Discounted Cash Flow (DCF) Analysis Unlevered
Data I/O Corporation (DAIO)
$3.33
-0.15 (-4.31%)
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 | 34.05 | 29.22 | 21.57 | 20.33 | 25.83 | 24.61 | 23.44 | 22.32 | 21.26 | 20.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 5.98 | 2.85 | -0.29 | -2.76 | 0.22 | 0.65 | 0.62 | 0.59 | 0.56 | 0.54 |
| EBITDA (%) | ||||||||||
| EBIT | 5.16 | 1.90 | -1.16 | -3.58 | -0.44 | -0.15 | -0.14 | -0.13 | -0.13 | -0.12 |
| EBIT (%) | ||||||||||
| Depreciation | 0.82 | 0.95 | 0.87 | 0.81 | 0.67 | 0.80 | 0.76 | 0.73 | 0.69 | 0.66 |
| 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 | 18.54 | 18.34 | 13.94 | 14.17 | 14.19 | 15.08 | 14.36 | 13.68 | 13.03 | 12.41 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.77 | 3.77 | 4.10 | 2.49 | 4 | 3.48 | 3.31 | 3.16 | 3.01 | 2.86 |
| Account Receivables (%) | ||||||||||
| Inventories | 4.17 | 5.19 | 5.02 | 5.27 | 6.35 | 5.11 | 4.86 | 4.63 | 4.41 | 4.20 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.30 | 1.75 | 1.15 | 1.24 | 1.37 | 1.31 | 1.25 | 1.19 | 1.13 | 1.08 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.15 | -0.91 | -0.61 | -0.86 | -0.62 | -0.93 | -0.89 | -0.84 | -0.80 | -0.77 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.33 |
|---|---|
| Beta | 0.825 |
| Diluted Shares Outstanding | 8.33 |
| Cost of Debt | |
| Tax Rate | -25.28 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.734 |
| Total Debt | 2.28 |
| Total Equity | 27.75 |
| Total Capital | 30.03 |
| Debt Weighting | 7.58 |
| Equity Weighting | 92.42 |
| 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 | 34.05 | 29.22 | 21.57 | 20.33 | 25.83 | 24.61 | 23.44 | 22.32 | 21.26 | 20.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5.98 | 2.85 | -0.29 | -2.76 | 0.22 | 0.65 | 0.62 | 0.59 | 0.56 | 0.54 |
| EBIT | 5.16 | 1.90 | -1.16 | -3.58 | -0.44 | -0.15 | -0.14 | -0.13 | -0.13 | -0.12 |
| Tax Rate | -5.58% | 15.34% | -2.68% | -10.82% | -25.28% | -5.80% | -5.80% | -5.80% | -5.80% | -5.80% |
| EBIAT | 5.45 | 1.61 | -1.19 | -3.96 | -0.55 | -0.16 | -0.15 | -0.14 | -0.14 | -0.13 |
| Depreciation | 0.82 | 0.95 | 0.87 | 0.81 | 0.67 | 0.80 | 0.76 | 0.73 | 0.69 | 0.66 |
| Accounts Receivable | - | -0 | -0.33 | 1.60 | -1.50 | 0.52 | 0.17 | 0.16 | 0.15 | 0.14 |
| Inventories | - | -1.02 | 0.17 | -0.25 | -1.08 | 1.24 | 0.24 | 0.23 | 0.22 | 0.21 |
| Accounts Payable | - | 0.45 | -0.60 | 0.09 | 0.13 | -0.06 | -0.06 | -0.06 | -0.06 | -0.05 |
| Capital Expenditure | -2.15 | -0.91 | -0.61 | -0.86 | -0.62 | -0.93 | -0.89 | -0.84 | -0.80 | -0.77 |
| UFCF | 4.12 | 1.09 | -1.70 | -2.56 | -2.96 | 1.41 | 0.07 | 0.07 | 0.07 | 0.06 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 0.06 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -11.91 |
| Equity Value | - |
| Shares Outstanding | 8.33 |
| Equity Value Per Share | - |