Discounted Cash Flow (DCF) Analysis Unlevered
Applied UV, Inc. (AUVI)
$0.82
-0.05 (-5.75%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 7.56 | 9.33 | 5.73 | 19.17 | 33.18 | 57.44 | 99.43 | 172.11 | 297.92 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 0.76 | 2.93 | -3.28 | -8.38 | -4.94 | -8.54 | -14.79 | -25.60 | -44.31 |
| EBITDA (%) | |||||||||
| EBIT | 0.76 | 2.92 | -3.30 | -9.02 | -5.25 | -9.09 | -15.73 | -27.23 | -47.14 |
| EBIT (%) | |||||||||
| Depreciation | 0.01 | 0.01 | 0.02 | 0.64 | 0.31 | 0.54 | 0.94 | 1.63 | 2.82 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 0.79 | 1.03 | 11.76 | 7.92 | 22.23 | 38.48 | 66.61 | 115.30 | 199.59 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 2.08 | 2.23 | 0.23 | 0.99 | 5.03 | 8.71 | 15.08 | 26.11 | 45.19 |
| Account Receivables (%) | |||||||||
| Inventories | 0.11 | 0.10 | 0.16 | 1.65 | 1.15 | 1.99 | 3.45 | 5.97 | 10.33 |
| Inventories (%) | |||||||||
| Accounts Payable | 0.98 | 1.24 | 1.40 | 3.24 | 5.61 | 9.70 | 16.80 | 29.08 | 50.34 |
| Accounts Payable (%) | |||||||||
| Capital Expenditure | -0 | -0.01 | -0.22 | -0.26 | -0.44 | -0.77 | -1.33 | -2.30 | -3.98 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.82 |
|---|---|
| Beta | -0.920 |
| Diluted Shares Outstanding | 9.11 |
| Cost of Debt | |
| Tax Rate | -6.09 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | -0.777 |
| Total Debt | - |
| Total Equity | 7.47 |
| Total Capital | 7.47 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 7.56 | 9.33 | 5.73 | 19.17 | 33.18 | 57.44 | 99.43 | 172.11 | 297.92 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.76 | 2.93 | -3.28 | -8.38 | -4.94 | -8.54 | -14.79 | -25.60 | -44.31 |
| EBIT | 0.76 | 2.92 | -3.30 | -9.02 | -5.25 | -9.09 | -15.73 | -27.23 | -47.14 |
| Tax Rate | 0.00% | 3.67% | -2.02% | -6.09% | -1.11% | -1.11% | -1.11% | -1.11% | -1.11% |
| EBIAT | 0.76 | 2.82 | -3.37 | -9.56 | -5.31 | -9.19 | -15.91 | -27.53 | -47.66 |
| Depreciation | 0.01 | 0.01 | 0.02 | 0.64 | 0.31 | 0.54 | 0.94 | 1.63 | 2.82 |
| Accounts Receivable | - | -0.15 | 2 | -0.75 | -4.05 | -3.68 | -6.37 | -11.02 | -19.08 |
| Inventories | - | 0.01 | -0.06 | -1.49 | 0.50 | -0.84 | -1.46 | -2.52 | -4.36 |
| Accounts Payable | - | 0.25 | 0.16 | 1.84 | 2.37 | 4.10 | 7.09 | 12.28 | 21.26 |
| Capital Expenditure | -0 | -0.01 | -0.22 | -0.26 | -0.44 | -0.77 | -1.33 | -2.30 | -3.98 |
| UFCF | 0.76 | 2.93 | -1.47 | -9.59 | -6.62 | -9.83 | -17.02 | -29.46 | -51 |
| WACC | |||||||||
| PV UFCF | -6.62 | -9.91 | -17.29 | -30.16 | -52.62 | ||||
| SUM PV UFCF | -117.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -0.78 |
| Free cash flow (t + 1) | -52.02 |
| Terminal Value | 1,871.13 |
| Present Value of Terminal Value | 1,945.84 |
Intrinsic Value
| Enterprise Value | 1,828.32 |
|---|---|
| Net Debt | -7.92 |
| Equity Value | 1,836.25 |
| Shares Outstanding | 9.11 |
| Equity Value Per Share | 201.54 |