Discounted Cash Flow (DCF) Analysis Unlevered
Globalstar, Inc. (GSAT)
$1.13
-0.03 (-2.59%)
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 | 112.66 | 130.11 | 131.72 | 128.49 | 124.30 | 127.72 | 131.23 | 134.85 | 138.56 | 142.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 23.38 | 127.66 | 174.10 | 36.27 | -16.69 | 67.91 | 69.78 | 71.70 | 73.67 | 75.70 |
| EBITDA (%) | ||||||||||
| EBIT | -54.11 | 37.22 | 78.33 | -60.55 | -112.92 | -25.01 | -25.70 | -26.41 | -27.14 | -27.89 |
| EBIT (%) | ||||||||||
| Depreciation | 77.50 | 90.44 | 95.77 | 96.82 | 96.24 | 92.92 | 95.48 | 98.11 | 100.81 | 103.59 |
| 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 | 41.64 | 15.21 | 7.61 | 13.33 | 14.30 | 19.49 | 20.03 | 20.58 | 21.15 | 21.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 17.11 | 19.33 | 21.76 | 22.15 | 21.18 | 20.65 | 21.22 | 21.80 | 22.40 | 23.02 |
| Account Receivables (%) | ||||||||||
| Inventories | 7.27 | 14.27 | 16.34 | 13.74 | 13.83 | 13.19 | 13.56 | 13.93 | 14.31 | 14.71 |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.05 | 6.99 | 8.01 | 2.92 | 6.25 | 6.16 | 6.33 | 6.51 | 6.69 | 6.87 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -9.32 | -10.37 | -8.15 | -7.22 | -45.54 | -16.52 | -16.98 | -17.44 | -17.92 | -18.42 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.13 |
|---|---|
| Beta | 0.107 |
| Diluted Shares Outstanding | 1,765.14 |
| Cost of Debt | |
| Tax Rate | 0.26 |
| After-tax Cost of Debt | 4.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.384 |
| Total Debt | 269.67 |
| Total Equity | 1,994.61 |
| Total Capital | 2,264.28 |
| Debt Weighting | 11.91 |
| Equity Weighting | 88.09 |
| 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 | 112.66 | 130.11 | 131.72 | 128.49 | 124.30 | 127.72 | 131.23 | 134.85 | 138.56 | 142.37 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 23.38 | 127.66 | 174.10 | 36.27 | -16.69 | 67.91 | 69.78 | 71.70 | 73.67 | 75.70 |
| EBIT | -54.11 | 37.22 | 78.33 | -60.55 | -112.92 | -25.01 | -25.70 | -26.41 | -27.14 | -27.89 |
| Tax Rate | -0.21% | -1.96% | 3.43% | -0.61% | 0.26% | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% |
| EBIAT | -54.23 | 37.95 | 75.64 | -60.92 | -112.63 | -24.97 | -25.66 | -26.36 | -27.09 | -27.83 |
| Depreciation | 77.50 | 90.44 | 95.77 | 96.82 | 96.24 | 92.92 | 95.48 | 98.11 | 100.81 | 103.59 |
| Accounts Receivable | - | -2.21 | -2.43 | -0.39 | 0.96 | 0.53 | -0.57 | -0.58 | -0.60 | -0.62 |
| Inventories | - | -7 | -2.07 | 2.60 | -0.09 | 0.64 | -0.36 | -0.37 | -0.38 | -0.39 |
| Accounts Payable | - | 0.95 | 1.02 | -5.10 | 3.33 | -0.08 | 0.17 | 0.17 | 0.18 | 0.18 |
| Capital Expenditure | -9.32 | -10.37 | -8.15 | -7.22 | -45.54 | -16.52 | -16.98 | -17.44 | -17.92 | -18.42 |
| UFCF | 13.95 | 109.75 | 159.79 | 25.80 | -57.72 | 52.52 | 52.09 | 53.52 | 54.99 | 56.51 |
| WACC | ||||||||||
| PV UFCF | 50.71 | 48.56 | 48.17 | 47.79 | 47.42 | |||||
| SUM PV UFCF | 242.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.57 |
| Free cash flow (t + 1) | 57.64 |
| Terminal Value | 3,671.17 |
| Present Value of Terminal Value | 3,080.59 |
Intrinsic Value
| Enterprise Value | 3,323.24 |
|---|---|
| Net Debt | 255.37 |
| Equity Value | 3,067.88 |
| Shares Outstanding | 1,765.14 |
| Equity Value Per Share | 1.74 |