Discounted Cash Flow (DCF) Analysis Unlevered

iRobot Corporation (IRBT)

$11.3

-0.48 (-4.07%)
All numbers are in Millions, Currency in USD
Stock DCF: -11.87 | 11.3 | 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 1,214.011,430.391,564.991,183.38890.58841.84795.76752.20711.03672.12
Revenue (%)
EBITDA 123.78181.0832.21-192.51-264.08-35.37-33.43-31.60-29.87-28.24
EBITDA (%)
EBIT 86.62146.32-1.10-240.38-296.87-61.21-57.86-54.69-51.70-48.87
EBIT (%)
Depreciation 37.1634.7633.3147.8732.7925.8424.4223.0921.8220.63
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 256.42483.72234.50117.95185.12169.51160.23151.46143.17135.33
Total Cash (%)
Account Receivables 146.16170.53160.6466.0279.3982.0377.5473.2969.2865.49
Account Receivables (%)
Inventories 157.35181.76333.30285.25152.47148.48140.36132.67125.41118.55
Inventories (%)
Accounts Payable 116.19165.78251.30184.02178.32122.55115.85109.51103.5197.85
Accounts Payable (%)
Capital Expenditure -35.34-31.60-29.93-12.33-2.86-14.13-13.36-12.63-11.94-11.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.3
Beta 1.188
Diluted Shares Outstanding 27.68
Cost of Debt
Tax Rate -3.98
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.885
Total Debt 27.61
Total Equity 312.74
Total Capital 340.35
Debt Weighting 8.11
Equity Weighting 91.89
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 1,214.011,430.391,564.991,183.38890.58841.84795.76752.20711.03672.12
EBITDA 123.78181.0832.21-192.51-264.08-35.37-33.43-31.60-29.87-28.24
EBIT 86.62146.32-1.10-240.38-296.87-61.21-57.86-54.69-51.70-48.87
Tax Rate 13.69%21.74%-7.45%-9.41%-3.98%2.92%2.92%2.92%2.92%2.92%
EBIAT 74.76114.52-1.18-262.99-308.68-59.42-56.17-53.09-50.19-47.44
Depreciation 37.1634.7633.3147.8732.7925.8424.4223.0921.8220.63
Accounts Receivable --24.379.8894.62-13.36-2.644.494.244.013.79
Inventories --24.41-151.5448.05132.783.998.137.687.266.86
Accounts Payable -49.5985.52-67.28-5.70-55.76-6.71-6.34-5.99-5.67
Capital Expenditure -35.34-31.60-29.93-12.32-2.86-14.13-13.36-12.63-11.94-11.28
UFCF 76.58118.50-53.94-152.07-165.03-102.13-39.20-37.05-35.02-33.11
WACC
PV UFCF -93.28-32.70-28.23-24.37-21.04
SUM PV UFCF -199.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.49
Free cash flow (t + 1) -33.77
Terminal Value -450.84
Present Value of Terminal Value -286.52

Intrinsic Value

Enterprise Value -486.13
Net Debt -157.51
Equity Value -328.62
Shares Outstanding 27.68
Equity Value Per Share -11.87