Discounted Cash Flow (DCF) Analysis Unlevered

Senvest Capital Inc. (SEC.TO)

$315

-13.00 (-3.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 718.98 | 315 | 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 302.01-120.47192.13354.211,035.61718.09497.93345.26239.41166
Revenue (%)
EBITDA 230.18-118.07165.39259.50850.33596.98413.95287.03199.03138.01
EBITDA (%)
EBIT 230.18-118.07164.51258.77849.49595.19412.71286.17198.43137.59
EBIT (%)
Depreciation --0.880.740.841.791.240.860.600.41
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 2,586.302,275.7517.2810.9152.19-1,458.53-1,011.35-701.27-486.26-337.17
Total Cash (%)
Account Receivables 300357.75183.8526.2069.33-126.17-87.48-60.66-42.06-29.17
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 29.1313.0331.1755.7896.8557.6839.9927.7319.2313.33
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 315
Beta 1.072
Diluted Shares Outstanding 2.53
Cost of Debt
Tax Rate 12.41
After-tax Cost of Debt 5,384.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.756
Total Debt 0.25
Total Equity 798.04
Total Capital 798.29
Debt Weighting 0.03
Equity Weighting 99.97
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 302.01-120.47192.13354.211,035.61718.09497.93345.26239.41166
EBITDA 230.18-118.07165.39259.50850.33596.98413.95287.03199.03138.01
EBIT 230.18-118.07164.51258.77849.49595.19412.71286.17198.43137.59
Tax Rate 24.93%21.54%18.52%20.11%12.41%19.50%19.50%19.50%19.50%19.50%
EBIAT 172.79-92.64134.04206.74744.08479.13332.23230.37159.74110.76
Depreciation --0.880.740.841.791.240.860.600.41
Accounts Receivable --57.76173.91157.65-43.14195.50-38.68-26.82-18.60-12.90
Inventories ----------
Accounts Payable --16.1018.1524.6141.06-39.17-17.68-12.26-8.50-5.90
Capital Expenditure ----------
UFCF -----637.24277.10192.14133.2392.38
WACC
PV UFCF 576.90227.11142.5689.4956.18
SUM PV UFCF 1,092.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.46
Free cash flow (t + 1) 94.23
Terminal Value 1,113.84
Present Value of Terminal Value 677.33

Intrinsic Value

Enterprise Value 1,769.57
Net Debt -51.94
Equity Value 1,821.50
Shares Outstanding 2.53
Equity Value Per Share 718.98