Discounted Cash Flow (DCF) Analysis Unlevered
VOXX International Corporation (VOXX)
$7.68
-0.15 (-1.92%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 446.82 | 394.89 | 563.61 | 635.92 | 534.01 | 571.27 | 611.13 | 653.77 | 699.39 | 748.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.63 | -11.97 | 43.77 | 19.69 | 3.08 | 8.68 | 9.28 | 9.93 | 10.62 | 11.37 |
| EBITDA (%) | ||||||||||
| EBIT | -15.97 | -25.25 | 32.74 | 7.29 | -10.05 | -5.59 | -5.98 | -6.40 | -6.85 | -7.33 |
| EBIT (%) | ||||||||||
| Depreciation | 12.34 | 13.28 | 11.03 | 12.40 | 13.13 | 14.27 | 15.27 | 16.33 | 17.47 | 18.69 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 58.24 | 37.43 | 59.40 | 27.79 | 6.13 | 44.07 | 47.14 | 50.43 | 53.95 | 57.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 75.32 | 70.40 | 106.88 | 106.72 | 83.94 | 98.43 | 105.30 | 112.64 | 120.50 | 128.91 |
| Account Receivables (%) | ||||||||||
| Inventories | 102.38 | 99.11 | 130.79 | 174.92 | 175.13 | 150.27 | 160.75 | 171.97 | 183.97 | 196.80 |
| Inventories (%) | ||||||||||
| Accounts Payable | 31.14 | 22.10 | 61.83 | 76.67 | 35.10 | 48.17 | 51.54 | 55.13 | 58.98 | 63.09 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.76 | -2.91 | -2.91 | -3.90 | -3.56 | -4.11 | -4.40 | -4.71 | -5.03 | -5.39 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 7.68 |
|---|---|
| Beta | 1.437 |
| Diluted Shares Outstanding | 24.33 |
| Cost of Debt | |
| Tax Rate | 0.13 |
| After-tax Cost of Debt | 11.43% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.221 |
| Total Debt | 40.59 |
| Total Equity | 186.82 |
| Total Capital | 227.41 |
| Debt Weighting | 17.85 |
| Equity Weighting | 82.15 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 446.82 | 394.89 | 563.61 | 635.92 | 534.01 | 571.27 | 611.13 | 653.77 | 699.39 | 748.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.63 | -11.97 | 43.77 | 19.69 | 3.08 | 8.68 | 9.28 | 9.93 | 10.62 | 11.37 |
| EBIT | -15.97 | -25.25 | 32.74 | 7.29 | -10.05 | -5.59 | -5.98 | -6.40 | -6.85 | -7.33 |
| Tax Rate | 21.83% | -2.15% | 3.15% | -6.29% | 0.13% | 3.33% | 3.33% | 3.33% | 3.33% | 3.33% |
| EBIAT | -12.48 | -25.80 | 31.71 | 7.75 | -10.04 | -5.41 | -5.78 | -6.19 | -6.62 | -7.08 |
| Depreciation | 12.34 | 13.28 | 11.03 | 12.40 | 13.13 | 14.27 | 15.27 | 16.33 | 17.47 | 18.69 |
| Accounts Receivable | - | 4.92 | -36.48 | 0.15 | 22.78 | -14.49 | -6.87 | -7.35 | -7.86 | -8.41 |
| Inventories | - | 3.27 | -31.68 | -44.13 | -0.21 | 24.86 | -10.48 | -11.22 | -12 | -12.84 |
| Accounts Payable | - | -9.05 | 39.73 | 14.84 | -41.57 | 13.07 | 3.36 | 3.60 | 3.85 | 4.12 |
| Capital Expenditure | -4.76 | -2.91 | -2.91 | -3.90 | -3.56 | -4.11 | -4.40 | -4.71 | -5.03 | -5.39 |
| UFCF | -4.90 | -16.29 | 11.40 | -12.89 | -19.46 | 28.20 | -8.91 | -9.53 | -10.19 | -10.90 |
| WACC | ||||||||||
| PV UFCF | 25.35 | -7.20 | -6.92 | -6.65 | -6.40 | |||||
| SUM PV UFCF | -1.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.26 |
| Free cash flow (t + 1) | -11.12 |
| Terminal Value | -120.11 |
| Present Value of Terminal Value | -70.45 |
Intrinsic Value
| Enterprise Value | -72.27 |
|---|---|
| Net Debt | 34.45 |
| Equity Value | -106.72 |
| Shares Outstanding | 24.33 |
| Equity Value Per Share | -4.39 |