Discounted Cash Flow (DCF) Analysis Unlevered

Accuray Incorporated (ARAY)

$ 4.81
0.00 (0.00%)
Stock DCF: 0.83 | 4.81 | 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 383.41404.90418.79382.93396.29400.21404.17408.18412.22416.30
Revenue (%)
EBITDA 6.801.6711.2331.3118.7214.2214.3614.5114.6514.80
EBITDA (%)
EBIT -11.24-8.060.7423.7712.333.663.703.733.773.81
EBIT (%)
Depreciation 18.049.7310.497.546.3910.5610.6710.7710.8810.99
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 95.9983.0876.80107.58116.3797.1398.0999.07100.05101.04
Total Cash (%)
Account Receivables 72.7965.99111.8990.6085.3685.8186.6587.5188.3889.25
Account Receivables (%)
Inventories 105.05108.54120.82134.37125.93120121.19122.39123.60124.83
Inventories (%)
Accounts Payable 17.4919.6929.5623.1319.4721.9622.1822.4022.6222.84
Accounts Payable (%)
Capital Expenditure -5.36-6.61-4.31-3.73-2.32-4.50-4.54-4.59-4.63-4.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.81
Beta 1.873
Diluted Shares Outstanding 92.03
Cost of Debt
Tax Rate -38.43
After-tax Cost of Debt 8.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.273
Total Debt 199.41
Total Equity 442.67
Total Capital 642.08
Debt Weighting 31.06
Equity Weighting 68.94
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 383.41404.90418.79382.93396.29400.21404.17408.18412.22416.30
EBITDA 6.801.6711.2331.3118.7214.2214.3614.5114.6514.80
EBIT -11.24-8.060.7423.7712.333.663.703.733.773.81
Tax Rate -3.64%-3.81%-14.54%32.74%-38.43%-5.54%-5.54%-5.54%-5.54%-5.54%
EBIAT -11.65-8.370.8515.9917.073.863.903.943.984.02
Depreciation 18.049.7310.497.546.3910.5610.6710.7710.8810.99
Accounts Receivable -6.80-45.8921.295.24-0.45-0.85-0.86-0.87-0.87
Inventories --3.49-12.28-13.558.445.92-1.19-1.20-1.21-1.22
Accounts Payable -2.219.87-6.44-3.662.490.220.220.220.22
Capital Expenditure -5.36-6.61-4.31-3.73-2.32-4.50-4.54-4.59-4.63-4.68
UFCF 1.030.27-41.2821.1031.1717.908.218.298.378.45
WACC
PV UFCF 16.326.826.285.785.32
SUM PV UFCF 40.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.71
Free cash flow (t + 1) 8.88
Terminal Value 188.43
Present Value of Terminal Value 118.56

Intrinsic Value

Enterprise Value 159.06
Net Debt 83.04
Equity Value 76.02
Shares Outstanding 92.03
Equity Value Per Share 0.83