Discounted Cash Flow (DCF) Analysis Unlevered

Team, Inc. (TISI)

$1.06

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -27.23 | 1.06 | 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 1,200.211,246.931,163.31852.54874.55815.64760.69709.45661.66617.09
Revenue (%)
EBITDA -63.901.5345.92-176.19-86.98-51.98-48.48-45.22-42.17-39.33
EBITDA (%)
EBIT -116.05-63.33-3.14-222.10-128.50-90.96-84.84-79.12-73.79-68.82
EBIT (%)
Depreciation 52.1464.8649.0645.9141.5238.9836.3533.9131.6229.49
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 26.5518.2912.1724.5961.2223.8322.2320.7319.3318.03
Total Cash (%)
Account Receivables 302.86268.68245.93195.54231.12191.33178.44166.42155.21144.75
Account Receivables (%)
Inventories 49.7048.5439.2036.8535.7532.3230.1528.1126.2224.45
Inventories (%)
Accounts Payable 55.3144.0741.6442.1546.1835.8033.3931.1429.0427.09
Accounts Payable (%)
Capital Expenditure -36.80-27.16-29.04-19.96-17.60-19.73-18.40-17.16-16-14.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.06
Beta 2.025
Diluted Shares Outstanding 30.64
Cost of Debt
Tax Rate -6.41
After-tax Cost of Debt 9.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.363
Total Debt 471.26
Total Equity 32.48
Total Capital 503.73
Debt Weighting 93.55
Equity Weighting 6.45
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 1,200.211,246.931,163.31852.54874.55815.64760.69709.45661.66617.09
EBITDA -63.901.5345.92-176.19-86.98-51.98-48.48-45.22-42.17-39.33
EBIT -116.05-63.33-3.14-222.10-128.50-90.96-84.84-79.12-73.79-68.82
Tax Rate 24.26%32.97%1.33%5.84%-6.41%11.60%11.60%11.60%11.60%11.60%
EBIAT -87.89-42.45-3.10-209.13-136.74-80.41-75-69.95-65.23-60.84
Depreciation 52.1464.8649.0645.9141.5238.9836.3533.9131.6229.49
Accounts Receivable -34.1722.7550.39-35.5839.8012.8912.0211.2110.46
Inventories -1.169.342.341.103.432.182.031.891.77
Accounts Payable --11.24-2.440.514.03-10.38-2.41-2.25-2.10-1.96
Capital Expenditure -36.80-27.16-29.04-19.96-17.61-19.73-18.40-17.16-16-14.93
UFCF -72.5419.3446.58-129.93-143.28-28.32-44.39-41.40-38.61-36.01
WACC
PV UFCF -25.73-36.64-31.05-26.31-22.30
SUM PV UFCF -142.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.06
Free cash flow (t + 1) -36.73
Terminal Value -455.70
Present Value of Terminal Value -282.18

Intrinsic Value

Enterprise Value -424.22
Net Debt 410.04
Equity Value -834.26
Shares Outstanding 30.64
Equity Value Per Share -27.23