Discounted Cash Flow (DCF) Analysis Unlevered
Tactile Systems Technology, Inc. (TCMD)
$7.02
-0.28 (-3.84%)
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 | 109.28 | 143.75 | 189.49 | 189.49 | 208.06 | 258.79 | 321.90 | 400.40 | 498.04 | 619.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 6.04 | 7.11 | 14.67 | 13.92 | 1.39 | 13.58 | 16.89 | 21 | 26.12 | 32.50 |
| EBITDA (%) | ||||||||||
| EBIT | 4.19 | 3.48 | 11.13 | 11.13 | -2.29 | 8.75 | 10.88 | 13.53 | 16.83 | 20.93 |
| EBIT (%) | ||||||||||
| Depreciation | 1.85 | 3.63 | 3.54 | 2.79 | 3.68 | 4.83 | 6.01 | 7.47 | 9.29 | 11.56 |
| 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 | 43.91 | 45.89 | 53.38 | 58.56 | 40.71 | 78.02 | 97.05 | 120.72 | 150.15 | 186.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 19.74 | 26.13 | 33.44 | 43.85 | 49.48 | 52.18 | 64.90 | 80.73 | 100.41 | 124.90 |
| Account Receivables (%) | ||||||||||
| Inventories | 11.04 | 11.19 | 19.06 | 18.56 | 19.22 | 24.31 | 30.24 | 37.62 | 46.79 | 58.20 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.25 | 5.11 | 3.84 | 4.20 | 5.02 | 7.30 | 9.08 | 11.29 | 14.05 | 17.47 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.82 | -9.55 | -5.99 | -2.06 | -2.35 | -8.03 | -9.99 | -12.42 | -15.45 | -19.22 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.02 |
|---|---|
| Beta | 1.421 |
| Diluted Shares Outstanding | 19.35 |
| Cost of Debt | |
| Tax Rate | -415.09 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.596 |
| Total Debt | 80.61 |
| Total Equity | 135.82 |
| Total Capital | 216.43 |
| Debt Weighting | 37.25 |
| Equity Weighting | 62.75 |
| 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 | 109.28 | 143.75 | 189.49 | 189.49 | 208.06 | 258.79 | 321.90 | 400.40 | 498.04 | 619.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 6.04 | 7.11 | 14.67 | 13.92 | 1.39 | 13.58 | 16.89 | 21 | 26.12 | 32.50 |
| EBIT | 4.19 | 3.48 | 11.13 | 11.13 | -2.29 | 8.75 | 10.88 | 13.53 | 16.83 | 20.93 |
| Tax Rate | -39.74% | -90.54% | 1.42% | 1.42% | -415.09% | -108.50% | -108.50% | -108.50% | -108.50% | -108.50% |
| EBIAT | 5.86 | 6.62 | 10.97 | 10.97 | -11.81 | 18.23 | 22.68 | 28.21 | 35.09 | 43.65 |
| Depreciation | 1.85 | 3.63 | 3.54 | 2.79 | 3.68 | 4.83 | 6.01 | 7.47 | 9.29 | 11.56 |
| Accounts Receivable | - | -6.38 | -7.32 | -10.41 | -5.63 | -2.70 | -12.72 | -15.83 | -19.69 | -24.49 |
| Inventories | - | -0.15 | -7.87 | 0.50 | -0.65 | -5.10 | -5.93 | -7.38 | -9.17 | -11.41 |
| Accounts Payable | - | 0.86 | -1.27 | 0.35 | 0.83 | 2.28 | 1.78 | 2.21 | 2.75 | 3.43 |
| Capital Expenditure | -3.82 | -9.55 | -5.99 | -2.06 | -2.35 | -8.03 | -9.99 | -12.42 | -15.45 | -19.22 |
| UFCF | 3.88 | -4.96 | -7.94 | 2.15 | -15.94 | 9.51 | 1.83 | 2.27 | 2.83 | 3.52 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 3.59 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 52.38 |
| Equity Value | - |
| Shares Outstanding | 19.35 |
| Equity Value Per Share | - |