Discounted Cash Flow (DCF) Analysis Unlevered

Direct Communication Solutions, Inc... (DCSI.CN)

$1.35

-0.30 (-18.18%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.42 | 1.35 | 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 8.8115.9616.0614.2616.5320.1024.4429.7236.1443.94
Revenue (%)
EBITDA -1.570.35-0.57-1.63-1.42-1.58-1.92-2.33-2.84-3.45
EBITDA (%)
EBIT -1.590.33-0.73-1.83-1.66-1.75-2.13-2.58-3.14-3.82
EBIT (%)
Depreciation 0.020.020.170.200.240.170.210.250.310.37
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 0.120.910.411.472.511.411.712.082.543.08
Total Cash (%)
Account Receivables 1.183.172.411.343.903.273.974.835.877.14
Account Receivables (%)
Inventories 0.571.261.010.702.071.531.862.272.763.35
Inventories (%)
Accounts Payable 1.713.764.592.385.154.805.847.108.6310.49
Accounts Payable (%)
Capital Expenditure -0.03-0.26-0.33-0.14-0.01-0.21-0.25-0.30-0.37-0.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.35
Beta 1.651
Diluted Shares Outstanding 15.53
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.442
Total Debt 2.82
Total Equity 20.96
Total Capital 23.79
Debt Weighting 11.87
Equity Weighting 88.13
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 8.8115.9616.0614.2616.5320.1024.4429.7236.1443.94
EBITDA -1.570.35-0.57-1.63-1.42-1.58-1.92-2.33-2.84-3.45
EBIT -1.590.33-0.73-1.83-1.66-1.75-2.13-2.58-3.14-3.82
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -1.590.33-0.73-1.83-1.66-1.75-2.13-2.58-3.14-3.82
Depreciation 0.020.020.170.200.240.170.210.250.310.37
Accounts Receivable --1.990.761.07-2.560.64-0.71-0.86-1.04-1.27
Inventories --0.700.250.31-1.370.54-0.33-0.40-0.49-0.60
Accounts Payable -2.050.83-2.222.77-0.351.041.261.531.86
Capital Expenditure -0.03-0.26-0.33-0.14-0.01-0.21-0.25-0.30-0.37-0.45
UFCF -1.61-0.540.93-2.60-2.60-0.95-2.17-2.64-3.21-3.90
WACC
PV UFCF -0.86-1.77-1.95-2.15-2.36
SUM PV UFCF -9.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.54
Free cash flow (t + 1) -3.98
Terminal Value -46.57
Present Value of Terminal Value -28.22

Intrinsic Value

Enterprise Value -37.31
Net Debt 0.32
Equity Value -37.63
Shares Outstanding 15.53
Equity Value Per Share -2.42