Complete BOXL Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
BOXL DCF Analysis
BOXL (Boxlight Corporation) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $221.8M | $176.7M | $135.9M | $152.7M | $169.7M | $186.6M | $203.4M | $219.9M |
| Revenue Growth % | - | -20.3% | -23.1% | 12.4% | 11.1% | 10.0% | 9.0% | 8.1% |
| EBIT | $-5.5M | $-26.3M | $-19.5M | $7.6M | $8.5M | $9.3M | $10.2M | $11.0M |
| EBIT Margin % | -2.5% | -14.9% | -14.3% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| NOPAT | $-4.1M | $-19.7M | $-14.6M | $5.7M | $6.4M | $7.0M | $7.6M | $8.2M |
| NOPAT Margin % | -1.9% | -11.2% | -10.7% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $1.1M | $1.3M | $506.0K | $1.5M | $1.7M | $1.9M | $2.0M | $2.2M |
| Capex / Revenue % | 0.5% | 0.7% | 0.4% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
| Depreciation | $9.1M | $8.9M | $20.5M | $12.3M | $13.7M | $15.1M | $16.4M | $17.8M |
| D&A / Revenue % | 4.1% | 5.0% | 15.1% | 8.1% | 8.1% | 8.1% | 8.1% | 8.1% |
| Change in NWC | $9.4M | $-8.6M | $-52.8M | $-321.9K | $-286.1K | $-251.8K | $-219.6K | $-189.9K |
| NWC Change / Revenue % | 4.2% | -4.9% | -38.9% | -0.2% | -0.2% | -0.1% | -0.1% | -0.1% |
| Unlevered FCF | $-5.5M | $-3.6M | $58.2M | $16.9M | $18.7M | $20.5M | $22.2M | $24.0M |
| UFCF % Chg. | - | 35.4% | 1733.7% | -71.1% | 10.7% | 9.7% | 8.7% | 7.9% |
| FCF / Revenue % | -2.5% | -2.0% | 42.8% | 11.0% | 11.0% | 11.0% | 10.9% | 10.9% |
| Discount Factor | - | - | - | 0.947 | 0.898 | 0.851 | 0.806 | 0.764 |
| Present Value of FCF | - | - | - | $16.0M | $16.7M | $17.4M | $17.9M | $18.3M |
| Sum of PV of UFCF | - | - | - | $16.0M | $32.7M | $50.1M | $68.1M | $86.4M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.9% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 5.2% |
| Risk Free Rate | 4.37% |
| Market Risk Premium | 4.3% |
| Beta | 1.25 |
| Cost of Equity | 9.8% |
| Total Debt | $45.6M |
| Market Cap | $4.2M |
| Total Capital | $49.8M |
| Debt Weighting | 91.6% |
| Equity Weighting | 8.4% |
| WACC | 5.5% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $24.0M |
| Terminal Value | $809.0M |
| PV of Terminal Value | $617.7M |
| Cumulative PV of UFCF | $86.4M |
| Net Debt | $37.6M |
| Equity Value | $666.5M |
| Shares Outstanding | 0.4M |
| Implied Share Price | $1.7K |
| Current Share Price | $2 |
| Implied Upside/(Downside) | +91100.0% |
Valuation Summary
$1701.25
Implied Price
$1.87
Current Price
+91100.0%
Upside/Downside
5.5%
WACC
BOXL Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 5 peer companies in Technology
P/E Ratio
$-304.73
-16435.8%
Peer Median: 31.1x
EV/EBITDA
$0.00
-100.0%
Peer Median: 22.1x
P/S Ratio
$27.16
+1356.1%
Peer Median: 0.5x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for BOXL's business model and current situation.
Multiple Comparison
| Multiple | BOXL Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -0.2x | 31.1x | 31.1x | -100.6% | Undervalued |
| EV/EBITDA | Infinityx | 22.1x | 22.1x | Infinity% | Overvalued |
| P/S Ratio | 0.0x | 0.5x | 2.5x | -93.1% | Undervalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.01B | 0.0x | 0.0x | 0.5x | |
| $0.01B | 0.0x | 0.0x | 0.2x | |
| $0.00B | 0.0x | 0.0x | 4.3x | |
| $0.00B | 0.0x | 0.0x | 0.0x | |
| $2998.51B | 31.1x | 22.1x | 7.5x |