Discounted Cash Flow (DCF) Analysis Unlevered

Aqua Metals, Inc. (AQMS)

$0.82

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.92 | 0.82 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2.094.454.870.110.170.210.250.310.370.45
Revenue (%)
EBITDA -21.75-33.40-37.24-21.73-16.85-13.60-16.49-20-24.25-29.40
EBITDA (%)
EBIT -24.82-36.81-41.32-24.14-18.17-14.99-18.17-22.03-26.72-32.40
EBIT (%)
Depreciation 3.073.404.082.411.321.391.682.042.473
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 22.7920.897.576.538.145.236.347.699.3311.31
Total Cash (%)
Account Receivables 0.880.7317.690.031.190.480.580.700.851.03
Account Receivables (%)
Inventories 1.240.761.261.090.120.500.600.730.891.07
Inventories (%)
Accounts Payable 1.442.094.831.550.690.861.041.261.531.86
Accounts Payable (%)
Capital Expenditure -9.43-3.69-13.07-3.37-2.35-2.21-2.69-3.26-3.95-4.79
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.82
Beta 1.372
Diluted Shares Outstanding 70
Cost of Debt
Tax Rate -0.01
After-tax Cost of Debt 2.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.233
Total Debt 0.72
Total Equity 57.40
Total Capital 58.12
Debt Weighting 1.24
Equity Weighting 98.76
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2.094.454.870.110.170.210.250.310.370.45
EBITDA -21.75-33.40-37.24-21.73-16.85-13.60-16.49-20-24.25-29.40
EBIT -24.82-36.81-41.32-24.14-18.17-14.99-18.17-22.03-26.72-32.40
Tax Rate -0.01%-0.00%-0.00%-0.01%-0.01%-0.01%-0.01%-0.01%-0.01%-0.01%
EBIAT -24.82-36.81-41.32-24.14-18.17-14.99-18.17-22.04-26.72-32.40
Depreciation 3.073.404.082.411.321.391.682.042.473
Accounts Receivable -0.16-16.9617.66-1.160.71-0.10-0.12-0.15-0.18
Inventories -0.47-0.490.170.97-0.37-0.11-0.13-0.16-0.19
Accounts Payable -0.652.74-3.28-0.870.170.180.220.270.33
Capital Expenditure -9.43-3.69-13.07-3.37-2.35-2.21-2.69-3.26-3.95-4.79
UFCF -31.18-35.81-65.03-10.55-20.26-15.30-19.20-23.28-28.23-34.24
WACC
PV UFCF -13.89-15.83-17.43-19.19-21.12
SUM PV UFCF -87.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.14
Free cash flow (t + 1) -34.92
Terminal Value -428.99
Present Value of Terminal Value -264.68

Intrinsic Value

Enterprise Value -352.14
Net Debt -7.42
Equity Value -344.72
Shares Outstanding 70
Equity Value Per Share -4.92