Discounted Cash Flow (DCF) Analysis Unlevered
PowerFleet, Inc. (PWFL)
$ 6.23
-0.11 (-1.74%)
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 | 36.82 | 40.96 | 53.06 | 81.91 | 113.59 | 151.60 | 202.32 | 270.01 | 360.35 | 480.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -5.68 | -2.71 | -4.18 | -6.75 | 4.92 | -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 | 0.69 | 1.13 | 1.56 | 3.35 | 8.42 | 5.78 | 7.72 | 10.30 | 13.74 | 18.34 |
| 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 | 5.09 | 6.30 | 10.55 | 16.40 | 18.13 | 25.79 | 34.42 | 45.93 | 61.30 | 81.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 11.35 | 10.04 | 10.28 | 27.02 | 24.15 | 39.10 | 52.18 | 69.64 | 92.94 | 124.04 |
| Account Receivables (%) | ||||||||||
| Inventories | 3.92 | 4.59 | 4.65 | 16.38 | 12.87 | 18.78 | 25.06 | 33.45 | 44.64 | 59.57 |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.19 | 6.23 | 6.64 | 15.40 | 9.88 | 21.85 | 29.16 | 38.91 | 51.93 | 69.31 |
| 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 | 36.82 | 40.96 | 53.06 | 81.91 | 113.59 | 151.60 | 202.32 | 270.01 | 360.35 | 480.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -5.68 | -2.71 | -4.18 | -6.75 | 4.92 | -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 | 0.69 | 1.13 | 1.56 | 3.35 | 8.42 | 5.78 | 7.72 | 10.30 | 13.74 | 18.34 |
| Accounts Receivable | - | 1.31 | -0.24 | -16.73 | 2.87 | -14.95 | -13.08 | -17.46 | -23.30 | -31.10 |
| Inventories | - | -0.67 | -0.06 | -11.73 | 3.51 | -5.91 | -6.28 | -8.38 | -11.19 | -14.93 |
| Accounts Payable | - | 0.04 | 0.41 | 8.76 | -5.52 | 11.97 | 7.31 | 9.76 | 13.02 | 17.38 |
| 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 | -27.42 | 1.95 | -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 |