Discounted Cash Flow (DCF) Analysis Unlevered

Bonso Electronics International Inc... (BNSO)

$5.2

+0.97 (+23.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.69 | 5.2 | undervalue

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 17.4811.529.9913.1015.5915.7015.8115.9116.0216.14
Revenue (%)
EBITDA 4.751.450.811.682.402.392.412.422.442.46
EBITDA (%)
EBIT 3.430.08-0.320.581.310.940.950.950.960.97
EBIT (%)
Depreciation 1.321.381.131.111.081.451.461.471.481.49
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 3.918.837.639.1610.569.839.909.9710.0310.10
Total Cash (%)
Account Receivables 2.811.541.951.511.752.252.272.282.302.31
Account Receivables (%)
Inventories 1.021.010.831.181.101.221.231.241.251.26
Inventories (%)
Accounts Payable 1.180.920.440.780.570.900.910.920.920.93
Accounts Payable (%)
Capital Expenditure -0.29-0.36-0.58-0.26-0.70-0.54-0.54-0.54-0.55-0.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.2
Beta 0.753
Diluted Shares Outstanding 5.15
Cost of Debt
Tax Rate -53.07
After-tax Cost of Debt 3.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.441
Total Debt 4
Total Equity 26.76
Total Capital 30.75
Debt Weighting 13.00
Equity Weighting 87.00
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 17.4811.529.9913.1015.5915.7015.8115.9116.0216.14
EBITDA 4.751.450.811.682.402.392.412.422.442.46
EBIT 3.430.08-0.320.581.310.940.950.950.960.97
Tax Rate 17.67%0.00%0.00%0.00%-53.07%-7.08%-7.08%-7.08%-7.08%-7.08%
EBIAT 2.830.08-0.320.582.011.011.011.021.031.03
Depreciation 1.321.381.131.111.081.451.461.471.481.49
Accounts Receivable -1.27-0.400.44-0.24-0.50-0.02-0.02-0.02-0.02
Inventories -0.010.18-0.350.08-0.13-0.01-0.01-0.01-0.01
Accounts Payable --0.26-0.480.33-0.200.330.010.010.010.01
Capital Expenditure -0.29-0.36-0.58-0.26-0.70-0.54-0.54-0.54-0.55-0.55
UFCF 3.852.10-0.471.852.031.631.921.931.941.96
WACC
PV UFCF 1.531.701.611.531.45
SUM PV UFCF 7.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.12
Free cash flow (t + 1) 1.99
Terminal Value 48.41
Present Value of Terminal Value 35.97

Intrinsic Value

Enterprise Value 43.80
Net Debt -6.06
Equity Value 49.86
Shares Outstanding 5.15
Equity Value Per Share 9.69