Discounted Cash Flow (DCF) Analysis Unlevered

ADDvantage Technologies Group, Inc. (AEY)

$0.37

+0.01 (+3.93%)
All numbers are in Millions, Currency in USD
Stock DCF: -43.01 | 0.37 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 55.1250.1862.1697.0397.03119.99148.40183.52226.96280.67
Revenue (%)
EBITDA -3.97-7.53-8.071.551.55-7.68-9.49-11.74-14.52-17.96
EBITDA (%)
EBIT -5.42-9.31-9.010.570.57-10.01-12.38-15.31-18.93-23.41
EBIT (%)
Depreciation 1.451.780.940.980.982.332.883.574.415.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 1.248.262.611.842.556.598.1410.0712.4615.40
Total Cash (%)
Account Receivables 8.947.249.508.696.7914.8518.3722.7128.0934.74
Account Receivables (%)
Inventories 7.635.765.925.659.5612.1214.9918.5422.9328.36
Inventories (%)
Accounts Payable 4.733.477.046.819.4110.4512.9215.9819.7724.45
Accounts Payable (%)
Capital Expenditure -0.60-0.61-0.30-0.24-0.24-0.79-0.97-1.20-1.49-1.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.37
Beta 0.530
Diluted Shares Outstanding 13.48
Cost of Debt
Tax Rate 1.67
After-tax Cost of Debt 4.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.134
Total Debt 3.73
Total Equity 4.99
Total Capital 8.72
Debt Weighting 42.77
Equity Weighting 57.23
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 55.1250.1862.1697.0397.03119.99148.40183.52226.96280.67
EBITDA -3.97-7.53-8.071.551.55-7.68-9.49-11.74-14.52-17.96
EBIT -5.42-9.31-9.010.570.57-10.01-12.38-15.31-18.93-23.41
Tax Rate 0.32%6.72%0.81%1.67%1.67%2.24%2.24%2.24%2.24%2.24%
EBIAT -5.40-8.69-8.930.560.56-9.79-12.10-14.97-18.51-22.89
Depreciation 1.451.780.940.980.982.332.883.574.415.46
Accounts Receivable -1.70-2.260.811.90-8.06-3.52-4.35-5.38-6.65
Inventories -1.87-0.170.27-3.91-2.56-2.87-3.55-4.39-5.43
Accounts Payable --1.263.57-0.232.601.042.473.063.784.68
Capital Expenditure -0.60-0.61-0.30-0.24-0.24-0.79-0.97-1.20-1.49-1.84
UFCF -4.55-5.21-7.152.151.89-17.82-14.10-17.44-21.57-26.67
WACC
PV UFCF -16.80-12.53-14.61-17.04-19.87
SUM PV UFCF -80.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.07
Free cash flow (t + 1) -27.21
Terminal Value -668.46
Present Value of Terminal Value -497.86

Intrinsic Value

Enterprise Value -578.71
Net Debt 1.18
Equity Value -579.89
Shares Outstanding 13.48
Equity Value Per Share -43.01