Discounted Cash Flow (DCF) Analysis Unlevered
Daktronics, Inc. (DAKT)
$9.33
+0.07 (+0.76%)
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 | 569.70 | 608.93 | 482.03 | 610.97 | 754.20 | 822.52 | 897.03 | 978.30 | 1,066.93 | 1,163.58 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 13.85 | 17.81 | 31.43 | 19.44 | 47.53 | 35.14 | 38.32 | 41.80 | 45.58 | 49.71 |
EBITDA (%) | ||||||||||
EBIT | -4.78 | 0.10 | 14.35 | 4.05 | 30.54 | 11.29 | 12.32 | 13.43 | 14.65 | 15.98 |
EBIT (%) | ||||||||||
Depreciation | 18.64 | 17.72 | 17.08 | 15.39 | 16.99 | 23.85 | 26.01 | 28.36 | 30.93 | 33.73 |
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 | 61.73 | 41.63 | 77.59 | 21.16 | 24.52 | 66.59 | 72.63 | 79.21 | 86.38 | 94.21 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 102.58 | 112.11 | 102.80 | 146.19 | 158.31 | 168.88 | 184.18 | 200.87 | 219.06 | 238.91 |
Account Receivables (%) | ||||||||||
Inventories | 78.83 | 86.80 | 74.36 | 134.39 | 149.45 | 140.37 | 153.09 | 166.96 | 182.08 | 198.58 |
Inventories (%) | ||||||||||
Accounts Payable | 44.87 | 47.83 | 40.25 | 76.31 | 67.52 | 74.89 | 81.68 | 89.08 | 97.14 | 105.95 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -17.27 | -18.09 | -7.89 | -20.38 | -25.39 | -23.59 | -25.73 | -28.06 | -30.60 | -33.37 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 9.33 |
---|---|
Beta | 1.069 |
Diluted Shares Outstanding | 45.52 |
Cost of Debt | |
Tax Rate | 48.69 |
After-tax Cost of Debt | 2.24% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.402 |
Total Debt | 17.75 |
Total Equity | 424.71 |
Total Capital | 442.46 |
Debt Weighting | 4.01 |
Equity Weighting | 95.99 |
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 | 569.70 | 608.93 | 482.03 | 610.97 | 754.20 | 822.52 | 897.03 | 978.30 | 1,066.93 | 1,163.58 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 13.85 | 17.81 | 31.43 | 19.44 | 47.53 | 35.14 | 38.32 | 41.80 | 45.58 | 49.71 |
EBIT | -4.78 | 0.10 | 14.35 | 4.05 | 30.54 | 11.29 | 12.32 | 13.43 | 14.65 | 15.98 |
Tax Rate | 80.62% | 5,555.56% | 22.29% | 46.57% | 48.69% | 1,150.75% | 1,150.75% | 1,150.75% | 1,150.75% | 1,150.75% |
EBIAT | -0.93 | -5.29 | 11.16 | 2.16 | 15.67 | -118.68 | -129.43 | -141.15 | -153.94 | -167.89 |
Depreciation | 18.64 | 17.72 | 17.08 | 15.39 | 16.99 | 23.85 | 26.01 | 28.36 | 30.93 | 33.73 |
Accounts Receivable | - | -9.53 | 9.31 | -43.39 | -12.12 | -10.57 | -15.30 | -16.69 | -18.20 | -19.85 |
Inventories | - | -7.97 | 12.45 | -60.04 | -15.06 | 9.08 | -12.72 | -13.87 | -15.13 | -16.50 |
Accounts Payable | - | 2.96 | -7.58 | 36.06 | -8.79 | 7.37 | 6.78 | 7.40 | 8.07 | 8.80 |
Capital Expenditure | -17.27 | -18.09 | -7.89 | -20.38 | -25.39 | -23.59 | -25.73 | -28.06 | -30.60 | -33.37 |
UFCF | 0.44 | -20.21 | 34.52 | -70.18 | -28.69 | -112.54 | -150.38 | -164 | -178.86 | -195.06 |
WACC | ||||||||||
PV UFCF | -103.15 | -126.32 | -126.26 | -126.20 | -126.14 | |||||
SUM PV UFCF | -608.06 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.11 |
Free cash flow (t + 1) | -198.96 |
Terminal Value | -2,798.36 |
Present Value of Terminal Value | -1,809.60 |
Intrinsic Value
Enterprise Value | -2,417.65 |
---|---|
Net Debt | -6.23 |
Equity Value | -2,411.42 |
Shares Outstanding | 45.52 |
Equity Value Per Share | -52.97 |