Discounted Cash Flow (DCF) Analysis Levered
WISeKey International Holding AG (WKEY)
$1.98
-0.08 (-3.88%)
All numbers are in Millions, Currency in USD
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 | 43.08 | 34.28 | 22.65 | 14.78 | 22.26 | 20.12 | 18.18 | 16.43 | 14.85 | 13.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -4.93 | -8.49 | -4.10 | -2.68 | -4.03 | -3.64 | -3.29 | -2.98 | -2.69 | -2.43 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.67 | -1.24 | -0.29 | -0.05 | -0.04 | -0.28 | -0.25 | -0.23 | -0.21 | -0.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -5.60 | -9.74 | -4.40 | -2.73 | -4.07 | -3.92 | -3.55 | -3.21 | -2.90 | -2.62 |
Weighted Average Cost Of Capital
| Share price | $ 1.98 |
|---|---|
| Beta | 1.731 |
| Diluted Shares Outstanding | 7.16 |
| Cost of Debt | |
| Tax Rate | 15.91 |
| After-tax Cost of Debt | 9.49% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.549 |
| Total Debt | 22.03 |
| Total Equity | 14.19 |
| Total Capital | 36.22 |
| Debt Weighting | 60.84 |
| Equity Weighting | 39.16 |
| 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 | 43.08 | 34.28 | 22.65 | 14.78 | 22.26 | 20.12 | 18.18 | 16.43 | 14.85 | 13.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -4.93 | -8.49 | -4.10 | -2.68 | -4.03 | -3.64 | -3.29 | -2.98 | -2.69 | -2.43 |
| Capital Expenditure | -0.67 | -1.24 | -0.29 | -0.05 | -0.04 | -0.28 | -0.25 | -0.23 | -0.21 | -0.19 |
| Free Cash Flow | -5.60 | -9.74 | -4.40 | -2.73 | -4.07 | -3.92 | -3.55 | -3.21 | -2.90 | -2.62 |
| WACC | ||||||||||
| PV LFCF | -3.56 | -2.92 | -2.39 | -1.96 | -1.60 | |||||
| SUM PV LFCF | -12.42 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.30 |
| Free cash flow (t + 1) | -2.67 |
| Terminal Value | -32.17 |
| Present Value of Terminal Value | -19.71 |
Intrinsic Value
| Enterprise Value | -32.13 |
|---|---|
| Net Debt | -12.21 |
| Equity Value | -19.91 |
| Shares Outstanding | 7.16 |
| Equity Value Per Share | -2.78 |