Discounted Cash Flow (DCF) Analysis Unlevered
CalAmp Corp. (CAMP)
$1.72
-0.08 (-4.44%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 363.80 | 366.11 | 308.59 | 295.84 | 294.95 | 280.56 | 266.88 | 253.86 | 241.48 | 229.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 53.81 | -6.77 | -18.26 | 11.22 | -3.32 | 5.44 | 5.17 | 4.92 | 4.68 | 4.45 |
| EBITDA (%) | ||||||||||
| EBIT | 33.79 | -38.75 | -40.26 | -11.58 | -25.08 | -15.02 | -14.28 | -13.59 | -12.92 | -12.29 |
| EBIT (%) | ||||||||||
| Depreciation | 20.02 | 31.99 | 22 | 22.80 | 21.76 | 20.46 | 19.46 | 18.51 | 17.61 | 16.75 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 274.01 | 107.40 | 94.62 | 79.22 | 41.93 | 98.93 | 94.11 | 89.52 | 85.15 | 81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 78.08 | 72.27 | 63.32 | 61.54 | 82.95 | 62.09 | 59.06 | 56.18 | 53.44 | 50.83 |
| Account Receivables (%) | ||||||||||
| Inventories | 32.03 | 36.78 | 23.66 | 18.27 | 23.90 | 22.89 | 21.78 | 20.71 | 19.70 | 18.74 |
| Inventories (%) | ||||||||||
| Accounts Payable | 39.90 | 28.45 | 35.77 | 31.81 | 52.72 | 33.08 | 31.47 | 29.93 | 28.47 | 27.08 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -12.01 | -22.19 | -11.36 | -13.30 | -11.10 | -11.95 | -11.37 | -10.81 | -10.29 | -9.79 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.72 |
|---|---|
| Beta | 2.001 |
| Diluted Shares Outstanding | 36.13 |
| Cost of Debt | |
| Tax Rate | -3.67 |
| After-tax Cost of Debt | 2.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.136 |
| Total Debt | 240.44 |
| Total Equity | 62.15 |
| Total Capital | 302.58 |
| Debt Weighting | 79.46 |
| Equity Weighting | 20.54 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 363.80 | 366.11 | 308.59 | 295.84 | 294.95 | 280.56 | 266.88 | 253.86 | 241.48 | 229.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 53.81 | -6.77 | -18.26 | 11.22 | -3.32 | 5.44 | 5.17 | 4.92 | 4.68 | 4.45 |
| EBIT | 33.79 | -38.75 | -40.26 | -11.58 | -25.08 | -15.02 | -14.28 | -13.59 | -12.92 | -12.29 |
| Tax Rate | 22.88% | -35.98% | -173.40% | 6.89% | -3.67% | -36.66% | -36.66% | -36.66% | -36.66% | -36.66% |
| EBIAT | 26.06 | -52.70 | -110.07 | -10.78 | -26 | -20.52 | -19.52 | -18.57 | -17.66 | -16.80 |
| Depreciation | 20.02 | 31.99 | 22 | 22.80 | 21.76 | 20.46 | 19.46 | 18.51 | 17.61 | 16.75 |
| Accounts Receivable | - | 5.81 | 8.95 | 1.78 | -21.40 | 20.86 | 3.03 | 2.88 | 2.74 | 2.61 |
| Inventories | - | -4.74 | 13.11 | 5.39 | -5.63 | 1.01 | 1.12 | 1.06 | 1.01 | 0.96 |
| Accounts Payable | - | -11.45 | 7.32 | -3.95 | 20.90 | -19.63 | -1.61 | -1.53 | -1.46 | -1.39 |
| Capital Expenditure | -12.01 | -22.19 | -11.36 | -13.30 | -11.10 | -11.95 | -11.37 | -10.81 | -10.29 | -9.79 |
| UFCF | 34.07 | -53.29 | -70.05 | 1.95 | -21.48 | -9.79 | -8.90 | -8.47 | -8.05 | -7.66 |
| WACC | ||||||||||
| PV UFCF | -9.34 | -8.11 | -7.36 | -6.69 | -6.07 | |||||
| SUM PV UFCF | -37.57 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.76 |
| Free cash flow (t + 1) | -7.81 |
| Terminal Value | -283.10 |
| Present Value of Terminal Value | -224.37 |
Intrinsic Value
| Enterprise Value | -261.94 |
|---|---|
| Net Debt | 198.51 |
| Equity Value | -460.45 |
| Shares Outstanding | 36.13 |
| Equity Value Per Share | -12.74 |