Discounted Cash Flow (DCF) Analysis Unlevered

IDT Corporation (IDT)

$26.87

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.29 | 26.87 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,547.491,409.171,345.771,446.991,364.061,324.341,285.771,248.331,211.981,176.69
Revenue (%)
EBITDA 30.9823.6739.1882.8951.1742.5741.3340.1338.9637.82
EBITDA (%)
EBIT 8.181.0318.7765.1333.0523.6322.9422.2721.6220.99
EBIT (%)
Depreciation 22.8022.6320.4117.7618.1218.9418.3917.8517.3316.83
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 74.0688.39109.19163.59137.75107.47104.34101.3098.3595.49
Total Cash (%)
Account Receivables 69.4858.0644.1746.6464.3252.5250.9949.5148.0746.67
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 45.1237.0831.1524.5029.0830.9530.0529.1828.3327.50
Accounts Payable (%)
Capital Expenditure -20.57-18.68-16.04-16.76-21.88-17.51-17-16.50-16.02-15.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.87
Beta 1.147
Diluted Shares Outstanding 26.36
Cost of Debt
Tax Rate 22.52
After-tax Cost of Debt 2.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.011
Total Debt 4.61
Total Equity 708.19
Total Capital 712.79
Debt Weighting 0.65
Equity Weighting 99.35
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,547.491,409.171,345.771,446.991,364.061,324.341,285.771,248.331,211.981,176.69
EBITDA 30.9823.6739.1882.8951.1742.5741.3340.1338.9637.82
EBIT 8.181.0318.7765.1333.0523.6322.9422.2721.6220.99
Tax Rate 48.06%70.42%-20.95%-47.91%22.52%14.43%14.43%14.43%14.43%14.43%
EBIAT 4.250.3122.7196.3325.6120.2219.6319.0618.5017.97
Depreciation 22.8022.6320.4117.7618.1218.9418.3917.8517.3316.83
Accounts Receivable -11.4213.89-2.48-17.6711.791.531.481.441.40
Inventories ----------
Accounts Payable --8.05-5.93-6.654.581.87-0.90-0.88-0.85-0.82
Capital Expenditure -20.57-18.68-16.04-16.77-21.88-17.51-17-16.50-16.02-15.55
UFCF 6.487.6335.0488.218.7535.3221.6521.0220.4119.82
WACC
PV UFCF 32.4118.2416.2514.4812.90
SUM PV UFCF 94.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.97
Free cash flow (t + 1) 20.21
Terminal Value 289.99
Present Value of Terminal Value 188.74

Intrinsic Value

Enterprise Value 283
Net Debt -93.75
Equity Value 376.75
Shares Outstanding 26.36
Equity Value Per Share 14.29