Discounted Cash Flow (DCF) Analysis Unlevered

PFSweb, Inc. (PFSW)

$9.44

+0.11 (+1.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.94 | 9.44 | undervalue

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 326.82326.16294.02342.5050.9340.9132.8626.4021.2017.03
Revenue (%)
EBITDA 15.5017.8611.256.72196.5232.8826.4121.2217.0413.69
EBITDA (%)
EBIT 0.606.500.89-1.95196.5131.7325.4820.4716.4413.21
EBIT (%)
Depreciation 14.9011.3710.378.670.011.150.930.750.600.48
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 19.0815.4212.4310.75152.3325.9420.8416.7413.4410.80
Total Cash (%)
Account Receivables 77.4376.4375.5980.7885.0321.5517.3113.9011.178.97
Account Receivables (%)
Inventories 5.336.093.283.643.130.970.780.620.500.40
Inventories (%)
Accounts Payable 45.0747.5844.6435.6536.4510.278.256.635.324.28
Accounts Payable (%)
Capital Expenditure -4.65-4.94-3.91-4.20-0.01-0.45-0.36-0.29-0.23-0.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.44
Beta 1.507
Diluted Shares Outstanding 20
Cost of Debt
Tax Rate 18.13
After-tax Cost of Debt 0.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.818
Total Debt 40.90
Total Equity 188.85
Total Capital 229.74
Debt Weighting 17.80
Equity Weighting 82.20
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 326.82326.16294.02342.5050.9340.9132.8626.4021.2017.03
EBITDA 15.5017.8611.256.72196.5232.8826.4121.2217.0413.69
EBIT 0.606.500.89-1.95196.5131.7325.4820.4716.4413.21
Tax Rate -85.23%69.28%-115.06%-60.42%18.13%-34.66%-34.66%-34.66%-34.66%-34.66%
EBIAT 1.1121.91-3.12160.8742.7234.3227.5622.1417.79
Depreciation 14.9011.3710.378.670.011.150.930.750.600.48
Accounts Receivable -10.84-5.19-4.2563.484.243.412.742.20
Inventories --0.762.81-0.360.512.170.190.150.120.10
Accounts Payable -2.51-2.94-8.990.80-26.18-2.02-1.62-1.30-1.05
Capital Expenditure -4.65-4.94-3.91-4.20-0.01-0.45-0.36-0.29-0.23-0.19
UFCF 11.3511.179.07-13.20157.9482.8937.2929.9524.0619.33
WACC
PV UFCF 76.1331.4523.2017.1112.62
SUM PV UFCF 160.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.89
Free cash flow (t + 1) 19.71
Terminal Value 286.12
Present Value of Terminal Value 186.90

Intrinsic Value

Enterprise Value 347.42
Net Debt -111.44
Equity Value 458.85
Shares Outstanding 20
Equity Value Per Share 22.94