Discounted Cash Flow (DCF) Analysis Unlevered
IDT Corporation (IDT)
$30.93
-0.11 (-0.35%)
All numbers are in Millions, Currency in USD
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 | 1,547.49 | 1,409.17 | 1,345.77 | 1,446.99 | 1,364.06 | 1,324.34 | 1,285.77 | 1,248.33 | 1,211.98 | 1,176.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 30.98 | 23.67 | 39.18 | 82.89 | 51.17 | 42.57 | 41.33 | 40.13 | 38.96 | 37.82 |
| EBITDA (%) | ||||||||||
| EBIT | 8.18 | 1.03 | 18.77 | 65.13 | 33.05 | 23.63 | 22.94 | 22.27 | 21.62 | 20.99 |
| EBIT (%) | ||||||||||
| Depreciation | 22.80 | 22.63 | 20.41 | 17.76 | 18.12 | 18.94 | 18.39 | 17.85 | 17.33 | 16.83 |
| 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 | 74.06 | 88.39 | 109.19 | 163.59 | 137.75 | 107.47 | 104.34 | 101.30 | 98.35 | 95.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 69.48 | 58.06 | 44.17 | 46.64 | 64.32 | 52.52 | 50.99 | 49.51 | 48.07 | 46.67 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 45.12 | 37.08 | 31.15 | 24.50 | 29.08 | 30.95 | 30.05 | 29.18 | 28.33 | 27.50 |
| 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 | $ 30.93 |
|---|---|
| Beta | 1.129 |
| 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 | 8.863 |
| Total Debt | 4.61 |
| Total Equity | 815.19 |
| Total Capital | 819.80 |
| Debt Weighting | 0.56 |
| Equity Weighting | 99.44 |
| 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 | 1,547.49 | 1,409.17 | 1,345.77 | 1,446.99 | 1,364.06 | 1,324.34 | 1,285.77 | 1,248.33 | 1,211.98 | 1,176.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 30.98 | 23.67 | 39.18 | 82.89 | 51.17 | 42.57 | 41.33 | 40.13 | 38.96 | 37.82 |
| EBIT | 8.18 | 1.03 | 18.77 | 65.13 | 33.05 | 23.63 | 22.94 | 22.27 | 21.62 | 20.99 |
| Tax Rate | 48.06% | 70.42% | -20.95% | -47.91% | 22.52% | 14.43% | 14.43% | 14.43% | 14.43% | 14.43% |
| EBIAT | 4.25 | 0.31 | 22.71 | 96.33 | 25.61 | 20.22 | 19.63 | 19.06 | 18.50 | 17.97 |
| Depreciation | 22.80 | 22.63 | 20.41 | 17.76 | 18.12 | 18.94 | 18.39 | 17.85 | 17.33 | 16.83 |
| Accounts Receivable | - | 11.42 | 13.89 | -2.48 | -17.67 | 11.79 | 1.53 | 1.48 | 1.44 | 1.40 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -8.05 | -5.93 | -6.65 | 4.58 | 1.87 | -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 | 6.48 | 7.63 | 35.04 | 88.21 | 8.75 | 35.32 | 21.65 | 21.02 | 20.41 | 19.82 |
| WACC | ||||||||||
| PV UFCF | 32.45 | 18.28 | 16.31 | 14.55 | 12.98 | |||||
| SUM PV UFCF | 94.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.83 |
| Free cash flow (t + 1) | 20.21 |
| Terminal Value | 295.94 |
| Present Value of Terminal Value | 193.85 |
Intrinsic Value
| Enterprise Value | 288.42 |
|---|---|
| Net Debt | -93.75 |
| Equity Value | 382.17 |
| Shares Outstanding | 26.36 |
| Equity Value Per Share | 14.50 |