Discounted Cash Flow (DCF) Analysis Unlevered

TransAct Technologies Incorporated (TACT)

$4.6

-0.17 (-3.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.82 | 4.6 | 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 56.3154.5945.7530.6039.3937.0634.8732.8130.8729.04
Revenue (%)
EBITDA 7.897.491.77-6.70-5.10-0.24-0.23-0.21-0.20-0.19
EBITDA (%)
EBIT 6.816.490.40-8.04-6.06-1.25-1.17-1.10-1.04-0.98
EBIT (%)
Depreciation 1.0811.371.340.9610.950.890.840.79
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 5.514.694.2010.3619.468.217.737.276.846.44
Total Cash (%)
Account Receivables 10.958.037.443.489.096.295.925.575.244.93
Account Receivables (%)
Inventories 8.8712.8312.1011.297.729.068.528.027.547.10
Inventories (%)
Accounts Payable 3.843.482.961.694.312.682.522.372.232.10
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 $ 4.6
Beta 1.796
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 11.356
Total Debt 2.57
Total Equity 36
Total Capital 38.57
Debt Weighting 6.66
Equity Weighting 93.34
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 56.3154.5945.7530.6039.3937.0634.8732.8130.8729.04
EBITDA 7.897.491.77-6.70-5.10-0.24-0.23-0.21-0.20-0.19
EBIT 6.816.490.40-8.04-6.06-1.25-1.17-1.10-1.04-0.98
Tax Rate 52.58%16.08%-40.60%31.08%33.32%18.49%18.49%18.49%18.49%18.49%
EBIAT 3.235.450.56-5.54-4.04-1.02-0.96-0.90-0.85-0.80
Depreciation 1.0811.371.340.9610.950.890.840.79
Accounts Receivable -2.920.593.96-5.622.800.370.350.330.31
Inventories --3.960.740.813.57-1.340.540.500.470.45
Accounts Payable --0.36-0.52-1.272.62-1.63-0.16-0.15-0.14-0.13
Capital Expenditure -0.98-1.47-1.37-0.74-1.38-0.99-0.93-0.88-0.83-0.78
UFCF 3.323.581.36-1.44-3.90-1.17-0.19-0.18-0.17-0.16
WACC
PV UFCF -1.05-0.16-0.13-0.11-0.10
SUM PV UFCF -1.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.87
Free cash flow (t + 1) -0.17
Terminal Value -1.86
Present Value of Terminal Value -1.11

Intrinsic Value

Enterprise Value -2.67
Net Debt -16.89
Equity Value 14.22
Shares Outstanding 7.83
Equity Value Per Share 1.82