Discounted Cash Flow (DCF) Analysis Unlevered

Eltek Ltd. (ELTK)

$3.8473

+0.09 (+2.32%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.01 | 3.8473 | 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 32.7533.9434.7936.7133.8234.1434.4634.7935.1235.45
Revenue (%)
EBITDA -1.37-0.513.684.293.311.801.821.841.851.87
EBITDA (%)
EBIT -3.44-2.162.182.701.530.090.090.090.090.09
EBIT (%)
Depreciation 2.071.651.511.591.781.711.731.751.761.78
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 0.890.991.634.749.283.463.493.523.563.59
Total Cash (%)
Account Receivables 6.966.847.639.767.827.727.797.877.948.02
Account Receivables (%)
Inventories 3.873.613.733.704.893.943.984.024.064.09
Inventories (%)
Accounts Payable 5.454.114.674.454.044.524.574.614.654.70
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 $ 3.8,473
Beta -1.719
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 -4.303
Total Debt 13.75
Total Equity 17.32
Total Capital 31.06
Debt Weighting 44.25
Equity Weighting 55.75
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 32.7533.9434.7936.7133.8234.1434.4634.7935.1235.45
EBITDA -1.37-0.513.684.293.311.801.821.841.851.87
EBIT -3.44-2.162.182.701.530.090.090.090.090.09
Tax Rate -2.00%-2.48%4.12%2.65%-235.49%-46.64%-46.64%-46.64%-46.64%-46.64%
EBIAT -3.51-2.212.092.625.140.130.130.130.130.13
Depreciation 2.071.651.511.591.781.711.731.751.761.78
Accounts Receivable -0.12-0.78-2.141.940.10-0.07-0.07-0.07-0.08
Inventories -0.26-0.120.03-1.190.95-0.04-0.04-0.04-0.04
Accounts Payable --1.340.56-0.22-0.410.480.040.040.040.04
Capital Expenditure -0.28-0.62-0.93-1.14-1.53-0.89-0.89-0.90-0.91-0.92
UFCF -1.71-2.152.320.755.732.480.900.900.910.92
WACC
PV UFCF 2.540.940.9711.04
SUM PV UFCF 6.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -2.30
Free cash flow (t + 1) 0.94
Terminal Value -21.87
Present Value of Terminal Value -24.57

Intrinsic Value

Enterprise Value -18.08
Net Debt 4.46
Equity Value -22.54
Shares Outstanding 4.50
Equity Value Per Share -5.01