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
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 | 47.41 | 55.12 | 50.18 | 62.16 | 97.03 | 118.19 | 143.98 | 175.38 | 213.64 | 260.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.82 | -3.78 | -16.55 | -5.38 | 1.32 | -13.05 | -15.89 | -19.36 | -23.58 | -28.73 |
| EBITDA (%) | ||||||||||
| EBIT | -5.45 | -5.24 | -18.33 | -6.32 | 0.66 | -15.84 | -19.30 | -23.50 | -28.63 | -34.88 |
| EBIT (%) | ||||||||||
| Depreciation | 1.63 | 1.45 | 1.78 | 0.94 | 0.66 | 2.79 | 3.40 | 4.15 | 5.05 | 6.15 |
| 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 | 3.13 | 1.24 | 8.26 | 2.61 | 2.55 | 7.60 | 9.26 | 11.28 | 13.74 | 16.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.58 | 8.94 | 7.24 | 9.50 | 1.68 | 13.55 | 16.51 | 20.11 | 24.49 | 29.84 |
| Account Receivables (%) | ||||||||||
| Inventories | 18.89 | 7.63 | 5.76 | 5.92 | 9.56 | 19.98 | 24.34 | 29.65 | 36.12 | 43.99 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.66 | 4.73 | 3.47 | 7.04 | 9.41 | 10.96 | 13.35 | 16.26 | 19.81 | 24.13 |
| 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 | 47.41 | 55.12 | 50.18 | 62.16 | 97.03 | 118.19 | 143.98 | 175.38 | 213.64 | 260.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.82 | -3.78 | -16.55 | -5.38 | 1.32 | -13.05 | -15.89 | -19.36 | -23.58 | -28.73 |
| EBIT | -5.45 | -5.24 | -18.33 | -6.32 | 0.66 | -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 | -6.27 | 0.64 | -17.44 | -21.25 | -25.88 | -31.53 | -38.40 |
| Depreciation | 1.63 | 1.45 | 1.78 | 0.94 | 0.66 | 2.79 | 3.40 | 4.15 | 5.05 | 6.15 |
| Accounts Receivable | - | -4.36 | 1.70 | -2.26 | 7.82 | -11.87 | -2.96 | -3.60 | -4.39 | -5.34 |
| Inventories | - | 11.26 | 1.87 | -0.17 | -3.64 | -10.42 | -4.36 | -5.31 | -6.47 | -7.88 |
| Accounts Payable | - | 0.07 | -1.26 | 3.57 | 2.36 | 1.55 | 2.39 | 2.91 | 3.55 | 4.32 |
| Capital Expenditure | -0.13 | -0.60 | -0.61 | -0.30 | -0.34 | -0.80 | -0.98 | -1.19 | -1.45 | -1.77 |
| UFCF | -5.52 | 0.97 | -13.61 | -4.48 | 7.51 | -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 |