Discounted Cash Flow (DCF) Analysis Unlevered
Team, Inc. (TISI)
$8.06
+0.99 (+14.00%)
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 | 1.53 | 45.92 | -176.19 | -86.98 | -24.13 | -45.13 | -41.21 | -37.63 | -34.36 | -31.37 |
| EBITDA (%) | ||||||||||
| EBIT | -63.33 | -3.14 | -222.10 | -128.50 | -61.73 | -82 | -74.87 | -68.36 | -62.42 | -57 |
| 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 | 61.22 | 58.08 | 29.63 | 27.05 | 24.70 | 22.55 | 20.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 268.68 | 245.93 | 195.54 | 231.12 | 186.69 | 175.33 | 160.09 | 146.18 | 133.48 | 121.87 |
| 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 | $ 8.06 |
|---|---|
| Beta | 1.887 |
| Diluted Shares Outstanding | 4.19 |
| Cost of Debt | |
| Tax Rate | -2.25 |
| After-tax Cost of Debt | 25.12% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.717 |
| Total Debt | 338.58 |
| Total Equity | 33.75 |
| Total Capital | 372.32 |
| Debt Weighting | 90.94 |
| Equity Weighting | 9.06 |
| 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 | 1.53 | 45.92 | -176.19 | -86.98 | -24.13 | -45.13 | -41.21 | -37.63 | -34.36 | -31.37 |
| EBIT | -63.33 | -3.14 | -222.10 | -128.50 | -61.73 | -82 | -74.87 | -68.36 | -62.42 | -57 |
| Tax Rate | 32.97% | 1.33% | 5.84% | -6.41% | -2.25% | 6.30% | 6.30% | 6.30% | 6.30% | 6.30% |
| EBIAT | -42.45 | -3.10 | -209.13 | -136.74 | -63.12 | -76.84 | -70.16 | -64.06 | -58.49 | -53.41 |
| 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 | 44.43 | 11.36 | 15.24 | 13.91 | 12.71 | 11.60 |
| 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 | -4.75 | 46.58 | -129.93 | -143.28 | -20.02 | -41.31 | -38.19 | -34.87 | -31.84 | -29.07 |
| WACC | ||||||||||
| PV UFCF | -33.32 | -24.84 | -18.29 | -13.47 | -9.92 | |||||
| SUM PV UFCF | -99.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 24.00 |
| Free cash flow (t + 1) | -29.65 |
| Terminal Value | -134.78 |
| Present Value of Terminal Value | -45.97 |
Intrinsic Value
| Enterprise Value | -145.80 |
|---|---|
| Net Debt | 280.50 |
| Equity Value | -426.30 |
| Shares Outstanding | 4.19 |
| Equity Value Per Share | -101.81 |