Discounted Cash Flow (DCF) Analysis Unlevered
inTEST Corporation (INTT)
$9.2
+0.80 (+9.52%)
All numbers are in Millions, Currency in USD
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 | 78.56 | 60.66 | 53.82 | 84.88 | 91.57 | 98.78 | 106.57 | 114.96 | 124.02 | 133.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.91 | 5.80 | 1.94 | 8.41 | 7.30 | 7.87 | 8.49 | 9.16 | 9.88 | 10.66 |
| EBITDA (%) | ||||||||||
| EBIT | 5.04 | 2.60 | -1.23 | 8.40 | 4.19 | 4.53 | 4.88 | 5.27 | 5.68 | 6.13 |
| EBIT (%) | ||||||||||
| Depreciation | 1.87 | 3.19 | 3.17 | 0 | 3.10 | 3.35 | 3.61 | 3.89 | 4.20 | 4.53 |
| 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 | 17.86 | 7.61 | 10.28 | 21.19 | 14.03 | 18.70 | 20.18 | 21.77 | 23.48 | 25.33 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10.56 | 9.30 | 8.44 | 16.54 | 22.49 | 17.48 | 18.86 | 20.34 | 21.95 | 23.68 |
| Account Receivables (%) | ||||||||||
| Inventories | 6.52 | 7.18 | 7.48 | 12.86 | 17.52 | 13.50 | 14.56 | 15.71 | 16.95 | 18.28 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.79 | 1.98 | 2.42 | 4.28 | 7.80 | 4.67 | 5.03 | 5.43 | 5.86 | 6.32 |
| 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 | 78.56 | 60.66 | 53.82 | 84.88 | 91.57 | 98.78 | 106.57 | 114.96 | 124.02 | 133.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.91 | 5.80 | 1.94 | 8.41 | 7.30 | 7.87 | 8.49 | 9.16 | 9.88 | 10.66 |
| EBIT | 5.04 | 2.60 | -1.23 | 8.40 | 4.19 | 4.53 | 4.88 | 5.27 | 5.68 | 6.13 |
| Tax Rate | 39.78% | 10.83% | 27.29% | 13.32% | 22.81% | 22.81% | 22.81% | 22.81% | 22.81% | 22.81% |
| EBIAT | 3.04 | 2.32 | -0.89 | 7.28 | 3.24 | 3.49 | 3.77 | 4.07 | 4.39 | 4.73 |
| Depreciation | 1.87 | 3.19 | 3.17 | 0 | 3.10 | 3.35 | 3.61 | 3.89 | 4.20 | 4.53 |
| Accounts Receivable | - | 1.27 | 0.86 | -8.10 | -5.95 | 5.01 | -1.38 | -1.49 | -1.60 | -1.73 |
| Inventories | - | -0.66 | -0.29 | -5.39 | -4.66 | 4.02 | -1.06 | -1.15 | -1.24 | -1.34 |
| Accounts Payable | - | 0.20 | 0.44 | 1.86 | 3.52 | -3.14 | 0.37 | 0.40 | 0.43 | 0.46 |
| Capital Expenditure | -2.21 | -0.62 | -0.66 | -0 | -1.16 | -1.25 | -1.35 | -1.45 | -1.57 | -1.69 |
| UFCF | 2.70 | 5.70 | 2.63 | -4.35 | -1.91 | 11.48 | 3.96 | 4.27 | 4.60 | 4.97 |
| WACC | ||||||||||
| PV UFCF | -1.91 | 10.30 | 3.18 | 3.08 | 2.98 | 2.89 | ||||
| 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 |