DCF Tool

MIXT

MiX Telematics Ltd – Software Publishers
MiX Telematics is a leading global provider of fleet and mobile asset management solutions, delivered as SaaS, to more than more than three quarters of a million subscribers in over 120 countries. In the U.S., MiX Telematics offers a broad range of solutions; from self-service telematics software that runs on any mobile device to enterprise solutions that are ELD compliant and include dedicated account managers who proactively monitor to ensure that customers achieve optimal value for their investment. The company provides solutions for efficiency, safety, compliance and security to fleets of all sizes. MiX Telematics was founded in 1996 and has offices in the United States, South Africa, the United Kingdom, Uganda, Brazil, Mexico, Australia and the United Arab Emirates as well as a network of more than 130 fleet partners worldwide.
Analysis Results
Intrinsic Value $22.09
Latest Price $10.06
Relative Value 54% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 13.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 13.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2022 16.7 15.7
2023 18.9 16.7
2024 21.3 17.8
2025 24.1 18.9
2026 27.2 20.0
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 644 million. This corresponds to a present value of 446 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 89.1 million. Adding in the terminal value gives a total present value of 535 million.

There are presently 24.2 million outstanding shares, so the intrinsic value per share is 22.09.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 77,226,000
Current Cash 45,489,000
Current Liabilities 32,697,000
Current Debt 1,674,000
Non-Cash Working Capital (NCWC) 714,000
Change in NCWC -9,564,000
EBIT 18,198,000
Tax Provision 2,634,000
Depreciation and Amortization 16,559,000
Capital Expenditure -8,654,000
Unlevered Free Cash Flow 13,756,857
Current Assets 53,398,000
Current Cash 17,952,999
Current Liabilities 27,534,000
Current Debt 2,367,000
Non-Cash Working Capital (NCWC) 10,278,000
Change in NCWC 6,558,160
EBIT 21,048,000
Tax Provision 9,829,000
Depreciation and Amortization 19,972,000
Capital Expenditure -20,372,000
Unlevered Free Cash Flow 17,267,613
Current Assets 60,186,309
Current Cash 26,449,087
Current Liabilities 32,104,791
Current Debt 2,087,408
Non-Cash Working Capital (NCWC) 3,719,839
Change in NCWC 495,381
EBIT 23,307,834
Tax Provision 9,516,327
Depreciation and Amortization 17,131,002
Capital Expenditure -19,759,267
Unlevered Free Cash Flow 11,725,598
Current Assets 60,856,821
Current Cash 26,053,446
Current Liabilities 33,076,580
Current Debt 1,497,664
Non-Cash Working Capital (NCWC) 3,224,458
Change in NCWC 4,369,222
EBIT 17,808,516
Tax Provision 2,847,422
Depreciation and Amortization 18,245,053
Capital Expenditure -28,589,249
Unlevered Free Cash Flow 9,041,469
Current Assets 51,308,947
Current Cash 27,445,569
Current Liabilities 26,428,617
Current Debt 1,420,474
Non-Cash Working Capital (NCWC) -1,144,764
Change in NCWC -6,067,274
EBIT 10,037,759
Tax Provision 1,958,238
Depreciation and Amortization 10,461,805
Capital Expenditure -21,583,782
Unlevered Free Cash Flow -8,966,850
Current Assets 86,487,405
Current Cash 59,937,406
Current Liabilities 22,821,746
Current Debt 1,194,257
Non-Cash Working Capital (NCWC) 4,922,510
Change in NCWC -851,471
EBIT 9,419,032
Tax Provision 7,306,173
Depreciation and Amortization 8,379,207
Capital Expenditure -16,527,039
Unlevered Free Cash Flow -3,060,038
Current Assets 106,271,538
Current Cash 77,903,389
Current Liabilities 24,189,925
Current Debt 1,595,757
Non-Cash Working Capital (NCWC) 5,773,981
Change in NCWC 1,255,921
EBIT 12,036,455
Tax Provision 6,726,080
Depreciation and Amortization 8,849,637
Capital Expenditure -10,655,031
Unlevered Free Cash Flow 7,227,288

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