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Discounted Cash Flow (DCF) Analysis Unlevered


Oclaro Inc.

Oclaro Inc. (OCLR)

Technology

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 391.00340.99408.00600.98542.98603.42670.58745.21828.16920.33
Revenue (%)
EBITDA -57.99-28.0033.01140.03103.0032.9536.6140.6945.2250.25
EBITDA (%)
EBIT -83.99-46.9915.99118.0372.982.112.352.612.903.22
EBIT (%)
Depreciation 26.0018.9917.0122.0030.0330.8334.2738.0842.3247.03
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash ---37.9877.0061.8568.7376.3884.8994.33
Total Cash (%)
Account Receivables 83.0174.9894.00122.00100.02126.72140.82156.49173.91193.27
Account Receivables (%)
Inventories 71.0166.0276.01101.02107.02111.81124.26138.09153.46170.54
Inventories (%)
Accounts Payable 90.0158.0078.0195.9869.01106.02117.82130.93145.51161.70
Accounts Payable (%)
Capital Expenditure -8.99-18.00-27.99-62.02-57.99-42.78-47.54-52.84-58.72-65.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.27
Diluted Shares Outstanding 172.00
Cost of Debt
Tax Rate 17.33
After-tax Cost of Debt -0.82
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.44
Total Debt -
Total Equity 1,422.44
Total Capital 1,422.44
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 391.00340.99408.00600.98542.98603.42670.58745.21828.16920.33
EBITDA -57.99-28.0033.01140.03103.0032.9536.6140.6945.2250.25
EBIT -83.99-46.9915.99118.0372.982.112.352.612.903.22
Tax Rate 116.22%-18.75%0.00%-24.27%17.33%18.11%18.11%18.11%18.11%18.11%
EBIAT 13.62-55.8015.99146.6860.331.731.922.142.372.64
Depreciation 26.0018.9917.0122.0030.0330.8334.2738.0842.3247.03
Accounts Receivable -8.03-19.02-28.0021.98-26.70-14.10-15.67-17.42-19.36
Inventories -4.99-9.99-25.01-6.00-4.79-12.44-13.83-15.37-17.08
Accounts Payable --32.0120.0117.97-26.9637.0111.8013.1114.5716.19
Capital Expenditure -9.019.9834.03-4.03-15.214.765.295.886.54
UFCF 39.62-46.7833.99167.6775.3422.8726.2029.1232.3635.96
WACC
PV UFCF 22.8724.6225.7026.8328.02
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.44
Free cash flow (t + 1) 37.40
Terminal Value 1,532.74
Present Value of Terminal Value 1,121.88

Intrinsic Value

Enterprise Value -
Net Debt -77.00
Equity Value -
Shares Outstanding 172.00
Equity Value Per Share -