Discounted Cash Flow (DCF) Analysis Unlevered

TAT Technologies Ltd. (TATT)

$6.2

+0.01 (+0.16%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.11 | 6.2 | 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 106.5393.18102.0375.3677.9772.9668.2763.8959.7855.94
Revenue (%)
EBITDA 9.80-0.127.07-1.781.342.242.101.961.841.72
EBITDA (%)
EBIT 5.86-4.302.69-5.85-3.54-1.28-1.20-1.12-1.05-0.98
EBIT (%)
Depreciation 3.944.194.374.074.883.523.293.082.892.70
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 17.9815.9515.9624.1312.8714.3313.4012.5411.7410.98
Total Cash (%)
Account Receivables 25.7419.2821.1711.3513.8914.3713.4512.5811.7711.02
Account Receivables (%)
Inventories 38.6338.6143.9141.224133.2731.1429.1327.2625.51
Inventories (%)
Accounts Payable 9.358.2711.9812.229.098.367.827.326.856.41
Accounts Payable (%)
Capital Expenditure -3.52-4.27-3.40-5.41-16.80-5.83-5.45-5.10-4.78-4.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.2
Beta 0.650
Diluted Shares Outstanding 8.87
Cost of Debt
Tax Rate 22.14
After-tax Cost of Debt 3.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.572
Total Debt 15.84
Total Equity 55.02
Total Capital 70.86
Debt Weighting 22.35
Equity Weighting 77.65
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 106.5393.18102.0375.3677.9772.9668.2763.8959.7855.94
EBITDA 9.80-0.127.07-1.781.342.242.101.961.841.72
EBIT 5.86-4.302.69-5.85-3.54-1.28-1.20-1.12-1.05-0.98
Tax Rate 51.49%23.10%47.22%-10.65%22.14%26.66%26.66%26.66%26.66%26.66%
EBIAT 2.84-3.311.42-6.47-2.76-0.94-0.88-0.82-0.77-0.72
Depreciation 3.944.194.374.074.883.523.293.082.892.70
Accounts Receivable -6.47-1.899.81-2.53-0.480.920.860.810.76
Inventories -0.02-5.302.680.227.732.1421.871.75
Accounts Payable --1.083.710.24-3.13-0.74-0.54-0.50-0.47-0.44
Capital Expenditure -3.52-4.27-3.40-5.41-16.80-5.83-5.45-5.10-4.78-4.47
UFCF 3.262.02-1.094.93-20.123.26-0.51-0.48-0.45-0.42
WACC
PV UFCF 3.08-0.46-0.41-0.36-0.32
SUM PV UFCF 1.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.85
Free cash flow (t + 1) -0.43
Terminal Value -11.16
Present Value of Terminal Value -8.40

Intrinsic Value

Enterprise Value -6.86
Net Debt 2.96
Equity Value -9.82
Shares Outstanding 8.87
Equity Value Per Share -1.11