Discounted Cash Flow (DCF) Analysis Unlevered

Dogness (International) Corporation (DOGZ)

$7.4

+0.64 (+9.47%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.39 | 7.4 | overvalue

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 26.2219.1724.3227.1017.5816.5415.5614.6413.7712.96
Revenue (%)
EBITDA 1.60-3.305.594.35-4.800.020.020.020.020.02
EBITDA (%)
EBIT 0.14-5.942.080.48-9.14-2.39-2.24-2.11-1.99-1.87
EBIT (%)
Depreciation 1.472.643.513.874.342.412.262.1321.88
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 13.624.785.4616.664.486.165.805.465.134.83
Total Cash (%)
Account Receivables 5.412.482.922.852.852.392.252.121.991.87
Account Receivables (%)
Inventories 5.362.864.203.372.682.662.502.352.212.08
Inventories (%)
Accounts Payable 0.541.011.201.430.900.750.700.660.620.59
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 $ 7.4
Beta 0.915
Diluted Shares Outstanding 39.67
Cost of Debt
Tax Rate 17.11
After-tax Cost of Debt 3.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.604
Total Debt 18.47
Total Equity 293.55
Total Capital 312.02
Debt Weighting 5.92
Equity Weighting 94.08
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 26.2219.1724.3227.1017.5816.5415.5614.6413.7712.96
EBITDA 1.60-3.305.594.35-4.800.020.020.020.020.02
EBIT 0.14-5.942.080.48-9.14-2.39-2.24-2.11-1.99-1.87
Tax Rate 20.28%-1.97%22.06%-1,257.97%17.11%-240.10%-240.10%-240.10%-240.10%-240.10%
EBIAT 0.11-6.051.626.57-7.58-8.11-7.63-7.18-6.75-6.35
Depreciation 1.472.643.513.874.342.412.262.1321.88
Accounts Receivable -2.93-0.440.07-00.460.140.130.130.12
Inventories -2.50-1.340.830.690.020.160.150.140.13
Accounts Payable -0.470.190.23-0.53-0.15-0.04-0.04-0.04-0.04
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 -12.21-10.66-9.26-8.04-6.99
SUM PV UFCF -47.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.30
Free cash flow (t + 1) -10.62
Terminal Value -168.53
Present Value of Terminal Value -113.12

Intrinsic Value

Enterprise Value -160.28
Net Debt 13.98
Equity Value -174.26
Shares Outstanding 39.67
Equity Value Per Share -4.39