Discounted Cash Flow (DCF) Analysis Unlevered

PCTEL, Inc. (PCTI)

$4.7

-0.02 (-0.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.50 | 4.7 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 91.4482.9890.6277.4687.8187.5487.2887.0286.7586.49
Revenue (%)
EBITDA 5.08-1.177.546.610.193.723.703.693.683.67
EBITDA (%)
EBIT 1.35-5.063.793.45-3.54-0-0-0-0-0
EBIT (%)
Depreciation 3.733.893.753.163.733.723.713.703.693.67
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 38.0635.2039.6536.3430.7536.7236.6136.5036.3936.28
Total Cash (%)
Account Receivables 18.4315.8617.3816.6017.5417.4817.4317.3817.3317.27
Account Receivables (%)
Inventories 12.7612.8511.949.9813.6912.4512.4112.3712.3312.30
Inventories (%)
Accounts Payable 5.476.083.194.435.365.0254.994.974.96
Accounts Payable (%)
Capital Expenditure -2.67-2.75-2.26-4.09-3.08-3.07-3.06-3.05-3.04-3.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.7
Beta 0.426
Diluted Shares Outstanding 18.12
Cost of Debt
Tax Rate 20.31
After-tax Cost of Debt 3.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.651
Total Debt -
Total Equity 85.17
Total Capital 85.17
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 91.4482.9890.6277.4687.8187.5487.2887.0286.7586.49
EBITDA 5.08-1.177.546.610.193.723.703.693.683.67
EBIT 1.35-5.063.793.45-3.54-0-0-0-0-0
Tax Rate -148.50%-154.62%1.06%0.84%20.31%-56.18%-56.18%-56.18%-56.18%-56.18%
EBIAT 3.36-12.893.753.42-2.82-0.01-0.01-0.01-0.01-0.01
Depreciation 3.733.893.753.163.733.723.713.703.693.67
Accounts Receivable -2.56-1.520.78-0.930.050.050.050.050.05
Inventories --0.090.911.95-3.711.240.040.040.040.04
Accounts Payable -0.61-2.891.240.93-0.34-0.02-0.02-0.02-0.01
Capital Expenditure -2.67-2.75-2.26-4.09-3.08-3.07-3.06-3.05-3.04-3.03
UFCF 4.42-8.671.756.46-5.881.600.720.720.710.71
WACC
PV UFCF 1.520.640.610.570.54
SUM PV UFCF 3.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.65
Free cash flow (t + 1) 0.73
Terminal Value 19.91
Present Value of Terminal Value 15.13

Intrinsic Value

Enterprise Value 19.01
Net Debt -8.19
Equity Value 27.20
Shares Outstanding 18.12
Equity Value Per Share 1.50