Discounted Cash Flow (DCF) Analysis Unlevered

iRobot Corporation (IRBT)

$45.36

-0.22 (-0.48%)

All numbers are in Millions, Currency in USD

Stock DCF: - | 45.36 | undervalue

Operating Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	883.91	1,092.58	1,214.01	1,424.77	1,672.12	1,962.42	2,303.11	2,702.95	3,172.20	3,722.92	4,369.24
Revenue (%)
EBITDA	101.86	145.20	135.99	171.05	200.74	235.59	276.49	324.49	380.83	446.94	524.53
EBITDA (%)
EBIT	76.37	108.62	98.83	126.91	148.94	174.80	205.15	240.76	282.56	331.62	389.19
EBIT (%)
Depreciation	25.50	36.57	37.16	44.14	51.80	60.79	71.34	83.73	98.27	115.33	135.35
Depreciation (%)

Balance Sheet Data

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	165.86	161.98	256.42	259.84	304.95	357.89	420.02	492.94	578.52	678.96	796.83
Total Cash (%)
Account Receivables	142.83	162.17	146.16	204.41	239.90	281.55	330.42	387.79	455.11	534.12	626.85
Account Receivables (%)
Inventories	106.93	164.63	157.35	190.57	223.66	262.48	308.05	361.53	424.30	497.96	584.41
Inventories (%)
Accounts Payable	116.32	136.74	116.18	167.39	196.45	230.55	270.58	317.55	372.68	437.38	513.31
Accounts Payable (%)
Capital Expenditure	-23.37	-32.42	-35.34	-40.47	-47.50	-55.75	-65.43	-76.78	-90.11	-105.76	-124.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 45.36
Beta	1.188
Diluted Shares Outstanding	28.16
Cost of Debt
Tax Rate	-7.45
After-tax Cost of Debt	-%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.125
Total Debt	49.68
Total Equity	1,277.43
Total Capital	1,327.11
Debt Weighting	3.74
Equity Weighting	96.26
Wacc

Build Up Free Cash

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	883.91	1,092.58	1,214.01	1,424.77	1,672.12	1,962.42	2,303.11	2,702.95	3,172.20	3,722.92	4,369.24
EBITDA	101.86	145.20	135.99	171.05	200.74	235.59	276.49	324.49	380.83	446.94	524.53
EBIT	76.37	108.62	98.83	126.91	148.94	174.80	205.15	240.76	282.56	331.62	389.19
Tax Rate	33.26%	18.99%	13.69%	16.05%	21.74%	-7.45%	16.05%	16.05%	16.05%	16.05%	16.05%
EBIAT	50.96	87.99	85.30	106.54	116.57	187.82	172.23	202.13	237.22	278.40	326.73
Depreciation	25.50	36.57	37.16	44.14	51.80	60.79	71.34	83.73	98.27	115.33	135.35
Accounts Receivable	-	-19.34	16.01	-58.25	-35.49	-41.65	-48.88	-57.36	-67.32	-79.01	-92.73
Inventories	-	-57.70	7.29	-33.22	-33.08	-38.83	-45.57	-53.48	-62.77	-73.66	-86.45
Accounts Payable	-	20.43	-20.56	51.20	29.06	34.10	40.03	46.97	55.13	64.70	75.93
Capital Expenditure	-23.37	-32.42	-35.34	-40.47	-31.60	-29.93	-65.43	-76.78	-90.11	-105.76	-124.12
UFCF	53.09	35.53	89.86	69.93	81.35	146.49	123.72	145.20	170.41	199.99	234.71
WACC
PV UFCF				-	81.35	-	-	-	-	-	-
SUM PV UFCF											-

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-
Free cash flow (t + 1)	239.41
Terminal Value	-
Present Value of Terminal Value	-

Intrinsic Value

Enterprise Value	-
Net Debt	-151.78
Equity Value	-
Shares Outstanding	28.16
Equity Value Per Share	-