Discounted Cash Flow (DCF) Analysis Unlevered

Quotient Technology Inc. (QUOT)

$2.36

-0.02 (-0.84%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.96 | 2.36 | 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 322.12386.96436.16445.89521.49589.33665.99752.62850.52961.16
Revenue (%)
EBITDA 3.6510.629-13.792.703.974.485.075.726.47
EBITDA (%)
EBIT -14.19-14.43-22.44-50.14-26.76-34.95-39.50-44.64-50.44-57.01
EBIT (%)
Depreciation 17.8425.0431.4436.3529.4638.9243.9849.7056.1763.47
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 394.54322.77224.76222.75237.42415.96470.07531.22600.32678.41
Total Cash (%)
Account Receivables 81.19112.11125.30137.65177.22174.16196.81222.41251.34284.04
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 6.0917.0619.1215.9618.0220.8823.6026.6730.1434.06
Accounts Payable (%)
Capital Expenditure -6.48-26.62-23.83-11.37-14.72-23.25-26.28-29.69-33.56-37.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.36
Beta 1.116
Diluted Shares Outstanding 94.13
Cost of Debt
Tax Rate -8.66
After-tax Cost of Debt 7.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.095
Total Debt 215.69
Total Equity 222.15
Total Capital 437.84
Debt Weighting 49.26
Equity Weighting 50.74
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 322.12386.96436.16445.89521.49589.33665.99752.62850.52961.16
EBITDA 3.6510.629-13.792.703.974.485.075.726.47
EBIT -14.19-14.43-22.44-50.14-26.76-34.95-39.50-44.64-50.44-57.01
Tax Rate 4.45%-1.73%-1.81%-1.11%-8.66%-1.77%-1.77%-1.77%-1.77%-1.77%
EBIAT -13.56-14.67-22.85-50.70-29.08-35.57-40.20-45.43-51.34-58.02
Depreciation 17.8425.0431.4436.3529.4638.9243.9849.7056.1763.47
Accounts Receivable --30.92-13.20-12.34-39.573.06-22.65-25.60-28.93-32.70
Inventories ----------
Accounts Payable -10.972.06-3.162.062.862.723.073.473.92
Capital Expenditure -6.47-26.62-23.83-11.37-14.72-23.25-26.28-29.69-33.56-37.92
UFCF -2.19-36.20-26.38-41.22-51.84-13.98-42.43-47.95-54.19-61.24
WACC
PV UFCF -12.94-36.32-37.98-39.71-41.52
SUM PV UFCF -168.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.08
Free cash flow (t + 1) -62.46
Terminal Value -1,027.34
Present Value of Terminal Value -696.61

Intrinsic Value

Enterprise Value -865.09
Net Debt -21.73
Equity Value -843.36
Shares Outstanding 94.13
Equity Value Per Share -8.96