Discounted Cash Flow (DCF) Analysis Unlevered
Allot Ltd. (ALLT)
$3.7
-0.11 (-2.89%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 81.99 | 95.84 | 110.10 | 135.92 | 145.60 | 168.29 | 194.52 | 224.84 | 259.88 | 300.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -11.82 | -3.36 | -2.71 | -2.73 | -7.61 | -9.30 | -10.75 | -12.42 | -14.36 | -16.60 |
| EBITDA (%) | ||||||||||
| EBIT | -15.49 | -7.19 | -6.76 | -7.04 | -13.19 | -15.75 | -18.20 | -21.04 | -24.32 | -28.10 |
| EBIT (%) | ||||||||||
| Depreciation | 3.67 | 3.83 | 4.05 | 4.31 | 5.58 | 6.45 | 7.45 | 8.62 | 9.96 | 11.51 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 109.58 | 103.17 | 83.50 | 98 | 83.97 | 150.42 | 173.87 | 200.96 | 232.29 | 268.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 23.90 | 27.80 | 30.78 | 23.52 | 39.32 | 43.90 | 50.74 | 58.65 | 67.79 | 78.35 |
| Account Receivables (%) | ||||||||||
| Inventories | 7.90 | 11.35 | 10.67 | 12.59 | 11.09 | 16.17 | 18.69 | 21.60 | 24.97 | 28.86 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.86 | 7.81 | 11.68 | 2.09 | 3.94 | 10.15 | 11.73 | 13.56 | 15.67 | 18.11 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.83 | -3.49 | -3.71 | -7.58 | -7.64 | -7.16 | -8.28 | -9.57 | -11.06 | -12.79 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.7 |
|---|---|
| Beta | 0.967 |
| Diluted Shares Outstanding | 35.01 |
| Cost of Debt | |
| Tax Rate | -14.03 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.063 |
| Total Debt | 8.25 |
| Total Equity | 129.53 |
| Total Capital | 137.78 |
| Debt Weighting | 5.99 |
| Equity Weighting | 94.01 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 81.99 | 95.84 | 110.10 | 135.92 | 145.60 | 168.29 | 194.52 | 224.84 | 259.88 | 300.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -11.82 | -3.36 | -2.71 | -2.73 | -7.61 | -9.30 | -10.75 | -12.42 | -14.36 | -16.60 |
| EBIT | -15.49 | -7.19 | -6.76 | -7.04 | -13.19 | -15.75 | -18.20 | -21.04 | -24.32 | -28.10 |
| Tax Rate | -9.47% | -30.40% | -23.38% | -30.34% | -14.03% | -21.53% | -21.53% | -21.53% | -21.53% | -21.53% |
| EBIAT | -16.96 | -9.38 | -8.34 | -9.18 | -15.04 | -19.14 | -22.12 | -25.56 | -29.55 | -34.15 |
| Depreciation | 3.67 | 3.83 | 4.05 | 4.31 | 5.58 | 6.45 | 7.45 | 8.62 | 9.96 | 11.51 |
| Accounts Receivable | - | -3.89 | -2.98 | 7.26 | -15.80 | -4.58 | -6.84 | -7.91 | -9.14 | -10.57 |
| Inventories | - | -3.45 | 0.68 | -1.92 | 1.49 | -5.08 | -2.52 | -2.91 | -3.37 | -3.89 |
| Accounts Payable | - | 1.96 | 3.86 | -9.58 | 1.85 | 6.21 | 1.58 | 1.83 | 2.11 | 2.44 |
| Capital Expenditure | -2.83 | -3.48 | -3.71 | -7.58 | -7.64 | -7.16 | -8.28 | -9.57 | -11.06 | -12.79 |
| UFCF | -16.12 | -14.42 | -6.44 | -16.69 | -29.56 | -23.30 | -30.73 | -35.51 | -41.05 | -47.45 |
| WACC | ||||||||||
| PV UFCF | -21.60 | -26.40 | -28.29 | -30.31 | -32.47 | |||||
| SUM PV UFCF | -139.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.88 |
| Free cash flow (t + 1) | -48.40 |
| Terminal Value | -823.07 |
| Present Value of Terminal Value | -563.29 |
Intrinsic Value
| Enterprise Value | -702.35 |
|---|---|
| Net Debt | -3.46 |
| Equity Value | -698.89 |
| Shares Outstanding | 35.01 |
| Equity Value Per Share | -19.96 |