Discounted Cash Flow (DCF) Analysis Unlevered

ADDvantage Technologies Group, Inc. (AEY)

$0.63

-0.00 (-0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: -79.70 | 0.63 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 47.4155.1250.1862.1697.03118.19143.98175.38213.64260.25
Revenue (%)
EBITDA -3.82-3.78-16.55-5.381.32-13.05-15.89-19.36-23.58-28.73
EBITDA (%)
EBIT -5.45-5.24-18.33-6.320.66-15.84-19.30-23.50-28.63-34.88
EBIT (%)
Depreciation 1.631.451.780.940.662.793.404.155.056.15
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 3.131.248.262.612.557.609.2611.2813.7416.73
Total Cash (%)
Account Receivables 4.588.947.249.501.6813.5516.5120.1124.4929.84
Account Receivables (%)
Inventories 18.897.635.765.929.5619.9824.3429.6536.1243.99
Inventories (%)
Accounts Payable 4.664.733.477.049.4110.9613.3516.2619.8124.13
Accounts Payable (%)
Capital Expenditure -0.13-0.60-0.61-0.30-0.34-0.80-0.98-1.19-1.45-1.77
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.63
Beta 0.477
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 5.995
Total Debt 3.73
Total Equity 8.50
Total Capital 12.22
Debt Weighting 30.51
Equity Weighting 69.49
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 47.4155.1250.1862.1697.03118.19143.98175.38213.64260.25
EBITDA -3.82-3.78-16.55-5.381.32-13.05-15.89-19.36-23.58-28.73
EBIT -5.45-5.24-18.33-6.320.66-15.84-19.30-23.50-28.63-34.88
Tax Rate -28.78%-30.99%6.72%0.81%1.67%-10.11%-10.11%-10.11%-10.11%-10.11%
EBIAT -7.02-6.86-17.10-6.270.64-17.44-21.25-25.88-31.53-38.40
Depreciation 1.631.451.780.940.662.793.404.155.056.15
Accounts Receivable --4.361.70-2.267.82-11.87-2.96-3.60-4.39-5.34
Inventories -11.261.87-0.17-3.64-10.42-4.36-5.31-6.47-7.88
Accounts Payable -0.07-1.263.572.361.552.392.913.554.32
Capital Expenditure -0.13-0.60-0.61-0.30-0.34-0.80-0.98-1.19-1.45-1.77
UFCF -5.520.97-13.61-4.487.51-36.19-23.75-28.93-35.24-42.92
WACC
PV UFCF -34.28-21.30-24.58-28.36-32.72
SUM PV UFCF -141.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.58
Free cash flow (t + 1) -43.78
Terminal Value -1,223
Present Value of Terminal Value -932.22

Intrinsic Value

Enterprise Value -1,073.45
Net Debt 1.18
Equity Value -1,074.63
Shares Outstanding 13.48
Equity Value Per Share -79.70