Discounted Cash Flow (DCF) Analysis Unlevered

PowerFleet, Inc. (PWFL)

$2.37

+0.04 (+1.72%)
All numbers are in Millions, Currency in USD
Stock DCF: -53.60 | 2.37 | 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 40.9653.0681.91113.59126.21168.39224.68299.78399.99533.69
Revenue (%)
EBITDA -2.71-4.08-6.744.92-13.45-9.72-12.96-17.30-23.08-30.79
EBITDA (%)
EBIT -3.84-5.64-10.09-3.50-18.88-16.96-22.63-30.19-40.29-53.75
EBIT (%)
Depreciation 1.131.563.358.425.437.249.6712.9017.2122.96
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 6.3010.5516.3918.1326.4531.0541.4355.2873.7598.41
Total Cash (%)
Account Receivables 10.0410.2827.0224.1532.0941.6155.5274.0898.85131.89
Account Receivables (%)
Inventories 4.594.6516.3812.8718.2422.1429.5439.4252.5970.17
Inventories (%)
Accounts Payable 6.236.6415.409.8817.4323.2531.0341.4055.2373.69
Accounts Payable (%)
Capital Expenditure -0.39-0.25-1.04-3.37-1.78-2.38-3.18-4.24-5.66-7.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.37
Beta 1.728
Diluted Shares Outstanding 35.02
Cost of Debt
Tax Rate -24.35
After-tax Cost of Debt -8.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.898
Total Debt 32.98
Total Equity 83
Total Capital 115.97
Debt Weighting 28.44
Equity Weighting 71.56
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 40.9653.0681.91113.59126.21168.39224.68299.78399.99533.69
EBITDA -2.71-4.08-6.744.92-13.45-9.72-12.96-17.30-23.08-30.79
EBIT -3.84-5.64-10.09-3.50-18.88-16.96-22.63-30.19-40.29-53.75
Tax Rate 7.44%0.00%0.84%-12.98%-24.35%-5.81%-5.81%-5.81%-5.81%-5.81%
EBIAT -3.55-5.64-10.01-3.96-23.48-17.95-23.94-31.95-42.63-56.88
Depreciation 1.131.563.358.425.437.249.6712.9017.2122.96
Accounts Receivable --0.24-16.732.87-7.95-9.52-13.91-18.56-24.76-33.04
Inventories --0.06-11.733.51-5.37-3.90-7.40-9.87-13.18-17.58
Accounts Payable -0.418.76-5.527.555.837.7710.3713.8418.46
Capital Expenditure -0.39-0.25-1.04-3.37-1.78-2.38-3.18-4.24-5.66-7.55
UFCF -2.81-4.22-27.411.95-25.60-20.68-30.99-41.36-55.18-73.62
WACC
PV UFCF -19.61-27.89-35.30-44.68-56.55
SUM PV UFCF -184.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.42
Free cash flow (t + 1) -75.09
Terminal Value -2,195.76
Present Value of Terminal Value -1,686.43

Intrinsic Value

Enterprise Value -1,870.46
Net Debt 6.53
Equity Value -1,876.98
Shares Outstanding 35.02
Equity Value Per Share -53.60