Discounted Cash Flow (DCF) Analysis Unlevered

ChannelAdvisor Corporation (ECOM)

$22.71

-0.05 (-0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 22.71 | undervalue

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 122.53131.22129.96145.07167.73181.72196.89213.31231.11250.39
Revenue (%)
EBITDA -9.69-0.8910.5125.7824.6311.6112.5813.6314.7716
EBITDA (%)
EBIT -16.27-6.994.1719.2718.073.153.413.6944.34
EBIT (%)
Depreciation 6.586.096.346.516.578.479.179.9410.7711.66
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 53.4247.1851.7871.55100.5783.1190.0597.56105.70114.52
Total Cash (%)
Account Receivables 27.4523.4422.1324.7128.8933.2736.0539.0542.3145.84
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 7.241.600.410.161.463.063.323.593.894.22
Accounts Payable (%)
Capital Expenditure -3.08-2.94-3.71-4.74-5-5.04-5.46-5.91-6.41-6.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.71
Beta 0.754
Diluted Shares Outstanding 28.62
Cost of Debt
Tax Rate -161.36
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.384
Total Debt 1.18
Total Equity 649.88
Total Capital 651.06
Debt Weighting 0.18
Equity Weighting 99.82
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 122.53131.22129.96145.07167.73181.72196.89213.31231.11250.39
EBITDA -9.69-0.8910.5125.7824.6311.6112.5813.6314.7716
EBIT -16.27-6.994.1719.2718.073.153.413.6944.34
Tax Rate -1.75%-8.79%16.52%2.30%-161.36%-30.62%-30.62%-30.62%-30.62%-30.62%
EBIAT -16.56-7.603.4818.8347.224.114.454.825.235.66
Depreciation 6.586.096.346.516.578.479.179.9410.7711.66
Accounts Receivable -4.021.31-2.58-4.18-4.38-2.78-3.01-3.26-3.53
Inventories ----------
Accounts Payable --5.64-1.19-0.251.301.600.260.280.300.32
Capital Expenditure -3.08-2.94-3.71-4.74-5-5.04-5.46-5.91-6.41-6.94
UFCF -13.06-6.076.2317.7745.904.765.656.126.637.18
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 7.33
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -99.39
Equity Value -
Shares Outstanding 28.62
Equity Value Per Share -