Discounted Cash Flow (DCF) Analysis Unlevered

Radiant Logistics, Inc. (RLGT)

$5.61

-0.07 (-1.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.90 | 5.61 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 890.52855.20889.121,459.421,085.491,190.021,304.621,430.251,567.991,718.98
Revenue (%)
EBITDA 39.0519.6831.0559.6129.0640.3244.2048.4653.1258.24
EBITDA (%)
EBIT 23.843.1114.4140.896.3619.162123.0325.2427.67
EBIT (%)
Depreciation 15.2116.5716.6418.7222.7021.1623.2025.4327.8830.57
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 5.4234.8413.7024.4432.4625.9128.4131.1434.1437.43
Total Cash (%)
Account Receivables 111.4188.93145.10247.65132.90162.89178.58195.78214.63235.30
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 74.106587.94137.8584.56102.46112.32123.14135148
Accounts Payable (%)
Capital Expenditure -6.68-5.18-11.43-7.46-7.57-9.16-10.04-11.01-12.07-13.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.61
Beta 0.795
Diluted Shares Outstanding 49.55
Cost of Debt
Tax Rate 25.23
After-tax Cost of Debt 3.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.962
Total Debt 69.24
Total Equity 277.98
Total Capital 347.22
Debt Weighting 19.94
Equity Weighting 80.06
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 890.52855.20889.121,459.421,085.491,190.021,304.621,430.251,567.991,718.98
EBITDA 39.0519.6831.0559.6129.0640.3244.2048.4653.1258.24
EBIT 23.843.1114.4140.896.3619.162123.0325.2427.67
Tax Rate 26.30%32.09%21.28%23.58%25.23%25.70%25.70%25.70%25.70%25.70%
EBIAT 17.572.1111.3431.254.7614.2415.6117.1118.7620.56
Depreciation 15.2116.5716.6418.7222.7021.1623.2025.4327.8830.57
Accounts Receivable -22.48-56.17-102.54114.74-29.99-15.69-17.20-18.85-20.67
Inventories ----------
Accounts Payable --9.0922.9449.91-53.2917.909.8710.8211.8613
Capital Expenditure -6.67-5.17-11.43-7.46-7.57-9.16-10.04-11.01-12.07-13.23
UFCF 26.1026.89-16.68-10.1381.3414.1422.9425.1527.5730.23
WACC
PV UFCF 13.2120.0120.4920.9721.47
SUM PV UFCF 96.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.08
Free cash flow (t + 1) 30.83
Terminal Value 606.96
Present Value of Terminal Value 431.14

Intrinsic Value

Enterprise Value 527.29
Net Debt 36.78
Equity Value 490.51
Shares Outstanding 49.55
Equity Value Per Share 9.90