Discounted Cash Flow (DCF) Analysis Unlevered
Dogness (International) Corporation (DOGZ)
$2.95
-0.06 (-1.99%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 26.22 | 19.17 | 24.32 | 27.10 | 17.58 | 16.54 | 15.56 | 14.64 | 13.77 | 12.96 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1.60 | -3.30 | 5.59 | 4.35 | -4.80 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
EBITDA (%) | ||||||||||
EBIT | 0.14 | -5.94 | 2.08 | 0.48 | -9.14 | -2.39 | -2.24 | -2.11 | -1.99 | -1.87 |
EBIT (%) | ||||||||||
Depreciation | 1.47 | 2.64 | 3.51 | 3.87 | 4.34 | 2.41 | 2.26 | 2.13 | 2 | 1.88 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 13.62 | 4.78 | 5.46 | 16.66 | 4.48 | 6.16 | 5.80 | 5.46 | 5.13 | 4.83 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 5.41 | 2.48 | 2.92 | 2.85 | 2.85 | 2.39 | 2.25 | 2.12 | 1.99 | 1.87 |
Account Receivables (%) | ||||||||||
Inventories | 5.36 | 2.86 | 4.20 | 3.37 | 2.68 | 2.66 | 2.50 | 2.35 | 2.21 | 2.08 |
Inventories (%) | ||||||||||
Accounts Payable | 0.54 | 1.01 | 1.20 | 1.43 | 0.90 | 0.75 | 0.70 | 0.66 | 0.62 | 0.59 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -16.73 | -9.44 | -14.45 | -15.26 | -1.52 | -7.86 | -7.39 | -6.95 | -6.54 | -6.15 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 2.95 |
---|---|
Beta | 0.926 |
Diluted Shares Outstanding | 39.67 |
Cost of Debt | |
Tax Rate | 17.11 |
After-tax Cost of Debt | 3.44% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.527 |
Total Debt | 18.47 |
Total Equity | 117.02 |
Total Capital | 135.49 |
Debt Weighting | 13.63 |
Equity Weighting | 86.37 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 26.22 | 19.17 | 24.32 | 27.10 | 17.58 | 16.54 | 15.56 | 14.64 | 13.77 | 12.96 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1.60 | -3.30 | 5.59 | 4.35 | -4.80 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
EBIT | 0.14 | -5.94 | 2.08 | 0.48 | -9.14 | -2.39 | -2.24 | -2.11 | -1.99 | -1.87 |
Tax Rate | 20.28% | -1.97% | 22.06% | -1,257.97% | 17.11% | -240.10% | -240.10% | -240.10% | -240.10% | -240.10% |
EBIAT | 0.11 | -6.05 | 1.62 | 6.57 | -7.58 | -8.11 | -7.63 | -7.18 | -6.75 | -6.35 |
Depreciation | 1.47 | 2.64 | 3.51 | 3.87 | 4.34 | 2.41 | 2.26 | 2.13 | 2 | 1.88 |
Accounts Receivable | - | 2.93 | -0.44 | 0.07 | -0 | 0.46 | 0.14 | 0.13 | 0.13 | 0.12 |
Inventories | - | 2.50 | -1.34 | 0.83 | 0.69 | 0.02 | 0.16 | 0.15 | 0.14 | 0.13 |
Accounts Payable | - | 0.47 | 0.19 | 0.23 | -0.53 | -0.15 | -0.04 | -0.04 | -0.04 | -0.04 |
Capital Expenditure | -16.73 | -9.44 | -14.45 | -15.26 | -1.52 | -7.86 | -7.39 | -6.95 | -6.54 | -6.15 |
UFCF | -15.15 | -6.95 | -10.91 | -3.70 | -4.60 | -13.23 | -12.50 | -11.76 | -11.06 | -10.41 |
WACC | ||||||||||
PV UFCF | -12.27 | -10.75 | -9.38 | -8.18 | -7.14 | |||||
SUM PV UFCF | -47.72 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.83 |
Free cash flow (t + 1) | -10.62 |
Terminal Value | -182.11 |
Present Value of Terminal Value | -124.92 |
Intrinsic Value
Enterprise Value | -172.65 |
---|---|
Net Debt | 13.98 |
Equity Value | -186.63 |
Shares Outstanding | 39.67 |
Equity Value Per Share | -4.70 |