Discounted Cash Flow (DCF) Analysis Unlevered

Universal Electronics Inc. (UEIC)

$22.48

+0.51 (+2.32%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 22.48 | 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 695.79680.24753.48614.68601.60583.53566548.99532.50516.50
Revenue (%)
EBITDA 38.6059.7742.3373.6442.8345.5744.2142.8841.5940.34
EBITDA (%)
EBIT 7.2926.1710.4043.9016.0818.7818.2117.6717.1416.62
EBIT (%)
Depreciation 31.3133.6031.9329.7326.7526.8025.9925.2124.4523.72
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 62.4453.2174.3057.1560.8153.7652.1450.5849.0647.58
Total Cash (%)
Account Receivables 153.16171.26152.58142.43134.57131.85127.89124.05120.32116.71
Account Receivables (%)
Inventories 162.59144.35145.14120.43134.47123.47119.76116.16112.67109.29
Inventories (%)
Accounts Payable 119.17107.28102.5983.2392.7188.0785.4282.8680.3777.95
Accounts Payable (%)
Capital Expenditure -42.33-22.66-23.97-23.23-17.04-22.42-21.74-21.09-20.46-19.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.48
Beta 1.085
Diluted Shares Outstanding 14.17
Cost of Debt
Tax Rate 67.03
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.812
Total Debt 70.27
Total Equity 318.45
Total Capital 388.72
Debt Weighting 18.08
Equity Weighting 81.92
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 695.79680.24753.48614.68601.60583.53566548.99532.50516.50
EBITDA 38.6059.7742.3373.6442.8345.5744.2142.8841.5940.34
EBIT 7.2926.1710.4043.9016.0818.7818.2117.6717.1416.62
Tax Rate 241.64%54.43%65.10%12.15%67.03%88.07%88.07%88.07%88.07%88.07%
EBIAT -10.3211.923.6338.575.302.242.172.112.041.98
Depreciation 31.3133.6031.9329.7326.7526.8025.9925.2124.4523.72
Accounts Receivable --18.0918.6810.157.862.723.963.843.733.61
Inventories -18.24-0.7924.71-14.04113.713.603.493.38
Accounts Payable --11.88-4.69-19.369.48-4.64-2.65-2.57-2.49-2.41
Capital Expenditure -42.33-22.66-23.97-23.23-17.04-22.42-21.74-21.09-20.46-19.84
UFCF -21.3411.1324.7960.5718.3015.7011.4411.1010.7710.44
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 10.65
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 9.45
Equity Value -
Shares Outstanding 14.17
Equity Value Per Share -