Discounted Cash Flow (DCF) Analysis Unlevered

Dogness (International) Corporation (DOGZ)

$1.17

-0.01 (-0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.29 | 1.17 | 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 21.1730.1426.2219.1724.3226.1028.0230.0732.2734.64
Revenue (%)
EBITDA 7.056.753.27-5.635.663.243.483.734.014.30
EBITDA (%)
EBIT 6.225.531.80-8.282.151.061.141.221.311.41
EBIT (%)
Depreciation 0.831.221.472.643.512.182.342.512.702.89
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 1.5035.3213.624.785.4611.6812.5313.4514.4415.49
Total Cash (%)
Account Receivables 45.645.412.482.924.344.6655.375.76
Account Receivables (%)
Inventories 2.864.155.362.864.204.174.484.815.165.54
Inventories (%)
Accounts Payable 1.980.350.541.011.201.191.281.371.471.58
Accounts Payable (%)
Capital Expenditure -3.62-15.52-16.73-9.44-14.45-12.59-13.51-14.50-15.56-16.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.17
Beta 0.907
Diluted Shares Outstanding 25.91
Cost of Debt
Tax Rate 22.06
After-tax Cost of Debt 3.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.086
Total Debt 9.35
Total Equity 30.32
Total Capital 39.67
Debt Weighting 23.58
Equity Weighting 76.42
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 21.1730.1426.2219.1724.3226.1028.0230.0732.2734.64
EBITDA 7.056.753.27-5.635.663.243.483.734.014.30
EBIT 6.225.531.80-8.282.151.061.141.221.311.41
Tax Rate 16.02%16.74%20.28%-0.83%22.06%14.85%14.85%14.85%14.85%14.85%
EBIAT 5.224.601.44-8.351.680.900.971.041.111.20
Depreciation 0.831.221.472.643.512.182.342.512.702.89
Accounts Receivable --1.640.232.93-0.44-1.43-0.32-0.34-0.37-0.39
Inventories --1.30-1.212.50-1.340.03-0.31-0.33-0.35-0.38
Accounts Payable --1.630.190.470.19-0.010.090.090.100.11
Capital Expenditure -3.62-15.52-16.73-9.44-14.45-12.59-13.51-14.50-15.56-16.70
UFCF 2.43-14.26-14.61-9.25-10.86-10.91-10.74-11.52-12.37-13.28
WACC
PV UFCF -10.19-9.36-9.38-9.40-9.42
SUM PV UFCF -47.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.10
Free cash flow (t + 1) -13.54
Terminal Value -265.51
Present Value of Terminal Value -188.42

Intrinsic Value

Enterprise Value -236.17
Net Debt 4.44
Equity Value -240.61
Shares Outstanding 25.91
Equity Value Per Share -9.29