Discounted Cash Flow (DCF) Analysis Unlevered

Vishay Precision Group, Inc. (VPG)

$42.73

-0.65 (-1.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 16.28 | 42.73 | 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 254.35299.79283.96269.81317.92338.13359.63382.50406.82432.68
Revenue (%)
EBITDA 32.9846.3639.6332.1741.9245.6548.5551.6354.9258.41
EBITDA (%)
EBIT 22.3635.7327.8419.6626.9231.2933.2835.3937.6440.04
EBIT (%)
Depreciation 10.6310.6311.7912.511514.3615.2716.2417.2718.37
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 74.2990.1686.9198.4484.33103.40109.98116.97124.40132.31
Total Cash (%)
Account Receivables 46.7953.1643.2045.3458.2658.4862.1966.1570.3674.83
Account Receivables (%)
Inventories 59.9462.2466.8962.3576.4377.7982.748893.5999.54
Inventories (%)
Accounts Payable 13.6811.468.8710.4914.8814.1315.0315.981718.08
Accounts Payable (%)
Capital Expenditure -6.96-14.52-11.20-22.95-17.06-17.17-18.27-19.43-20.66-21.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.73
Beta 1.284
Diluted Shares Outstanding 13.62
Cost of Debt
Tax Rate 21.96
After-tax Cost of Debt 1.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.578
Total Debt 90.46
Total Equity 582.11
Total Capital 672.57
Debt Weighting 13.45
Equity Weighting 86.55
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 254.35299.79283.96269.81317.92338.13359.63382.50406.82432.68
EBITDA 32.9846.3639.6332.1741.9245.6548.5551.6354.9258.41
EBIT 22.3635.7327.8419.6626.9231.2933.2835.3937.6440.04
Tax Rate 30.24%30.43%16.08%41.08%21.96%27.96%27.96%27.96%27.96%27.96%
EBIAT 15.6024.8623.3611.5821.0122.5423.9725.5027.1228.84
Depreciation 10.6310.6311.7912.511514.3615.2716.2417.2718.37
Accounts Receivable --6.379.96-2.14-12.93-0.21-3.72-3.95-4.21-4.47
Inventories --2.31-4.654.55-14.08-1.36-4.95-5.26-5.60-5.95
Accounts Payable --2.22-2.591.624.39-0.750.900.961.021.08
Capital Expenditure -6.96-14.52-11.20-22.95-17.06-17.17-18.27-19.43-20.66-21.98
UFCF 19.2610.0826.675.17-3.6717.4013.2114.0514.9515.90
WACC
PV UFCF 16.0511.2411.0210.8110.61
SUM PV UFCF 59.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.43
Free cash flow (t + 1) 16.21
Terminal Value 252.15
Present Value of Terminal Value 168.23

Intrinsic Value

Enterprise Value 227.96
Net Debt 6.13
Equity Value 221.83
Shares Outstanding 13.62
Equity Value Per Share 16.28