Discounted Cash Flow (DCF) Analysis Unlevered

Pro-Dex, Inc. (PDEX)

$16.76

+0.61 (+3.78%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.85 | 16.76 | 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 27.1734.8338.0342.0446.0952.7260.3068.9878.9090.25
Revenue (%)
EBITDA 5.748.685.345.966.919.4110.7712.3114.0916.11
EBITDA (%)
EBIT 5.308.114.655.236.068.509.7211.1212.7214.55
EBIT (%)
Depreciation 0.440.570.690.730.860.911.041.191.361.56
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 10.398.985.021.604.079.4710.8412.4014.1816.22
Total Cash (%)
Account Receivables 4.105.1610.9315.389.9512.3214.0916.1218.4321.09
Account Receivables (%)
Inventories 6.248.248.4412.6816.1714.1316.1618.4921.1524.19
Inventories (%)
Accounts Payable 21.962.293.762.263.463.964.535.185.93
Accounts Payable (%)
Capital Expenditure -1.40-0.57-8.31-1.67-0.97-3.66-4.18-4.79-5.47-6.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.76
Beta 0.784
Diluted Shares Outstanding 3.64
Cost of Debt
Tax Rate 24.97
After-tax Cost of Debt 3.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.955
Total Debt 14.79
Total Equity 60.96
Total Capital 75.75
Debt Weighting 19.53
Equity Weighting 80.47
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 27.1734.8338.0342.0446.0952.7260.3068.9878.9090.25
EBITDA 5.748.685.345.966.919.4110.7712.3114.0916.11
EBIT 5.308.114.655.236.068.509.7211.1212.7214.55
Tax Rate 23.85%22.65%20.90%18.08%24.97%22.09%22.09%22.09%22.09%22.09%
EBIAT 4.046.273.684.294.546.627.578.669.9111.34
Depreciation 0.440.570.690.730.860.911.041.191.361.56
Accounts Receivable --1.06-5.78-4.455.43-2.37-1.77-2.03-2.32-2.65
Inventories --2-0.20-4.24-3.492.04-2.03-2.33-2.66-3.04
Accounts Payable --0.030.321.47-1.501.200.500.570.650.75
Capital Expenditure -1.40-0.56-8.31-1.67-0.97-3.66-4.18-4.79-5.47-6.26
UFCF 3.083.19-9.60-3.884.874.751.131.291.471.69
WACC
PV UFCF 4.440.981.051.121.20
SUM PV UFCF 8.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.03
Free cash flow (t + 1) 1.72
Terminal Value 34.19
Present Value of Terminal Value 24.34

Intrinsic Value

Enterprise Value 33.14
Net Debt 11.86
Equity Value 21.28
Shares Outstanding 3.64
Equity Value Per Share 5.85