Discounted Cash Flow (DCF) Analysis Levered

XPEL, Inc. (XPEL)

$64.45

+0.44 (+0.69%)

All numbers are in Millions, Currency in USD

Stock DCF: 29.22 | 64.45 | 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	67.75	109.92	129.93	158.92	259.26	366.79	518.92	734.14	1,038.63	1,469.40
Revenue (%)
Operating Cash Flow	3.95	6.80	10.97	18.47	18.27	28.70	40.60	57.44	81.26	114.97
Operating Cash Flow (%)
Capital Expenditure	-2.21	-2.42	-2.24	-2.16	-7.69	-8.44	-11.94	-16.89	-23.90	-33.81
Capital Expenditure (%)
Free Cash Flow	1.75	4.38	8.72	16.31	10.58	20.26	28.66	40.55	57.36	81.16

Weighted Average Cost Of Capital

Share price	$ 64.45
Beta	1.503
Diluted Shares Outstanding	27.61
Cost of Debt
Tax Rate	19.96
After-tax Cost of Debt	0.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.933
Total Debt	38.26
Total Equity	1,779.64
Total Capital	1,817.90
Debt Weighting	2.10
Equity Weighting	97.90
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	67.75	109.92	129.93	158.92	259.26	366.79	518.92	734.14	1,038.63	1,469.40
Operating Cash Flow	3.95	6.80	10.97	18.47	18.27	28.70	40.60	57.44	81.26	114.97
Capital Expenditure	-2.21	-2.42	-2.24	-2.16	-7.69	-8.44	-11.94	-16.89	-23.90	-33.81
Free Cash Flow	1.75	4.38	8.72	16.31	10.58	20.26	28.66	40.55	57.36	81.16
WACC
PV LFCF						18.46	23.80	30.68	39.55	50.99
SUM PV LFCF										163.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.74
Free cash flow (t + 1)	82.78
Terminal Value	1,069.51
Present Value of Terminal Value	671.99

Intrinsic Value

Enterprise Value	835.47
Net Debt	28.61
Equity Value	806.86
Shares Outstanding	27.61
Equity Value Per Share	29.22