Discounted Cash Flow (DCF) Analysis Levered

VOXX International Corporation (VOXX)

$7.68

-0.15 (-1.92%)

All numbers are in Millions, Currency in USD

Stock DCF: -1.37 | 7.68 | overvalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	446.82	394.89	563.61	635.92	534.01	571.27	611.13	653.77	699.39	748.19
Revenue (%)
Operating Cash Flow	22.56	-1.01	36.61	-2.96	-38.21	4.19	4.49	4.80	5.13	5.49
Operating Cash Flow (%)
Capital Expenditure	-4.76	-2.91	-2.91	-3.90	-3.56	-4.11	-4.40	-4.71	-5.03	-5.39
Capital Expenditure (%)
Free Cash Flow	17.80	-3.92	33.70	-6.86	-41.77	0.08	0.09	0.09	0.10	0.11

Weighted Average Cost Of Capital

Share price	$ 7.68
Beta	1.437
Diluted Shares Outstanding	24.33
Cost of Debt
Tax Rate	0.13
After-tax Cost of Debt	11.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.221
Total Debt	40.59
Total Equity	186.82
Total Capital	227.41
Debt Weighting	17.85
Equity Weighting	82.15
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	446.82	394.89	563.61	635.92	534.01	571.27	611.13	653.77	699.39	748.19
Operating Cash Flow	22.56	-1.01	36.61	-2.96	-38.21	4.19	4.49	4.80	5.13	5.49
Capital Expenditure	-4.76	-2.91	-2.91	-3.90	-3.56	-4.11	-4.40	-4.71	-5.03	-5.39
Free Cash Flow	17.80	-3.92	33.70	-6.86	-41.77	0.08	0.09	0.09	0.10	0.11
WACC
PV LFCF						0.07	0.07	0.07	0.06	0.06
SUM PV LFCF										0.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.26
Free cash flow (t + 1)	0.11
Terminal Value	1.16
Present Value of Terminal Value	0.68

Intrinsic Value

Enterprise Value	1.02
Net Debt	34.45
Equity Value	-33.43
Shares Outstanding	24.33
Equity Value Per Share	-1.37