Discounted Cash Flow (DCF) Analysis Unlevered

ZW Data Action Technologies Inc. (CNET)

$1.03

-0.03 (-2.83%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.42 | 1.03 | 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 -10.16-12.68-0.92-4.510.77-5.45-5.63-5.82-6.02-6.22
EBITDA (%)
EBIT -11.59-13.22-1.18-5.36-0.07-6.27-6.49-6.71-6.93-7.17
EBIT (%)
Depreciation 1.420.540.260.860.840.830.850.880.910.94
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 2.953.741.604.367.174.134.264.414.564.71
Total Cash (%)
Account Receivables 9.874.983.342.412.804.684.8455.175.35
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.852.870.410.611.121.541.601.651.711.76
Accounts Payable (%)
Capital Expenditure -0-4.18-2.12-1.41-1.73-1.79-1.85-1.91-1.98-2.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.03
Beta 1.919
Diluted Shares Outstanding 21.60
Cost of Debt
Tax Rate -6.87
After-tax Cost of Debt 673.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.756
Total Debt 0.37
Total Equity 22.25
Total Capital 22.62
Debt Weighting 1.65
Equity Weighting 98.35
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 -10.16-12.68-0.92-4.510.77-5.45-5.63-5.82-6.02-6.22
EBIT -11.59-13.22-1.18-5.36-0.07-6.27-6.49-6.71-6.93-7.17
Tax Rate -3.74%-4.95%-3.28%-2.82%-6.87%-4.33%-4.33%-4.33%-4.33%-4.33%
EBIAT -12.02-13.88-1.22-5.52-0.07-6.55-6.77-7-7.23-7.48
Depreciation 1.420.540.260.860.840.830.850.880.910.94
Accounts Receivable -4.891.640.93-0.39-1.88-0.16-0.16-0.17-0.17
Inventories ----------
Accounts Payable -0.02-2.460.200.510.430.050.050.060.06
Capital Expenditure -0-4.18-2.12-1.41-0.33-1.79-1.85-1.91-1.98-2.05
UFCF -10.60-12.61-3.89-4.93-0.84-8.97-7.87-8.14-8.41-8.70
WACC
PV UFCF -7.25-5.15-4.30-3.60-3.01
SUM PV UFCF -23.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 23.64
Free cash flow (t + 1) -8.87
Terminal Value -40.99
Present Value of Terminal Value -14.19

Intrinsic Value

Enterprise Value -37.50
Net Debt -6.80
Equity Value -30.70
Shares Outstanding 21.60
Equity Value Per Share -1.42