Discounted Cash Flow (DCF) Analysis Unlevered

Daktronics, Inc. (DAKT)

$3.62

+0.32 (+9.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -19.43 | 3.62 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 610.53569.70608.93482.03610.97620.30629.77639.39649.15659.06
Revenue (%)
EBITDA 30.4313.8517.8131.4316.6724.3024.6825.0525.4325.82
EBITDA (%)
EBIT 12.65-4.780.1014.351.285.505.595.675.765.85
EBIT (%)
Depreciation 17.7818.6417.7217.0815.3918.8019.0919.3819.6819.98
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 64.2561.7341.6377.5921.1659.2460.1561.076262.95
Total Cash (%)
Account Receivables 115.49102.58112.11102.80146.19124.79126.69128.63130.59132.59
Account Receivables (%)
Inventories 75.3478.8386.8074.36134.3996.5998.0699.56101.08102.62
Inventories (%)
Accounts Payable 48.8544.8747.8340.2576.3155.3056.145757.8758.75
Accounts Payable (%)
Capital Expenditure -18.13-17.27-18.09-7.89-20.38-17.30-17.56-17.83-18.10-18.38
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.62
Beta 1.012
Diluted Shares Outstanding 45.33
Cost of Debt
Tax Rate 46.57
After-tax Cost of Debt 3.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.267
Total Debt 2.31
Total Equity 164.08
Total Capital 166.39
Debt Weighting 1.39
Equity Weighting 98.61
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 610.53569.70608.93482.03610.97620.30629.77639.39649.15659.06
EBITDA 30.4313.8517.8131.4316.6724.3024.6825.0525.4325.82
EBIT 12.65-4.780.1014.351.285.505.595.675.765.85
Tax Rate 55.25%80.62%5,555.56%22.29%46.57%1,152.06%1,152.06%1,152.06%1,152.06%1,152.06%
EBIAT 5.66-0.93-5.2911.160.68-57.88-58.77-59.66-60.58-61.50
Depreciation 17.7818.6417.7217.0815.3918.8019.0919.3819.6819.98
Accounts Receivable -12.91-9.539.31-43.3921.40-1.91-1.93-1.96-1.99
Inventories --3.50-7.9712.45-60.0437.81-1.47-1.50-1.52-1.54
Accounts Payable --3.972.96-7.5836.06-21.020.840.860.870.88
Capital Expenditure -18.13-17.27-18.09-7.89-20.38-17.30-17.56-17.83-18.10-18.38
UFCF 5.325.88-20.2134.52-71.66-18.19-59.78-60.69-61.61-62.56
WACC
PV UFCF -16.81-51.05-47.90-44.94-42.16
SUM PV UFCF -202.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.21
Free cash flow (t + 1) -63.81
Terminal Value -1,027.48
Present Value of Terminal Value -692.52

Intrinsic Value

Enterprise Value -895.38
Net Debt -14.83
Equity Value -880.54
Shares Outstanding 45.33
Equity Value Per Share -19.43