Discounted Cash Flow (DCF) Analysis Unlevered

Draganfly Inc. (DPRO)

$0.158

-0.01 (-7.06%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.58 | 0.158 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1.391.384.367.057.6113.0322.3138.2165.44112.09
Revenue (%)
EBITDA -0.42-3.29-6.97-21.98-25.38-27.97-47.90-82.04-140.52-240.67
EBITDA (%)
EBIT -0.46-3.34-7.12-22.30-26.15-28.60-48.99-83.91-143.71-246.14
EBIT (%)
Depreciation 0.040.050.150.310.770.641.091.873.195.47
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 0.102.431.9823.087.8917.1929.4350.4186.35147.89
Total Cash (%)
Account Receivables 0.100.220.811.602.262.464.217.2012.3421.13
Account Receivables (%)
Inventories 0.060.051.233.391.062.564.387.5012.8522
Inventories (%)
Accounts Payable 1.590.690.810.360.755.178.8515.1625.9744.48
Accounts Payable (%)
Capital Expenditure -0.01-0.09-0.02-0.21-0.08-0.31-0.53-0.91-1.56-2.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.158
Beta 1.995
Diluted Shares Outstanding 33.56
Cost of Debt
Tax Rate -5.43
After-tax Cost of Debt 323.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.701
Total Debt 0.47
Total Equity 5.30
Total Capital 5.77
Debt Weighting 8.07
Equity Weighting 91.93
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1.391.384.367.057.6113.0322.3138.2165.44112.09
EBITDA -0.42-3.29-6.97-21.98-25.38-27.97-47.90-82.04-140.52-240.67
EBIT -0.46-3.34-7.12-22.30-26.15-28.60-48.99-83.91-143.71-246.14
Tax Rate 0.00%-1.55%-17.20%18.80%-5.43%-1.08%-1.08%-1.08%-1.08%-1.08%
EBIAT -0.46-3.39-8.34-18.10-27.57-28.91-49.52-84.81-145.26-248.80
Depreciation 0.040.050.150.310.770.641.091.873.195.47
Accounts Receivable --0.13-0.59-0.79-0.66-0.20-1.75-3-5.13-8.79
Inventories -0.01-1.19-2.162.33-1.50-1.82-3.12-5.35-9.16
Accounts Payable --0.910.13-0.450.394.423.686.3110.8118.51
Capital Expenditure -0.01-0.09-0.02-0.21-0.08-0.31-0.53-0.91-1.56-2.68
UFCF -0.43-4.45-9.86-21.40-24.82-25.87-48.85-83.67-143.30-245.44
WACC
PV UFCF -18.66-25.41-31.39-38.78-47.90
SUM PV UFCF -162.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 38.65
Free cash flow (t + 1) -250.35
Terminal Value -683.08
Present Value of Terminal Value -133.31

Intrinsic Value

Enterprise Value -295.45
Net Debt -7.43
Equity Value -288.02
Shares Outstanding 33.56
Equity Value Per Share -8.58