Discounted Cash Flow (DCF) Analysis Unlevered
PFSweb, Inc. (PFSW)
$7.495
+0.01 (+0.07%)
All numbers are in Millions, Currency in USD
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 | 326.16 | 294.02 | 342.50 | 277.30 | 295.12 | 290.71 | 286.37 | 282.09 | 277.88 | 273.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.50 | 11.25 | 6.72 | -10.80 | -20.01 | -1.68 | -1.66 | -1.63 | -1.61 | -1.59 |
| EBITDA (%) | ||||||||||
| EBIT | -4.87 | 0.89 | -1.95 | -18.88 | -27.57 | -10.41 | -10.26 | -10.10 | -9.95 | -9.80 |
| EBIT (%) | ||||||||||
| Depreciation | 11.37 | 10.37 | 8.67 | 8.07 | 7.56 | 8.73 | 8.60 | 8.47 | 8.34 | 8.22 |
| 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 | 15.42 | 12.43 | 10.75 | 152.33 | 30.03 | 44.89 | 44.22 | 43.56 | 42.91 | 42.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 76.43 | 75.59 | 85.27 | 85.03 | 92.12 | 79.02 | 77.84 | 76.68 | 75.53 | 74.41 |
| Account Receivables (%) | ||||||||||
| Inventories | 6.09 | 3.28 | 3.64 | 3.13 | 3.82 | 3.76 | 3.71 | 3.65 | 3.60 | 3.54 |
| Inventories (%) | ||||||||||
| Accounts Payable | 47.58 | 44.64 | 35.65 | 36.45 | 38.52 | 38.59 | 38.02 | 37.45 | 36.89 | 36.34 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.94 | -3.91 | -4.20 | -7.61 | -10.35 | -6 | -5.91 | -5.82 | -5.74 | -5.65 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.495 |
|---|---|
| Beta | 1.395 |
| Diluted Shares Outstanding | 22.66 |
| Cost of Debt | |
| Tax Rate | -8.70 |
| After-tax Cost of Debt | 4.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.839 |
| Total Debt | 33.86 |
| Total Equity | 169.87 |
| Total Capital | 203.72 |
| Debt Weighting | 16.62 |
| Equity Weighting | 83.38 |
| 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 | 326.16 | 294.02 | 342.50 | 277.30 | 295.12 | 290.71 | 286.37 | 282.09 | 277.88 | 273.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.50 | 11.25 | 6.72 | -10.80 | -20.01 | -1.68 | -1.66 | -1.63 | -1.61 | -1.59 |
| EBIT | -4.87 | 0.89 | -1.95 | -18.88 | -27.57 | -10.41 | -10.26 | -10.10 | -9.95 | -9.80 |
| Tax Rate | 69.28% | -115.06% | -60.42% | -12.64% | -8.70% | -25.51% | -25.51% | -25.51% | -25.51% | -25.51% |
| EBIAT | -1.50 | 1.91 | -3.12 | -21.26 | -29.97 | -13.07 | -12.87 | -12.68 | -12.49 | -12.30 |
| Depreciation | 11.37 | 10.37 | 8.67 | 8.07 | 7.56 | 8.73 | 8.60 | 8.47 | 8.34 | 8.22 |
| Accounts Receivable | - | 0.84 | -9.68 | 0.24 | -7.09 | 13.10 | 1.18 | 1.16 | 1.15 | 1.13 |
| Inventories | - | 2.81 | -0.36 | 0.51 | -0.69 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 |
| Accounts Payable | - | -2.94 | -8.99 | 0.80 | 2.07 | 0.07 | -0.58 | -0.57 | -0.56 | -0.55 |
| Capital Expenditure | -4.94 | -3.91 | -4.20 | -7.61 | -10.36 | -6 | -5.91 | -5.82 | -5.74 | -5.65 |
| UFCF | 4.94 | 9.07 | -17.69 | -19.25 | -38.47 | 2.88 | -9.53 | -9.38 | -9.24 | -9.11 |
| WACC | ||||||||||
| PV UFCF | 2.63 | -7.91 | -7.10 | -6.37 | -5.72 | |||||
| SUM PV UFCF | -24.47 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.75 |
| Free cash flow (t + 1) | -9.29 |
| Terminal Value | -119.85 |
| Present Value of Terminal Value | -75.27 |
Intrinsic Value
| Enterprise Value | -99.74 |
|---|---|
| Net Debt | 3.82 |
| Equity Value | -103.57 |
| Shares Outstanding | 22.66 |
| Equity Value Per Share | -4.57 |