Discounted Cash Flow (DCF) Analysis Unlevered

inTEST Corporation (INTT)

$9.2

+0.80 (+9.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.67 | 9.2 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 78.5660.6653.8284.8891.5798.78106.57114.96124.02133.79
Revenue (%)
EBITDA 6.915.801.948.417.307.878.499.169.8810.66
EBITDA (%)
EBIT 5.042.60-1.238.404.194.534.885.275.686.13
EBIT (%)
Depreciation 1.873.193.1703.103.353.613.894.204.53
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 17.867.6110.2821.1914.0318.7020.1821.7723.4825.33
Total Cash (%)
Account Receivables 10.569.308.4416.5422.4917.4818.8620.3421.9523.68
Account Receivables (%)
Inventories 6.527.187.4812.8617.5213.5014.5615.7116.9518.28
Inventories (%)
Accounts Payable 1.791.982.424.287.804.675.035.435.866.32
Accounts Payable (%)
Capital Expenditure -2.21-0.62-0.66-0-1.16-1.25-1.35-1.45-1.57-1.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.2
Beta 1.932
Diluted Shares Outstanding 10.26
Cost of Debt
Tax Rate 13.32
After-tax Cost of Debt 4.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.908
Total Debt 5.96
Total Equity 94.36
Total Capital 100.32
Debt Weighting 5.94
Equity Weighting 94.06
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 78.5660.6653.8284.8891.5798.78106.57114.96124.02133.79
EBITDA 6.915.801.948.417.307.878.499.169.8810.66
EBIT 5.042.60-1.238.404.194.534.885.275.686.13
Tax Rate 39.78%10.83%27.29%13.32%22.81%22.81%22.81%22.81%22.81%22.81%
EBIAT 3.042.32-0.897.283.243.493.774.074.394.73
Depreciation 1.873.193.1703.103.353.613.894.204.53
Accounts Receivable -1.270.86-8.10-5.955.01-1.38-1.49-1.60-1.73
Inventories --0.66-0.29-5.39-4.664.02-1.06-1.15-1.24-1.34
Accounts Payable -0.200.441.863.52-3.140.370.400.430.46
Capital Expenditure -2.21-0.62-0.66-0-1.16-1.25-1.35-1.45-1.57-1.69
UFCF 2.705.702.63-4.35-1.9111.483.964.274.604.97
WACC
PV UFCF -1.9110.303.183.082.982.89
SUM PV UFCF 22.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.46
Free cash flow (t + 1) 5.07
Terminal Value 53.55
Present Value of Terminal Value 31.13

Intrinsic Value

Enterprise Value 53.56
Net Debt -4.58
Equity Value 58.15
Shares Outstanding 10.26
Equity Value Per Share 5.67