Discounted Cash Flow (DCF) Analysis Unlevered

Transcat, Inc. (TRNS)

$80.42

-0.13 (-0.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.21 | 80.42 | 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 155.14160.90173.10173.33204.96220.16236.50254.04272.89293.13
Revenue (%)
EBITDA 15.0216.5917.5118.6523.7123.0924.8026.6428.6230.74
EBITDA (%)
EBIT 9.0310.2310.8511.0714.1413.9715.0116.1217.3218.60
EBIT (%)
Depreciation 5.996.366.667.589.579.129.7910.5211.3012.14
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 0.580.790.500.561.400.951.021.091.181.26
Total Cash (%)
Account Receivables 26.0428.5932.0834.3840.3040.7743.7947.0450.5354.28
Account Receivables (%)
Inventories 12.6514.3014.1811.6412.7116.8018.0519.3820.8222.37
Inventories (%)
Accounts Payable 13.5414.5711.9512.2814.1717.0318.3019.6521.1122.68
Accounts Payable (%)
Capital Expenditure -5.88-7-6.58-6.62-10.15-9.12-9.80-10.52-11.30-12.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 80.42
Beta 0.869
Diluted Shares Outstanding 7.59
Cost of Debt
Tax Rate 13.72
After-tax Cost of Debt 1.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.975
Total Debt 57.65
Total Equity 610.31
Total Capital 667.95
Debt Weighting 8.63
Equity Weighting 91.37
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 155.14160.90173.10173.33204.96220.16236.50254.04272.89293.13
EBITDA 15.0216.5917.5118.6523.7123.0924.8026.6428.6230.74
EBIT 9.0310.2310.8511.0714.1413.9715.0116.1217.3218.60
Tax Rate 25.49%22.63%17.09%21.95%13.72%20.18%20.18%20.18%20.18%20.18%
EBIAT 6.737.9198.6412.2011.1511.9812.8713.8214.85
Depreciation 5.996.366.667.589.579.129.7910.5211.3012.14
Accounts Receivable --2.54-3.50-2.29-5.92-0.47-3.02-3.25-3.49-3.75
Inventories --1.650.122.54-1.08-4.09-1.25-1.34-1.44-1.54
Accounts Payable -1.04-2.620.331.892.861.261.361.461.57
Capital Expenditure -5.88-7-6.58-6.62-10.15-9.12-9.80-10.52-11.30-12.14
UFCF 6.834.123.0810.186.529.458.979.6310.3511.12
WACC
PV UFCF 8.877.917.988.048.11
SUM PV UFCF 40.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.50
Free cash flow (t + 1) 11.34
Terminal Value 251.99
Present Value of Terminal Value 183.92

Intrinsic Value

Enterprise Value 224.84
Net Debt 56.25
Equity Value 168.59
Shares Outstanding 7.59
Equity Value Per Share 22.21