Discounted Cash Flow (DCF) Analysis Unlevered

Team, Inc. (TISI)

$7.19

-0.55 (-7.11%)
All numbers are in Millions, Currency in USD
Stock DCF: -39.68 | 7.19 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,246.931,163.31852.54874.55840.21767.18700.50639.62584.03533.27
Revenue (%)
EBITDA 32.8447.8721.18-19.385.9611.8610.839.899.038.24
EBITDA (%)
EBIT -32.03-1.18-24.72-60.90-31.63-25.01-22.83-20.85-19.04-17.38
EBIT (%)
Depreciation 64.8649.0645.9141.5237.5936.8633.6630.7328.0625.62
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 18.2912.1724.5965.3258.0830.3527.7125.3023.1021.09
Total Cash (%)
Account Receivables 268.68245.93195.54231.12226.47182.60166.73152.24139.01126.92
Account Receivables (%)
Inventories 48.5439.2036.8535.7536.3330.6828.0225.5823.3621.33
Inventories (%)
Accounts Payable 44.0741.6442.1546.1832.5232.5429.7127.1324.7722.62
Accounts Payable (%)
Capital Expenditure -27.16-29.04-19.96-17.60-24.69-18.36-16.77-15.31-13.98-12.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.19
Beta 1.887
Diluted Shares Outstanding 4.19
Cost of Debt
Tax Rate -2.25
After-tax Cost of Debt 29.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.505
Total Debt 285.94
Total Equity 30.10
Total Capital 316.04
Debt Weighting 90.47
Equity Weighting 9.53
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,246.931,163.31852.54874.55840.21767.18700.50639.62584.03533.27
EBITDA 32.8447.8721.18-19.385.9611.8610.839.899.038.24
EBIT -32.03-1.18-24.72-60.90-31.63-25.01-22.83-20.85-19.04-17.38
Tax Rate 31.21%1.33%5.84%-6.41%-2.25%5.94%5.94%5.94%5.94%5.94%
EBIAT -22.03-1.17-23.28-64.80-32.34-23.52-21.48-19.61-17.91-16.35
Depreciation 64.8649.0645.9141.5237.5936.8633.6630.7328.0625.62
Accounts Receivable -22.7550.39-35.584.6543.8715.8714.4913.2312.08
Inventories -9.342.341.10-0.585.652.672.432.222.03
Accounts Payable --2.440.514.03-13.660.02-2.83-2.58-2.36-2.15
Capital Expenditure -27.16-29.04-19.96-17.61-24.69-18.36-16.77-15.31-13.98-12.76
UFCF 15.6748.5155.92-71.33-29.0244.5211.1310.169.288.47
WACC
PV UFCF 34.736.774.823.432.45
SUM PV UFCF 52.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 28.20
Free cash flow (t + 1) 8.64
Terminal Value 32.98
Present Value of Terminal Value 9.52

Intrinsic Value

Enterprise Value 61.72
Net Debt 227.86
Equity Value -166.14
Shares Outstanding 4.19
Equity Value Per Share -39.68