Discounted Cash Flow (DCF) Analysis Unlevered

Globalstar, Inc. (GSAT)

$1.48

-0.08 (-5.13%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.28 | 1.48 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 131.72128.49124.30148.50223.81259.88301.77350.40406.88472.46
Revenue (%)
EBITDA -111.2236.3135.47212.014.6960.9370.7582.1595.39110.77
EBITDA (%)
EBIT -206.99-60.50-60.77118.13-83.50-109.61-127.28-147.79-171.61-199.27
EBIT (%)
Depreciation 95.7796.8296.2493.8888.19170.54198.02229.94267310.03
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 7.6113.3314.3032.0856.7438.7845.0352.2960.7270.50
Total Cash (%)
Account Receivables 21.7622.1521.1826.3348.7446.9454.5063.2973.4985.33
Account Receivables (%)
Inventories 16.3413.7413.839.2614.5824.4228.3532.9238.2344.39
Inventories (%)
Accounts Payable 8.012.926.253.842.038.7710.1811.8313.7315.95
Accounts Payable (%)
Capital Expenditure -8.15-7.22-45.54-39.95-42.16-48.95-56.84-66-76.64-88.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.48
Beta 0.838
Diluted Shares Outstanding 1,835.01
Cost of Debt
Tax Rate -49.71
After-tax Cost of Debt 4.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.114
Total Debt 389.54
Total Equity 2,715.81
Total Capital 3,105.35
Debt Weighting 12.54
Equity Weighting 87.46
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 131.72128.49124.30148.50223.81259.88301.77350.40406.88472.46
EBITDA -111.2236.3135.47212.014.6960.9370.7582.1595.39110.77
EBIT -206.99-60.50-60.77118.13-83.50-109.61-127.28-147.79-171.61-199.27
Tax Rate 3.43%-0.61%0.26%-0.03%-49.71%-9.33%-9.33%-9.33%-9.33%-9.33%
EBIAT -199.88-60.87-60.61118.16-125.01-119.83-139.15-161.57-187.62-217.86
Depreciation 95.7796.8296.2493.8888.19170.54198.02229.94267310.03
Accounts Receivable --0.390.96-5.15-22.411.81-7.57-8.78-10.20-11.84
Inventories -2.60-0.094.56-5.32-9.83-3.94-4.57-5.31-6.16
Accounts Payable --5.103.33-2.40-1.826.741.411.641.912.21
Capital Expenditure -8.15-7.22-45.54-39.95-42.16-48.95-56.84-66-76.64-88.99
UFCF -112.2625.85-5.70169.11-108.520.47-8.05-9.35-10.85-12.60
WACC
PV UFCF 0.44-6.95-7.50-8.09-8.73
SUM PV UFCF -30.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.62
Free cash flow (t + 1) -12.86
Terminal Value -228.75
Present Value of Terminal Value -158.45

Intrinsic Value

Enterprise Value -189.28
Net Debt 332.80
Equity Value -522.08
Shares Outstanding 1,835.01
Equity Value Per Share -0.28