Discounted Cash Flow (DCF) Analysis Unlevered

Pro-Dex, Inc. (PDEX)

$15.12

-1.08 (-6.67%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.07 | 15.12 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 22.4627.1734.8338.0342.0449.2857.7667.7179.3793.04
Revenue (%)
EBITDA 3.176.118.716.665.909.1810.7612.6114.7917.33
EBITDA (%)
EBIT 2.625.678.145.985.178.279.6911.3613.3215.61
EBIT (%)
Depreciation 0.560.440.570.690.730.911.071.251.471.72
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 7.4110.398.985.021.6011.2413.1715.4418.1021.21
Total Cash (%)
Account Receivables 4.134.105.1610.9315.3811.2013.1315.3918.0421.14
Account Receivables (%)
Inventories 4.396.248.248.4412.6811.6813.6916.0518.8122.05
Inventories (%)
Accounts Payable 1.0821.962.293.763.233.794.445.206.10
Accounts Payable (%)
Capital Expenditure -0.93-1.40-0.57-8.31-3.44-4.04-4.73-5.55-6.50-7.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 15.12
Beta 0.929
Diluted Shares Outstanding 3.76
Cost of Debt
Tax Rate 18.08
After-tax Cost of Debt 2.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.083
Total Debt 15.59
Total Equity 56.90
Total Capital 72.49
Debt Weighting 21.50
Equity Weighting 78.50
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 22.4627.1734.8338.0342.0449.2857.7667.7179.3793.04
EBITDA 3.176.118.716.665.909.1810.7612.6114.7917.33
EBIT 2.625.678.145.985.178.279.6911.3613.3215.61
Tax Rate 37.89%23.85%22.65%20.90%18.08%24.68%24.68%24.68%24.68%24.68%
EBIAT 1.634.326.294.734.246.237.308.5610.0311.76
Depreciation 0.560.440.570.690.730.911.071.251.471.72
Accounts Receivable -0.03-1.06-5.78-4.454.19-1.93-2.26-2.65-3.11
Inventories --1.85-2-0.20-4.241-2.01-2.36-2.76-3.24
Accounts Payable -0.91-0.030.321.47-0.530.560.650.760.90
Capital Expenditure -0.93-1.40-0.56-8.31-3.44-4.04-4.73-5.55-6.50-7.62
UFCF 1.252.453.22-8.55-5.707.760.260.300.350.41
WACC
PV UFCF 7.260.220.250.270.30
SUM PV UFCF 8.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.87
Free cash flow (t + 1) 0.42
Terminal Value 8.62
Present Value of Terminal Value 6.18

Intrinsic Value

Enterprise Value 14.48
Net Debt 14.74
Equity Value -0.26
Shares Outstanding 3.76
Equity Value Per Share -0.07