Discounted Cash Flow (DCF) Analysis Unlevered
TransAct Technologies Incorporated (TACT)
$3.65
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 56.31 | 54.59 | 45.75 | 30.60 | 39.39 | 37.06 | 34.87 | 32.81 | 30.87 | 29.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 7.89 | 7.49 | 1.77 | -6.70 | -5.10 | -0.24 | -0.23 | -0.21 | -0.20 | -0.19 |
| EBITDA (%) | ||||||||||
| EBIT | 6.81 | 6.49 | 0.40 | -8.04 | -6.06 | -1.25 | -1.17 | -1.10 | -1.04 | -0.98 |
| EBIT (%) | ||||||||||
| Depreciation | 1.08 | 1 | 1.37 | 1.34 | 0.96 | 1 | 0.95 | 0.89 | 0.84 | 0.79 |
| 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 | 5.51 | 4.69 | 4.20 | 10.36 | 19.46 | 8.21 | 7.73 | 7.27 | 6.84 | 6.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10.95 | 8.03 | 7.44 | 3.48 | 9.09 | 6.29 | 5.92 | 5.57 | 5.24 | 4.93 |
| Account Receivables (%) | ||||||||||
| Inventories | 8.87 | 12.83 | 12.10 | 11.29 | 7.72 | 9.06 | 8.52 | 8.02 | 7.54 | 7.10 |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.84 | 3.48 | 2.96 | 1.69 | 4.31 | 2.68 | 2.52 | 2.37 | 2.23 | 2.10 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.98 | -1.47 | -1.37 | -0.74 | -1.38 | -0.99 | -0.93 | -0.88 | -0.83 | -0.78 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.65 |
|---|---|
| Beta | 1.765 |
| Diluted Shares Outstanding | 7.83 |
| Cost of Debt | |
| Tax Rate | 33.32 |
| After-tax Cost of Debt | 4.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.980 |
| Total Debt | 2.57 |
| Total Equity | 28.57 |
| Total Capital | 31.14 |
| Debt Weighting | 8.25 |
| Equity Weighting | 91.75 |
| 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 | 56.31 | 54.59 | 45.75 | 30.60 | 39.39 | 37.06 | 34.87 | 32.81 | 30.87 | 29.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 7.89 | 7.49 | 1.77 | -6.70 | -5.10 | -0.24 | -0.23 | -0.21 | -0.20 | -0.19 |
| EBIT | 6.81 | 6.49 | 0.40 | -8.04 | -6.06 | -1.25 | -1.17 | -1.10 | -1.04 | -0.98 |
| Tax Rate | 52.58% | 16.08% | -40.60% | 31.08% | 33.32% | 18.49% | 18.49% | 18.49% | 18.49% | 18.49% |
| EBIAT | 3.23 | 5.45 | 0.56 | -5.54 | -4.04 | -1.02 | -0.96 | -0.90 | -0.85 | -0.80 |
| Depreciation | 1.08 | 1 | 1.37 | 1.34 | 0.96 | 1 | 0.95 | 0.89 | 0.84 | 0.79 |
| Accounts Receivable | - | 2.92 | 0.59 | 3.96 | -5.62 | 2.80 | 0.37 | 0.35 | 0.33 | 0.31 |
| Inventories | - | -3.96 | 0.74 | 0.81 | 3.57 | -1.34 | 0.54 | 0.50 | 0.47 | 0.45 |
| Accounts Payable | - | -0.36 | -0.52 | -1.27 | 2.62 | -1.63 | -0.16 | -0.15 | -0.14 | -0.13 |
| Capital Expenditure | -0.98 | -1.47 | -1.37 | -0.74 | -1.38 | -0.99 | -0.93 | -0.88 | -0.83 | -0.78 |
| UFCF | 3.32 | 3.58 | 1.36 | -1.44 | -3.90 | -1.17 | -0.19 | -0.18 | -0.17 | -0.16 |
| WACC | ||||||||||
| PV UFCF | -1.05 | -0.16 | -0.13 | -0.11 | -0.09 | |||||
| SUM PV UFCF | -1.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.33 |
| Free cash flow (t + 1) | -0.17 |
| Terminal Value | -1.77 |
| Present Value of Terminal Value | -1.04 |
Intrinsic Value
| Enterprise Value | -2.58 |
|---|---|
| Net Debt | -16.89 |
| Equity Value | 14.31 |
| Shares Outstanding | 7.83 |
| Equity Value Per Share | 1.83 |