Discounted Cash Flow (DCF) Analysis Unlevered

PowerFleet, Inc. (PWFL)

$ 6.23
-0.11 (-1.74%)
Stock DCF: -42.77 | 6.23 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 36.8240.9653.0681.91113.59151.60202.32270.01360.35480.92
Revenue (%)
EBITDA -5.68-2.71-4.18-6.754.92-10.25-13.68-18.26-24.37-32.53
EBITDA (%)
EBIT -6.37-3.84-5.74-10.10-3.50-16.03-21.40-28.56-38.11-50.87
EBIT (%)
Depreciation 0.691.131.563.358.425.787.7210.3013.7418.34
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 5.096.3010.5516.4018.1325.7934.4245.9361.3081.81
Total Cash (%)
Account Receivables 11.3510.0410.2827.0224.1539.1052.1869.6492.94124.04
Account Receivables (%)
Inventories 3.924.594.6516.3812.8718.7825.0633.4544.6459.57
Inventories (%)
Accounts Payable 6.196.236.6415.409.8821.8529.1638.9151.9369.31
Accounts Payable (%)
Capital Expenditure -0.51-0.39-0.25-1.04-3.37-2.13-2.84-3.80-5.07-6.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.23
Beta 1.785
Diluted Shares Outstanding 20.48
Cost of Debt
Tax Rate -12.98
After-tax Cost of Debt 15.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.907
Total Debt 28.76
Total Equity 127.57
Total Capital 156.32
Debt Weighting 18.40
Equity Weighting 81.60
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 36.8240.9653.0681.91113.59151.60202.32270.01360.35480.92
EBITDA -5.68-2.71-4.18-6.754.92-10.25-13.68-18.26-24.37-32.53
EBIT -6.37-3.84-5.74-10.10-3.50-16.03-21.40-28.56-38.11-50.87
Tax Rate 0.00%7.44%0.00%0.84%-12.98%-0.94%-0.94%-0.94%-0.94%-0.94%
EBIAT -6.37-3.55-5.74-10.01-3.96-16.19-21.60-28.83-38.47-51.34
Depreciation 0.691.131.563.358.425.787.7210.3013.7418.34
Accounts Receivable -1.31-0.24-16.732.87-14.95-13.08-17.46-23.30-31.10
Inventories --0.67-0.06-11.733.51-5.91-6.28-8.38-11.19-14.93
Accounts Payable -0.040.418.76-5.5211.977.319.7613.0217.38
Capital Expenditure -0.51-0.39-0.25-1.04-3.37-2.13-2.84-3.80-5.07-6.76
UFCF -6.19-2.13-4.32-27.421.95-21.42-28.78-38.41-51.27-68.42
WACC
PV UFCF -19.31-23.39-28.13-33.84-40.71
SUM PV UFCF -145.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.94
Free cash flow (t + 1) -71.84
Terminal Value -1,209.43
Present Value of Terminal Value -719.68

Intrinsic Value

Enterprise Value -865.07
Net Debt 10.63
Equity Value -875.70
Shares Outstanding 20.48
Equity Value Per Share -42.77