Discounted Cash Flow (DCF) Analysis Unlevered

ZW Data Action Technologies Inc. (CNET)

$0.6121

+0.05 (+9.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.20 | 0.6121 | 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 46.6357.1558.0838.4147.3348.9350.5852.3054.0655.89
Revenue (%)
EBITDA -8.31-12.68-0.92-4.20-1.73-5.50-5.68-5.88-6.08-6.28
EBITDA (%)
EBIT -9.73-13.22-1.18-5.07-2.57-6.33-6.54-6.76-6.99-7.23
EBIT (%)
Depreciation 1.420.540.260.870.840.830.860.890.920.95
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 2.953.741.604.307.174.114.254.394.544.69
Total Cash (%)
Account Receivables 9.874.983.343.913.535.225.395.575.765.96
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.852.870.410.611.121.541.601.651.711.76
Accounts Payable (%)
Capital Expenditure -0-4.18-2.12-2-1.49-1.89-1.96-2.02-2.09-2.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.6,121
Beta 1.497
Diluted Shares Outstanding 33.05
Cost of Debt
Tax Rate -9.68
After-tax Cost of Debt 0.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.573
Total Debt 2.40
Total Equity 20.23
Total Capital 22.63
Debt Weighting 10.60
Equity Weighting 89.40
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 46.6357.1558.0838.4147.3348.9350.5852.3054.0655.89
EBITDA -8.31-12.68-0.92-4.20-1.73-5.50-5.68-5.88-6.08-6.28
EBIT -9.73-13.22-1.18-5.07-2.57-6.33-6.54-6.76-6.99-7.23
Tax Rate -3.74%-4.95%-3.28%-2.72%-9.68%-4.87%-4.87%-4.87%-4.87%-4.87%
EBIAT -10.09-13.88-1.22-5.21-2.82-6.64-6.86-7.09-7.33-7.58
Depreciation 1.420.540.260.870.840.830.860.890.920.95
Accounts Receivable -4.891.64-0.570.38-1.69-0.18-0.18-0.19-0.19
Inventories ----------
Accounts Payable -0.02-2.460.200.510.430.050.050.060.06
Capital Expenditure -0-4.18-2.12-2-1.49-1.89-1.96-2.02-2.09-2.16
UFCF -8.67-12.61-3.89-6.71-2.58-8.96-8.09-8.36-8.64-8.93
WACC
PV UFCF -8.19-6.75-6.37-6.02-5.68
SUM PV UFCF -33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.47
Free cash flow (t + 1) -9.11
Terminal Value -121.99
Present Value of Terminal Value -77.60

Intrinsic Value

Enterprise Value -110.60
Net Debt -4.78
Equity Value -105.82
Shares Outstanding 33.05
Equity Value Per Share -3.20