Discounted Cash Flow (DCF) Analysis Levered

Bonso Electronics International Inc... (BNSO)

$5.2

+0.97 (+23.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.80 | 5.2 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 17.4811.529.9913.1015.5915.7015.8115.9116.0216.14
Revenue (%)
Operating Cash Flow 3.152.790.011.161.982.012.022.032.052.06
Operating Cash Flow (%)
Capital Expenditure -0.29-0.36-0.58-0.26-0.70-0.54-0.54-0.54-0.55-0.55
Capital Expenditure (%)
Free Cash Flow 2.862.42-0.560.901.281.471.481.491.501.51

Weighted Average Cost Of Capital

Share price $ 5.2
Beta 0.753
Diluted Shares Outstanding 5.15
Cost of Debt
Tax Rate -53.07
After-tax Cost of Debt 3.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.441
Total Debt 4
Total Equity 26.76
Total Capital 30.75
Debt Weighting 13.00
Equity Weighting 87.00
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 17.4811.529.9913.1015.5915.7015.8115.9116.0216.14
Operating Cash Flow 3.152.790.011.161.982.012.022.032.052.06
Capital Expenditure -0.29-0.36-0.58-0.26-0.70-0.54-0.54-0.54-0.55-0.55
Free Cash Flow 2.862.42-0.560.901.281.471.481.491.501.51
WACC
PV LFCF 1.391.311.251.181.12
SUM PV LFCF 6.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.12
Free cash flow (t + 1) 1.54
Terminal Value 37.41
Present Value of Terminal Value 27.79

Intrinsic Value

Enterprise Value 34.05
Net Debt -6.06
Equity Value 40.11
Shares Outstanding 5.15
Equity Value Per Share 7.80