 | 273.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 11.57 | 10.86 | 1.80 | -42.65 | -7.57 | -5.92 | -5.83 | -5.75 | -5.66 | -5.58 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -4.94 | -3.91 | -4.20 | -7.61 | -10.35 | -6 | -5.91 | -5.82 | -5.74 | -5.65 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 6.63 | 6.95 | -2.40 | -50.27 | -17.93 | -11.92 | -11.75 | -11.57 | -11.40 | -11.23 |
Weighted Average Cost Of Capital
| Share price | $ 4.32 |
|---|---|
| Beta | 1.604 |
| Diluted Shares Outstanding | 22.66 |
| Cost of Debt | |
| Tax Rate | 10.92 |
| After-tax Cost of Debt | 3.75% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.265 |
| Total Debt | 33.86 |
| Total Equity | 97.91 |
| Total Capital | 131.76 |
| Debt Weighting | 25.69 |
| Equity Weighting | 74.31 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 326.16 | 294.02 | 342.50 | 277.30 | 295.12 | 290.71 | 286.37 | 282.09 | 277.88 | 273.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 11.57 | 10.86 | 1.80 | -42.65 | -7.57 | -5.92 | -5.83 | -5.75 | -5.66 | -5.58 |
| Capital Expenditure | -4.94 | -3.91 | -4.20 | -7.61 | -10.35 | -6 | -5.91 | -5.82 | -5.74 | -5.65 |
| Free Cash Flow | 6.63 | 6.95 | -2.40 | -50.27 | -17.93 | -11.92 | -11.75 | -11.57 | -11.40 | -11.23 |
| WACC | ||||||||||
| PV LFCF | -10.91 | -9.83 | -8.85 | -7.98 | -7.19 | |||||
| SUM PV LFCF | -44.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.33 |
| Free cash flow (t + 1) | -11.45 |
| Terminal Value | -156.23 |
| Present Value of Terminal Value | -100.01 |
Intrinsic Value
| Enterprise Value | -144.76 |
|---|---|
| Net Debt | 3.82 |
| Equity Value | -148.59 |
| Shares Outstanding | 22.66 |
| Equity Value Per Share | -6.56 |