Discounted Cash Flow (DCF) Analysis Unlevered

Borqs Technologies, Inc. (BRQS)

$0.2379

+0.00 (+0.81%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.22 | 0.2379 | 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 154.31128.4298.9626.7529.5622.0116.3912.209.086.76
Revenue (%)
EBITDA -3.69-62.37-24.31-25.72-42.12-13.83-10.30-7.67-5.71-4.25
EBITDA (%)
EBIT -8.37-68.85-30.39-31.30-44.35-15.71-11.69-8.71-6.48-4.83
EBIT (%)
Depreciation 4.686.486.085.582.231.881.401.040.770.58
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 13.061.9313.047.712.131.591.180.880.66
Total Cash (%)
Account Receivables 79.212.450.020.942.262.842.111.571.170.87
Account Receivables (%)
Inventories 17.036.794.542.677.192.431.811.3510.75
Inventories (%)
Accounts Payable 49.6918.8116.2912.9910.206.444.803.572.661.98
Accounts Payable (%)
Capital Expenditure -8.49-5.73-4.53-0.21-0.78-0.79-0.59-0.44-0.33-0.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.2,379
Beta 1.653
Diluted Shares Outstanding 2.78
Cost of Debt
Tax Rate 2.07
After-tax Cost of Debt 78.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.301
Total Debt 14.96
Total Equity 0.66
Total Capital 15.62
Debt Weighting 95.76
Equity Weighting 4.24
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 154.31128.4298.9626.7529.5622.0116.3912.209.086.76
EBITDA -3.69-62.37-24.31-25.72-42.12-13.83-10.30-7.67-5.71-4.25
EBIT -8.37-68.85-30.39-31.30-44.35-15.71-11.69-8.71-6.48-4.83
Tax Rate -25.19%-4.42%-5.77%0.51%2.07%-6.56%-6.56%-6.56%-6.56%-6.56%
EBIAT -10.48-71.90-32.14-31.14-43.43-16.74-12.46-9.28-6.91-5.14
Depreciation 4.686.486.085.582.231.881.401.040.770.58
Accounts Receivable -76.762.43-0.93-1.32-0.570.720.540.400.30
Inventories -10.242.241.87-4.524.760.620.460.340.26
Accounts Payable --30.88-2.53-3.29-2.79-3.76-1.65-1.23-0.91-0.68
Capital Expenditure -8.49-5.73-4.53-0.21-0.78-0.79-0.59-0.44-0.33-0.24
UFCF -14.30-15.02-28.44-28.13-50.60-15.23-11.95-8.90-6.63-4.93
WACC
PV UFCF -8.68-3.88-1.65-0.70-0.30
SUM PV UFCF -15.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 75.42
Free cash flow (t + 1) -5.03
Terminal Value -6.85
Present Value of Terminal Value -0.41

Intrinsic Value

Enterprise Value -15.62
Net Debt 7.25
Equity Value -22.87
Shares Outstanding 2.78
Equity Value Per Share -8.22