Discounted Cash Flow (DCF) Analysis Unlevered

Computer Task Group, Incorporated (CTG)

$7.56

+0.05 (+0.67%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.55 | 7.56 | 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 65.6510.4914.7616.5012.1713.051415.0216.11
EBITDA (%)
EBIT 4.423.117.2211.4513.3399.6510.3511.1011.90
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 11.1712.4310.7832.8635.5823.5225.2327.0629.0231.13
Total Cash (%)
Account Receivables 69.9981.668978.0784.3393.74100.54107.83115.65124.03
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 9.4212.3918.6118.7821.1518.3719.7021.1322.6624.30
Accounts Payable (%)
Capital Expenditure -2.51-2.25-2.44-2.88-1.94-2.83-3.03-3.25-3.49-3.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.56
Beta 0.801
Diluted Shares Outstanding 14.97
Cost of Debt
Tax Rate -16.98
After-tax Cost of Debt 7.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.481
Total Debt 22.06
Total Equity 113.18
Total Capital 135.24
Debt Weighting 16.31
Equity Weighting 83.69
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 65.6510.4914.7616.5012.1713.051415.0216.11
EBIT 4.423.117.2211.4513.3399.6510.3511.1011.90
Tax Rate 80.13%224.15%34.41%28.35%-16.98%70.01%70.01%70.01%70.01%70.01%
EBIAT 0.88-3.864.748.2015.592.702.893.103.333.57
Depreciation 1.582.543.273.313.173.173.403.653.924.20
Accounts Receivable --11.67-7.3410.94-6.27-9.41-6.80-7.29-7.82-8.39
Inventories ----------
Accounts Payable -2.966.230.172.37-2.781.331.431.531.64
Capital Expenditure -2.51-2.25-2.44-2.88-1.94-2.83-3.03-3.25-3.49-3.74
UFCF -0.05-12.284.4519.7412.92-9.15-2.20-2.36-2.53-2.72
WACC
PV UFCF -8.51-1.91-1.90-1.90-1.90
SUM PV UFCF -16.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.44
Free cash flow (t + 1) -2.77
Terminal Value -50.91
Present Value of Terminal Value -35.56

Intrinsic Value

Enterprise Value -51.68
Net Debt -13.53
Equity Value -38.15
Shares Outstanding 14.97
Equity Value Per Share -2.55