Discounted Cash Flow (DCF) Analysis Unlevered

CSP Inc. (CSPI)

$46.72

+1.67 (+3.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.67 | 46.72 | overvalue

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 79.0661.7949.2154.3664.6562.5860.5758.6356.7554.93
Revenue (%)
EBITDA -0.83-1.42-1.36-0.041.87-0.41-0.40-0.39-0.37-0.36
EBITDA (%)
EBIT -1.24-1.88-1.75-0.971.51-0.95-0.92-0.89-0.86-0.84
EBIT (%)
Depreciation 0.420.450.390.930.360.540.520.510.490.47
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 18.1019.2620.0123.9825.2222.2621.5520.8520.1919.54
Total Cash (%)
Account Receivables 15.1113.3618.7022.9920.1319.0418.4317.8417.2716.72
Account Receivables (%)
Inventories 7.825.293.994.372.544.824.674.524.374.23
Inventories (%)
Accounts Payable 13.505.6011.2719.240.9110.7410.4010.079.749.43
Accounts Payable (%)
Capital Expenditure -0.83-0.23-0.10-0.23-0.23-0.30-0.29-0.28-0.27-0.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 46.72
Beta 1.050
Diluted Shares Outstanding 4.47
Cost of Debt
Tax Rate -9.90
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.241
Total Debt 0.48
Total Equity 208.89
Total Capital 209.37
Debt Weighting 0.23
Equity Weighting 99.77
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 79.0661.7949.2154.3664.6562.5860.5758.6356.7554.93
EBITDA -0.83-1.42-1.36-0.041.87-0.41-0.40-0.39-0.37-0.36
EBIT -1.24-1.88-1.75-0.971.51-0.95-0.92-0.89-0.86-0.84
Tax Rate 16.06%-36.16%65.49%2.58%-9.90%7.61%7.61%7.61%7.61%7.61%
EBIAT -1.04-2.55-0.60-0.951.66-0.88-0.85-0.83-0.80-0.77
Depreciation 0.420.450.390.930.360.540.520.510.490.47
Accounts Receivable -1.75-5.34-4.302.871.080.610.590.570.55
Inventories -2.531.30-0.381.83-2.280.150.150.140.14
Accounts Payable --7.895.677.97-18.339.83-0.34-0.33-0.32-0.31
Capital Expenditure -0.83-0.23-0.10-0.23-0.23-0.30-0.29-0.28-0.27-0.26
UFCF -1.46-5.941.313.04-11.847.99-0.20-0.19-0.19-0.18
WACC
PV UFCF 7.32-0.17-0.15-0.13-0.12
SUM PV UFCF 6.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.23
Free cash flow (t + 1) -0.19
Terminal Value -2.56
Present Value of Terminal Value -1.65

Intrinsic Value

Enterprise Value 5.11
Net Debt -24.73
Equity Value 29.84
Shares Outstanding 4.47
Equity Value Per Share 6.67