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
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 | 55.12 | 50.18 | 62.16 | 97.03 | 97.03 | 119.99 | 148.40 | 183.52 | 226.96 | 280.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.97 | -7.53 | -8.07 | 1.55 | 1.55 | -7.68 | -9.49 | -11.74 | -14.52 | -17.96 |
| EBITDA (%) | ||||||||||
| EBIT | -5.42 | -9.31 | -9.01 | 0.57 | 0.57 | -10.01 | -12.38 | -15.31 | -18.93 | -23.41 |
| EBIT (%) | ||||||||||
| Depreciation | 1.45 | 1.78 | 0.94 | 0.98 | 0.98 | 2.33 | 2.88 | 3.57 | 4.41 | 5.46 |
| 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 | 1.24 | 8.26 | 2.61 | 1.84 | 2.55 | 6.59 | 8.14 | 10.07 | 12.46 | 15.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 8.94 | 7.24 | 9.50 | 8.69 | 6.79 | 14.85 | 18.37 | 22.71 | 28.09 | 34.74 |
| Account Receivables (%) | ||||||||||
| Inventories | 7.63 | 5.76 | 5.92 | 5.65 | 9.56 | 12.12 | 14.99 | 18.54 | 22.93 | 28.36 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.73 | 3.47 | 7.04 | 6.81 | 9.41 | 10.45 | 12.92 | 15.98 | 19.77 | 24.45 |
| 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 | 55.12 | 50.18 | 62.16 | 97.03 | 97.03 | 119.99 | 148.40 | 183.52 | 226.96 | 280.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.97 | -7.53 | -8.07 | 1.55 | 1.55 | -7.68 | -9.49 | -11.74 | -14.52 | -17.96 |
| EBIT | -5.42 | -9.31 | -9.01 | 0.57 | 0.57 | -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 | -8.93 | 0.56 | 0.56 | -9.79 | -12.10 | -14.97 | -18.51 | -22.89 |
| Depreciation | 1.45 | 1.78 | 0.94 | 0.98 | 0.98 | 2.33 | 2.88 | 3.57 | 4.41 | 5.46 |
| Accounts Receivable | - | 1.70 | -2.26 | 0.81 | 1.90 | -8.06 | -3.52 | -4.35 | -5.38 | -6.65 |
| Inventories | - | 1.87 | -0.17 | 0.27 | -3.91 | -2.56 | -2.87 | -3.55 | -4.39 | -5.43 |
| Accounts Payable | - | -1.26 | 3.57 | -0.23 | 2.60 | 1.04 | 2.47 | 3.06 | 3.78 | 4.68 |
| 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 | -7.15 | 2.15 | 1.89 | -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 |