Discounted Cash Flow (DCF) Analysis Unlevered
Dogness (International) Corporation (DOGZ)
$1.17
-0.01 (-0.85%)
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 | 21.17 | 30.14 | 26.22 | 19.17 | 24.32 | 26.10 | 28.02 | 30.07 | 32.27 | 34.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 7.05 | 6.75 | 3.27 | -5.63 | 5.66 | 3.24 | 3.48 | 3.73 | 4.01 | 4.30 |
| EBITDA (%) | ||||||||||
| EBIT | 6.22 | 5.53 | 1.80 | -8.28 | 2.15 | 1.06 | 1.14 | 1.22 | 1.31 | 1.41 |
| EBIT (%) | ||||||||||
| Depreciation | 0.83 | 1.22 | 1.47 | 2.64 | 3.51 | 2.18 | 2.34 | 2.51 | 2.70 | 2.89 |
| 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 | 1.50 | 35.32 | 13.62 | 4.78 | 5.46 | 11.68 | 12.53 | 13.45 | 14.44 | 15.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4 | 5.64 | 5.41 | 2.48 | 2.92 | 4.34 | 4.66 | 5 | 5.37 | 5.76 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.86 | 4.15 | 5.36 | 2.86 | 4.20 | 4.17 | 4.48 | 4.81 | 5.16 | 5.54 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.98 | 0.35 | 0.54 | 1.01 | 1.20 | 1.19 | 1.28 | 1.37 | 1.47 | 1.58 |
| 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 | 21.17 | 30.14 | 26.22 | 19.17 | 24.32 | 26.10 | 28.02 | 30.07 | 32.27 | 34.64 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 7.05 | 6.75 | 3.27 | -5.63 | 5.66 | 3.24 | 3.48 | 3.73 | 4.01 | 4.30 |
| EBIT | 6.22 | 5.53 | 1.80 | -8.28 | 2.15 | 1.06 | 1.14 | 1.22 | 1.31 | 1.41 |
| Tax Rate | 16.02% | 16.74% | 20.28% | -0.83% | 22.06% | 14.85% | 14.85% | 14.85% | 14.85% | 14.85% |
| EBIAT | 5.22 | 4.60 | 1.44 | -8.35 | 1.68 | 0.90 | 0.97 | 1.04 | 1.11 | 1.20 |
| Depreciation | 0.83 | 1.22 | 1.47 | 2.64 | 3.51 | 2.18 | 2.34 | 2.51 | 2.70 | 2.89 |
| Accounts Receivable | - | -1.64 | 0.23 | 2.93 | -0.44 | -1.43 | -0.32 | -0.34 | -0.37 | -0.39 |
| Inventories | - | -1.30 | -1.21 | 2.50 | -1.34 | 0.03 | -0.31 | -0.33 | -0.35 | -0.38 |
| Accounts Payable | - | -1.63 | 0.19 | 0.47 | 0.19 | -0.01 | 0.09 | 0.09 | 0.10 | 0.11 |
| 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 |