Discounted Cash Flow (DCF) Analysis Unlevered

Allot Ltd. (ALLT)

$3.7

-0.11 (-2.89%)
All numbers are in Millions, Currency in USD
Stock DCF: -19.96 | 3.7 | overvalue

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 81.9995.84110.10135.92145.60168.29194.52224.84259.88300.38
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 3.673.834.054.315.586.457.458.629.9611.51
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 109.58103.1783.509883.97150.42173.87200.96232.29268.49
Total Cash (%)
Account Receivables 23.9027.8030.7823.5239.3243.9050.7458.6567.7978.35
Account Receivables (%)
Inventories 7.9011.3510.6712.5911.0916.1718.6921.6024.9728.86
Inventories (%)
Accounts Payable 5.867.8111.682.093.9410.1511.7313.5615.6718.11
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 81.9995.84110.10135.92145.60168.29194.52224.84259.88300.38
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 3.673.834.054.315.586.457.458.629.9611.51
Accounts Receivable --3.89-2.987.26-15.80-4.58-6.84-7.91-9.14-10.57
Inventories --3.450.68-1.921.49-5.08-2.52-2.91-3.37-3.89
Accounts Payable -1.963.86-9.581.856.211.581.832.112.44
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