Discounted Cash Flow (DCF) Analysis Unlevered

ClearOne, Inc. (CLRO)

$0.9569

-0.01 (-0.73%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.65 | 0.9569 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 28.1625.0429.0728.9725.2124.6824.1723.6723.1722.69
Revenue (%)
EBITDA -10.33-8.56-5.49-7.4627.88-0.24-0.24-0.23-0.23-0.22
EBITDA (%)
EBIT -11.92-11.04-8.36-10.9424.31-2.79-2.73-2.67-2.62-2.56
EBIT (%)
Depreciation 1.592.482.883.483.572.552.492.442.392.34
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 12.167.094.922.860.985.054.944.844.744.64
Total Cash (%)
Account Receivables 6.785.4712.3612.5359.6718.1917.8117.4417.0816.72
Account Receivables (%)
Inventories 13.2311.4410.4610.038.969.829.619.419.229.02
Inventories (%)
Accounts Payable 3.732.873.955.391.283.0632.932.872.81
Accounts Payable (%)
Capital Expenditure -5.14-5.37-7.22-8.35-0.93-4.79-4.69-4.59-4.49-4.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.9,569
Beta 0.737
Diluted Shares Outstanding 25.19
Cost of Debt
Tax Rate 25.14
After-tax Cost of Debt 7.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.764
Total Debt 4.22
Total Equity 24.10
Total Capital 28.33
Debt Weighting 14.91
Equity Weighting 85.09
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 28.1625.0429.0728.9725.2124.6824.1723.6723.1722.69
EBITDA -10.33-8.56-5.49-7.4627.88-0.24-0.24-0.23-0.23-0.22
EBIT -11.92-11.04-8.36-10.9424.31-2.79-2.73-2.67-2.62-2.56
Tax Rate -62.85%-0.67%108.52%3.55%25.14%14.74%14.74%14.74%14.74%14.74%
EBIAT -19.41-11.110.71-10.5518.20-2.38-2.33-2.28-2.23-2.19
Depreciation 1.592.482.883.483.572.552.492.442.392.34
Accounts Receivable -1.31-6.89-0.16-47.1541.490.380.370.360.36
Inventories -1.790.980.431.07-0.850.200.200.200.19
Accounts Payable --0.861.081.44-4.101.78-0.06-0.06-0.06-0.06
Capital Expenditure -5.13-5.37-7.22-8.35-0.93-4.79-4.69-4.59-4.49-4.40
UFCF -22.95-11.76-8.47-13.72-29.3437.79-4-3.92-3.84-3.76
WACC
PV UFCF 35.08-3.45-3.14-2.85-2.59
SUM PV UFCF 23.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.72
Free cash flow (t + 1) -3.78
Terminal Value -52.32
Present Value of Terminal Value -36.07

Intrinsic Value

Enterprise Value -13.02
Net Debt 3.24
Equity Value -16.26
Shares Outstanding 25.19
Equity Value Per Share -0.65