Discounted Cash Flow (DCF) Analysis Unlevered
Team, Inc. (TISI)
$7.19
-0.55 (-7.11%)
All numbers are in Millions, Currency in USD
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 | 1,246.93 | 1,163.31 | 852.54 | 874.55 | 840.21 | 767.18 | 700.50 | 639.62 | 584.03 | 533.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 32.84 | 47.87 | 21.18 | -19.38 | 5.96 | 11.86 | 10.83 | 9.89 | 9.03 | 8.24 |
| EBITDA (%) | ||||||||||
| EBIT | -32.03 | -1.18 | -24.72 | -60.90 | -31.63 | -25.01 | -22.83 | -20.85 | -19.04 | -17.38 |
| EBIT (%) | ||||||||||
| Depreciation | 64.86 | 49.06 | 45.91 | 41.52 | 37.59 | 36.86 | 33.66 | 30.73 | 28.06 | 25.62 |
| 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 | 18.29 | 12.17 | 24.59 | 65.32 | 58.08 | 30.35 | 27.71 | 25.30 | 23.10 | 21.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 268.68 | 245.93 | 195.54 | 231.12 | 226.47 | 182.60 | 166.73 | 152.24 | 139.01 | 126.92 |
| Account Receivables (%) | ||||||||||
| Inventories | 48.54 | 39.20 | 36.85 | 35.75 | 36.33 | 30.68 | 28.02 | 25.58 | 23.36 | 21.33 |
| Inventories (%) | ||||||||||
| Accounts Payable | 44.07 | 41.64 | 42.15 | 46.18 | 32.52 | 32.54 | 29.71 | 27.13 | 24.77 | 22.62 |
| 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 | 1,246.93 | 1,163.31 | 852.54 | 874.55 | 840.21 | 767.18 | 700.50 | 639.62 | 584.03 | 533.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 32.84 | 47.87 | 21.18 | -19.38 | 5.96 | 11.86 | 10.83 | 9.89 | 9.03 | 8.24 |
| 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 | 64.86 | 49.06 | 45.91 | 41.52 | 37.59 | 36.86 | 33.66 | 30.73 | 28.06 | 25.62 |
| Accounts Receivable | - | 22.75 | 50.39 | -35.58 | 4.65 | 43.87 | 15.87 | 14.49 | 13.23 | 12.08 |
| Inventories | - | 9.34 | 2.34 | 1.10 | -0.58 | 5.65 | 2.67 | 2.43 | 2.22 | 2.03 |
| Accounts Payable | - | -2.44 | 0.51 | 4.03 | -13.66 | 0.02 | -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 | 15.67 | 48.51 | 55.92 | -71.33 | -29.02 | 44.52 | 11.13 | 10.16 | 9.28 | 8.47 |
| WACC | ||||||||||
| PV UFCF | 34.73 | 6.77 | 4.82 | 3.43 | 2.45 | |||||
| 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 |