Discounted Cash Flow (DCF) Analysis Unlevered

Travelzoo (TZOO)

$4.77

+0.06 (+1.27%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 4.77 | undervalue

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 106.52111.32111.4153.6062.7157.9653.5749.5145.7642.29
Revenue (%)
EBITDA 8.7310.1110.27-13.553.580.800.740.690.640.59
EBITDA (%)
EBIT 6.668.298.95-15.861.76-0.59-0.54-0.50-0.46-0.43
EBIT (%)
Depreciation 2.081.831.322.311.821.391.281.191.101.01
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 22.5518.0219.5163.0643.8228.1025.972422.1820.50
Total Cash (%)
Account Receivables 11.7712.6513.014.5214.877.687.106.566.065.60
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 19.1017.1320.4173.418.137.516.946.425.93
Accounts Payable (%)
Capital Expenditure -0.74-0.75-0.47-0.25-0.03-0.27-0.25-0.23-0.21-0.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.77
Beta 1.300
Diluted Shares Outstanding 11.34
Cost of Debt
Tax Rate 100.48
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.911
Total Debt 12.29
Total Equity 54.11
Total Capital 66.40
Debt Weighting 18.51
Equity Weighting 81.49
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 106.52111.32111.4153.6062.7157.9653.5749.5145.7642.29
EBITDA 8.7310.1110.27-13.553.580.800.740.690.640.59
EBIT 6.668.298.95-15.861.76-0.59-0.54-0.50-0.46-0.43
Tax Rate 25.18%43.75%53.57%1.43%100.48%44.88%44.88%44.88%44.88%44.88%
EBIAT 4.984.664.16-15.63-0.01-0.32-0.30-0.28-0.25-0.24
Depreciation 2.081.831.322.311.821.391.281.191.101.01
Accounts Receivable --0.88-0.368.49-10.357.190.580.540.500.46
Inventories ----------
Accounts Payable --1.983.28-13.41-3.594.72-0.62-0.57-0.53-0.49
Capital Expenditure -0.74-0.75-0.47-0.25-0.03-0.27-0.25-0.23-0.21-0.20
UFCF 6.322.887.92-18.50-12.1512.710.700.650.600.56
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 0.57
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -31.52
Equity Value -
Shares Outstanding 11.34
Equity Value Per Share -