Discounted Cash Flow (DCF) Analysis Unlevered

Agiliti, Inc. (AGTI)

$16.33

-0.39 (-2.33%)
All numbers are in Millions, Currency in USD
Stock DCF: 38.86 | 16.33 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 565.25613.07773.311,038.691,277.301,570.711,931.532,375.242,920.88
Revenue (%)
EBITDA 34.60167.13209.01286280.83345.34424.67522.22642.19
EBITDA (%)
EBIT -44.841.9335.8293.9519.3523.8029.2635.9944.25
EBIT (%)
Depreciation 79.43165.19173.20192.05261.47321.54395.40486.24597.93
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 7.347.9610.0413.4916.5920.4025.0830.8437.93
Total Cash (%)
Account Receivables 105.25106.37154.63209.31243.06298.90367.56452555.83
Account Receivables (%)
Inventories 11.1213.4127.0655.3141.4550.9762.6877.0894.78
Inventories (%)
Accounts Payable 37.6439.2037.2153.8573.6190.52111.31136.88168.32
Accounts Payable (%)
Capital Expenditure -54.18-55.74-59.27-66.50-104.55-128.57-158.11-194.43-239.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.33
Beta 1.012
Diluted Shares Outstanding 128.50
Cost of Debt
Tax Rate 40.87
After-tax Cost of Debt 2.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.475
Total Debt 1,278.57
Total Equity 2,098.36
Total Capital 3,376.93
Debt Weighting 37.86
Equity Weighting 62.14
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 565.25613.07773.311,038.691,277.301,570.711,931.532,375.242,920.88
EBITDA 34.60167.13209.01286280.83345.34424.67522.22642.19
EBIT -44.841.9335.8293.9519.3523.8029.2635.9944.25
Tax Rate 67.44%31.86%11.75%40.87%37.98%37.98%37.98%37.98%37.98%
EBIAT -14.601.3231.6155.551214.7618.1522.3227.45
Depreciation 79.43165.19173.20192.05261.47321.54395.40486.24597.93
Accounts Receivable --1.12-48.25-54.68-33.76-55.84-68.66-84.44-103.83
Inventories --2.29-13.65-28.2513.86-9.52-11.71-14.40-17.71
Accounts Payable -1.56-1.9916.6419.7616.9120.7925.5731.44
Capital Expenditure -54.17-55.74-59.27-66.50-104.55-128.57-158.11-194.43-239.09
UFCF 10.66108.9281.65114.81168.78159.28195.87240.86296.19
WACC
PV UFCF 168.78149.98173.67201.09232.85
SUM PV UFCF 872.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.20
Free cash flow (t + 1) 302.12
Terminal Value 7,193.23
Present Value of Terminal Value 5,324.78

Intrinsic Value

Enterprise Value 6,197.06
Net Debt 1,204.24
Equity Value 4,992.82
Shares Outstanding 128.50
Equity Value Per Share 38.86