Discounted Cash Flow (DCF) Analysis Unlevered
Borqs Technologies, Inc. (BRQS)
$0.2031
-0.01 (-3.29%)
All numbers are in Millions, Currency in USD
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 | 154.31 | 128.42 | 98.96 | 26.75 | 29.56 | 22.01 | 16.39 | 12.20 | 9.08 | 6.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 4.68 | 6.48 | 6.08 | 5.58 | 2.23 | 1.88 | 1.40 | 1.04 | 0.77 | 0.58 |
| 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 | 13.06 | 1.93 | 1 | 3.04 | 7.71 | 2.13 | 1.59 | 1.18 | 0.88 | 0.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 79.21 | 2.45 | 0.02 | 0.94 | 2.26 | 2.84 | 2.11 | 1.57 | 1.17 | 0.87 |
| Account Receivables (%) | ||||||||||
| Inventories | 17.03 | 6.79 | 4.54 | 2.67 | 7.19 | 2.43 | 1.81 | 1.35 | 1 | 0.75 |
| Inventories (%) | ||||||||||
| Accounts Payable | 49.69 | 18.81 | 16.29 | 12.99 | 10.20 | 6.44 | 4.80 | 3.57 | 2.66 | 1.98 |
| 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 | $ 0.2,031 |
|---|---|
| Beta | 1.664 |
| 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 | 11.601 |
| Total Debt | 14.96 |
| Total Equity | 0.57 |
| Total Capital | 15.53 |
| Debt Weighting | 96.36 |
| Equity Weighting | 3.64 |
| 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 | 154.31 | 128.42 | 98.96 | 26.75 | 29.56 | 22.01 | 16.39 | 12.20 | 9.08 | 6.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 4.68 | 6.48 | 6.08 | 5.58 | 2.23 | 1.88 | 1.40 | 1.04 | 0.77 | 0.58 |
| Accounts Receivable | - | 76.76 | 2.43 | -0.93 | -1.32 | -0.57 | 0.72 | 0.54 | 0.40 | 0.30 |
| Inventories | - | 10.24 | 2.24 | 1.87 | -4.52 | 4.76 | 0.62 | 0.46 | 0.34 | 0.26 |
| 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 | -8.66 | -3.87 | -1.64 | -0.69 | -0.29 | |||||
| SUM PV UFCF | -15.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 75.83 |
| Free cash flow (t + 1) | -5.03 |
| Terminal Value | -6.82 |
| Present Value of Terminal Value | -0.41 |
Intrinsic Value
| Enterprise Value | -15.56 |
|---|---|
| Net Debt | 7.25 |
| Equity Value | -22.80 |
| Shares Outstanding | 2.78 |
| Equity Value Per Share | -8.20 |