Discounted Cash Flow (DCF) Analysis Unlevered

Radiant Logistics, Inc. (RLGT)

$5.57

-0.27 (-4.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.60 | 5.57 | 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 777.61842.42890.52855.20889.12920.34952.66986.101,020.731,056.57
Revenue (%)
EBITDA 23.4127.7639.3833.1548.0336.8238.1239.4640.8442.27
EBITDA (%)
EBIT 11.0613.3724.1716.5831.3920.6021.3222.0722.8523.65
EBIT (%)
Depreciation 12.3514.3915.2116.5716.6416.2216.7917.3817.9918.62
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 5.816.995.4234.8413.7014.3614.8615.3815.9216.48
Total Cash (%)
Account Receivables 117.01139.68111.4188.93145.10130.43135.01139.75144.65149.73
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 85.4990.1574.106587.9487.4590.5293.7096.99100.39
Accounts Payable (%)
Capital Expenditure -4.93-5.74-6.68-5.18-11.43-7.28-7.54-7.80-8.08-8.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.57
Beta 0.922
Diluted Shares Outstanding 51.21
Cost of Debt
Tax Rate 21.85
After-tax Cost of Debt 2.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.051
Total Debt 72.89
Total Equity 285.23
Total Capital 358.12
Debt Weighting 20.35
Equity Weighting 79.65
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 777.61842.42890.52855.20889.12920.34952.66986.101,020.731,056.57
EBITDA 23.4127.7639.3833.1548.0336.8238.1239.4640.8442.27
EBIT 11.0613.3724.1716.5831.3920.6021.3222.0722.8523.65
Tax Rate 43.41%3.03%26.30%32.09%21.85%25.34%25.34%25.34%25.34%25.34%
EBIAT 6.2612.9717.8111.2624.5315.3815.9216.4817.0617.66
Depreciation 12.3514.3915.2116.5716.6416.2216.7917.3817.9918.62
Accounts Receivable --22.6728.2822.48-56.1714.68-4.58-4.74-4.91-5.08
Inventories ----------
Accounts Payable -4.66-16.06-9.0922.94-0.493.073.183.293.41
Capital Expenditure -4.93-5.74-6.67-5.17-11.43-7.28-7.54-7.80-8.08-8.36
UFCF 13.673.6138.5736.04-3.4938.5123.6724.5025.3626.25
WACC
PV UFCF 3620.6820.0219.3718.74
SUM PV UFCF 114.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.97
Free cash flow (t + 1) 26.77
Terminal Value 538.72
Present Value of Terminal Value 384.64

Intrinsic Value

Enterprise Value 499.45
Net Debt 59.19
Equity Value 440.26
Shares Outstanding 51.21
Equity Value Per Share 8.60