Discounted Cash Flow (DCF) Analysis Unlevered

Bridgeline Digital, Inc. (BLIN)

$1.36

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.60 | 1.36 | 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 16.2913.579.9510.9113.2612.8512.4612.0811.7111.35
Revenue (%)
EBITDA -0.95-6.58-8.291.31-5.78-4.35-4.21-4.09-3.96-3.84
EBITDA (%)
EBIT -1.59-6.99-8.930.34-6.98-5.15-5-4.84-4.70-4.55
EBIT (%)
Depreciation 0.640.410.650.971.200.810.780.760.740.71
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 0.750.640.300.868.852.242.172.102.041.97
Total Cash (%)
Account Receivables 3.031.720.980.671.371.481.431.391.351.31
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.241.581.741.310.971.441.401.361.311.27
Accounts Payable (%)
Capital Expenditure -0.09-0.05-0.03-0.05-0.06-0.05-0.05-0.05-0.05-0.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.36
Beta 2.316
Diluted Shares Outstanding 5.94
Cost of Debt
Tax Rate 14.93
After-tax Cost of Debt 31.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.808
Total Debt 2.41
Total Equity 8.07
Total Capital 10.48
Debt Weighting 22.99
Equity Weighting 77.01
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 16.2913.579.9510.9113.2612.8512.4612.0811.7111.35
EBITDA -0.95-6.58-8.291.31-5.78-4.35-4.21-4.09-3.96-3.84
EBIT -1.59-6.99-8.930.34-6.98-5.15-5-4.84-4.70-4.55
Tax Rate -1.01%0.04%-0.04%3.26%14.93%3.44%3.44%3.44%3.44%3.44%
EBIAT -1.60-6.99-8.940.33-5.94-4.98-4.83-4.68-4.54-4.40
Depreciation 0.640.410.650.971.200.810.780.760.740.71
Accounts Receivable -1.310.740.31-0.70-0.110.050.040.040.04
Inventories ----------
Accounts Payable -0.340.16-0.43-0.340.47-0.04-0.04-0.04-0.04
Capital Expenditure -0.09-0.05-0.03-0.05-0.11-0.05-0.05-0.05-0.05-0.05
UFCF -1.05-4.98-7.421.14-5.83-3.86-4.09-3.97-3.85-3.73
WACC
PV UFCF -3.26-2.91-2.38-1.95-1.59
SUM PV UFCF -12.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 18.57
Free cash flow (t + 1) -3.80
Terminal Value -22.96
Present Value of Terminal Value -9.80

Intrinsic Value

Enterprise Value -21.88
Net Debt -6.44
Equity Value -15.44
Shares Outstanding 5.94
Equity Value Per Share -2.60