Discounted Cash Flow (DCF) Analysis Unlevered

Globalstar, Inc. (GSAT)

$1.13

-0.03 (-2.59%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.74 | 1.13 | 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 112.66130.11131.72128.49124.30127.72131.23134.85138.56142.37
Revenue (%)
EBITDA 23.38127.66174.1036.27-16.6967.9169.7871.7073.6775.70
EBITDA (%)
EBIT -54.1137.2278.33-60.55-112.92-25.01-25.70-26.41-27.14-27.89
EBIT (%)
Depreciation 77.5090.4495.7796.8296.2492.9295.4898.11100.81103.59
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 41.6415.217.6113.3314.3019.4920.0320.5821.1521.73
Total Cash (%)
Account Receivables 17.1119.3321.7622.1521.1820.6521.2221.8022.4023.02
Account Receivables (%)
Inventories 7.2714.2716.3413.7413.8313.1913.5613.9314.3114.71
Inventories (%)
Accounts Payable 6.056.998.012.926.256.166.336.516.696.87
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 112.66130.11131.72128.49124.30127.72131.23134.85138.56142.37
EBITDA 23.38127.66174.1036.27-16.6967.9169.7871.7073.6775.70
EBIT -54.1137.2278.33-60.55-112.92-25.01-25.70-26.41-27.14-27.89
Tax Rate -0.21%-1.96%3.43%-0.61%0.26%0.18%0.18%0.18%0.18%0.18%
EBIAT -54.2337.9575.64-60.92-112.63-24.97-25.66-26.36-27.09-27.83
Depreciation 77.5090.4495.7796.8296.2492.9295.4898.11100.81103.59
Accounts Receivable --2.21-2.43-0.390.960.53-0.57-0.58-0.60-0.62
Inventories --7-2.072.60-0.090.64-0.36-0.37-0.38-0.39
Accounts Payable -0.951.02-5.103.33-0.080.170.170.180.18
Capital Expenditure -9.32-10.37-8.15-7.22-45.54-16.52-16.98-17.44-17.92-18.42
UFCF 13.95109.75159.7925.80-57.7252.5252.0953.5254.9956.51
WACC
PV UFCF 50.7148.5648.1747.7947.42
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