Discounted Cash Flow (DCF) Analysis Unlevered
Eltek Ltd. (ELTK)
$7.5
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 32.75 | 33.94 | 34.79 | 36.71 | 33.82 | 34.14 | 34.46 | 34.79 | 35.12 | 35.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.37 | -0.51 | 3.68 | 4.29 | 3.31 | 1.80 | 1.82 | 1.84 | 1.85 | 1.87 |
| EBITDA (%) | ||||||||||
| EBIT | -3.44 | -2.16 | 2.18 | 2.70 | 1.53 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| EBIT (%) | ||||||||||
| Depreciation | 2.07 | 1.65 | 1.51 | 1.59 | 1.78 | 1.71 | 1.73 | 1.75 | 1.76 | 1.78 |
| 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 | 0.89 | 0.99 | 1.63 | 4.74 | 9.28 | 3.46 | 3.49 | 3.52 | 3.56 | 3.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 6.96 | 6.84 | 7.63 | 9.76 | 7.82 | 7.72 | 7.79 | 7.87 | 7.94 | 8.02 |
| Account Receivables (%) | ||||||||||
| Inventories | 3.87 | 3.61 | 3.73 | 3.70 | 4.89 | 3.94 | 3.98 | 4.02 | 4.06 | 4.09 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.45 | 4.11 | 4.67 | 4.45 | 4.04 | 4.52 | 4.57 | 4.61 | 4.65 | 4.70 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.27 | -0.62 | -0.93 | -1.14 | -1.54 | -0.89 | -0.89 | -0.90 | -0.91 | -0.92 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.5 |
|---|---|
| Beta | -1.419 |
| Diluted Shares Outstanding | 4.50 |
| Cost of Debt | |
| Tax Rate | -235.49 |
| After-tax Cost of Debt | 0.22% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | -2.890 |
| Total Debt | 13.75 |
| Total Equity | 33.76 |
| Total Capital | 47.50 |
| Debt Weighting | 28.94 |
| Equity Weighting | 71.06 |
| 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 | 32.75 | 33.94 | 34.79 | 36.71 | 33.82 | 34.14 | 34.46 | 34.79 | 35.12 | 35.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.37 | -0.51 | 3.68 | 4.29 | 3.31 | 1.80 | 1.82 | 1.84 | 1.85 | 1.87 |
| EBIT | -3.44 | -2.16 | 2.18 | 2.70 | 1.53 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Tax Rate | -2.00% | -2.48% | 4.12% | 2.65% | -235.49% | -46.64% | -46.64% | -46.64% | -46.64% | -46.64% |
| EBIAT | -3.51 | -2.21 | 2.09 | 2.62 | 5.14 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Depreciation | 2.07 | 1.65 | 1.51 | 1.59 | 1.78 | 1.71 | 1.73 | 1.75 | 1.76 | 1.78 |
| Accounts Receivable | - | 0.12 | -0.78 | -2.14 | 1.94 | 0.10 | -0.07 | -0.07 | -0.07 | -0.08 |
| Inventories | - | 0.26 | -0.12 | 0.03 | -1.19 | 0.95 | -0.04 | -0.04 | -0.04 | -0.04 |
| Accounts Payable | - | -1.34 | 0.56 | -0.22 | -0.41 | 0.48 | 0.04 | 0.04 | 0.04 | 0.04 |
| Capital Expenditure | -0.28 | -0.62 | -0.93 | -1.14 | -1.53 | -0.89 | -0.89 | -0.90 | -0.91 | -0.92 |
| UFCF | -1.71 | -2.15 | 2.32 | 0.75 | 5.73 | 2.48 | 0.90 | 0.90 | 0.91 | 0.92 |
| WACC | ||||||||||
| PV UFCF | 2.54 | 0.93 | 0.96 | 0.99 | 1.02 | |||||
| SUM PV UFCF | 6.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -1.99 |
| Free cash flow (t + 1) | 0.94 |
| Terminal Value | -23.57 |
| Present Value of Terminal Value | -26.06 |
Intrinsic Value
| Enterprise Value | -19.62 |
|---|---|
| Net Debt | 4.46 |
| Equity Value | -24.09 |
| Shares Outstanding | 4.50 |
| Equity Value Per Share | -5.35 |