Discounted Cash Flow (DCF) Analysis Unlevered

Computer Task Group, Incorporated (CTG)

$6.7

-0.08 (-1.18%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.50 | 6.7 | 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 301.21358.77394.17366.09392.29420.73451.25483.97519.07556.71
Revenue (%)
EBITDA 65.6510.4914.7614.9111.8312.6913.6114.5915.65
EBITDA (%)
EBIT 4.423.117.2211.4511.748.669.289.9610.6811.45
EBIT (%)
Depreciation 1.582.543.273.313.173.173.403.653.924.20
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 11.1712.4310.7833.0735.5823.5725.2827.1229.0831.19
Total Cash (%)
Account Receivables 69.9981.668978.0784.2593.72100.52107.81115.63124.01
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 9.4212.3918.6118.7821.1518.3719.7021.1322.6624.30
Accounts Payable (%)
Capital Expenditure -2.51-2.25-2.44-2.88-2.81-3.01-3.23-3.47-3.72-3.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.7
Beta 0.703
Diluted Shares Outstanding 14.97
Cost of Debt
Tax Rate -16.98
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.121
Total Debt 22.06
Total Equity 100.31
Total Capital 122.36
Debt Weighting 18.03
Equity Weighting 81.97
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 301.21358.77394.17366.09392.29420.73451.25483.97519.07556.71
EBITDA 65.6510.4914.7614.9111.8312.6913.6114.5915.65
EBIT 4.423.117.2211.4511.748.669.289.9610.6811.45
Tax Rate 80.13%224.15%34.41%28.35%-16.98%70.01%70.01%70.01%70.01%70.01%
EBIAT 0.88-3.864.748.2013.732.602.782.993.203.43
Depreciation 1.582.543.273.313.173.173.403.653.924.20
Accounts Receivable --11.67-7.3410.94-6.19-9.47-6.80-7.29-7.82-8.39
Inventories ----------
Accounts Payable -2.966.230.172.37-2.781.331.431.531.64
Capital Expenditure -2.51-2.25-2.44-2.88-2.81-3.01-3.23-3.47-3.72-3.99
UFCF -0.05-12.284.4519.7410.27-9.50-2.51-2.69-2.89-3.10
WACC
PV UFCF -8.90-2.20-2.21-2.22-2.23
SUM PV UFCF -17.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.74
Free cash flow (t + 1) -3.16
Terminal Value -66.63
Present Value of Terminal Value -48.09

Intrinsic Value

Enterprise Value -65.86
Net Debt -13.53
Equity Value -52.33
Shares Outstanding 14.97
Equity Value Per Share -3.50