Discounted Cash Flow (DCF) Analysis Unlevered

B.O.S. Better Online Solutions Ltd. (BOSC)

$2.21

-0.01 (-0.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.48 | 2.21 | 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 28.9332.6533.8233.5533.6334.9736.3637.8039.3040.86
Revenue (%)
EBITDA 1.291.430.61-0.370.670.810.840.870.910.94
EBITDA (%)
EBIT 1.051.14-0.72-0.680.410.290.300.320.330.34
EBIT (%)
Depreciation 0.240.291.330.310.260.510.530.560.580.60
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 1.531.410.341.041.871.351.401.461.521.58
Total Cash (%)
Account Receivables 9.868.7110.149.3910.1910.4210.8411.2711.7112.18
Account Receivables (%)
Inventories 3.242.875.414.875.574.694.885.075.275.48
Inventories (%)
Accounts Payable 5.954.116.505.495.205.896.126.376.626.88
Accounts Payable (%)
Capital Expenditure -0.37-0.69-0.33-0.08-0.38-0.40-0.42-0.43-0.45-0.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.21
Beta 0.865
Diluted Shares Outstanding 4.30
Cost of Debt
Tax Rate -9.47
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.889
Total Debt 2.52
Total Equity 9.50
Total Capital 12.02
Debt Weighting 20.99
Equity Weighting 79.01
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 28.9332.6533.8233.5533.6334.9736.3637.8039.3040.86
EBITDA 1.291.430.61-0.370.670.810.840.870.910.94
EBIT 1.051.14-0.72-0.680.410.290.300.320.330.34
Tax Rate 2.03%-4.32%4.99%0.00%-9.47%-1.35%-1.35%-1.35%-1.35%-1.35%
EBIAT 1.031.19-0.68-0.680.450.300.310.320.330.35
Depreciation 0.240.291.330.310.260.510.530.560.580.60
Accounts Receivable -1.15-1.430.75-0.80-0.24-0.41-0.43-0.45-0.47
Inventories -0.37-2.530.54-0.700.88-0.19-0.19-0.20-0.21
Accounts Payable --1.842.40-1.01-0.290.690.230.240.250.26
Capital Expenditure -0.37-0.69-0.34-0.08-0.38-0.40-0.42-0.43-0.45-0.47
UFCF 0.900.46-1.26-0.18-1.461.740.060.060.060.07
WACC
PV UFCF 1.620.050.050.050.05
SUM PV UFCF 1.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.28
Free cash flow (t + 1) 0.07
Terminal Value 1.26
Present Value of Terminal Value 0.89

Intrinsic Value

Enterprise Value 2.70
Net Debt 0.65
Equity Value 2.05
Shares Outstanding 4.30
Equity Value Per Share 0.48