Discounted Cash Flow (DCF) Analysis Unlevered

Draganfly Inc. (DPRO)

$0.7

+0.01 (+1.33%)
All numbers are in Millions, Currency in USD
Stock DCF: -394.29 | 0.7 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.391.384.367.0513.5726.1250.2696.71186.10
Revenue (%)
EBITDA -0.42-10.87-7.84-15.89-41.50-79.85-153.65-295.66-568.93
EBITDA (%)
EBIT -0.46-10.92-7.99-16.20-41.98-80.78-155.44-299.10-575.55
EBIT (%)
Depreciation 0.040.050.150.310.480.931.793.446.63
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.102.431.9823.0818.8636.3069.85134.41258.63
Total Cash (%)
Account Receivables 0.100.220.811.602.194.228.1115.6130.04
Account Receivables (%)
Inventories 0.060.051.233.392.865.5010.5920.3839.21
Inventories (%)
Accounts Payable 1.590.690.810.366.4012.3123.6945.5987.72
Accounts Payable (%)
Capital Expenditure -0.01-0.09-0.02-0.21-0.37-0.71-1.36-2.62-5.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.7
Beta 0.524
Diluted Shares Outstanding 27.65
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.276
Total Debt 0.58
Total Equity 19.35
Total Capital 19.94
Debt Weighting 2.92
Equity Weighting 97.08
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.391.384.367.0513.5726.1250.2696.71186.10
EBITDA -0.42-10.87-7.84-15.89-41.50-79.85-153.65-295.66-568.93
EBIT -0.46-10.92-7.99-16.20-41.98-80.78-155.44-299.10-575.55
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -0.46-10.92-7.99-16.20-41.98-80.78-155.44-299.10-575.55
Depreciation 0.040.050.150.310.480.931.793.446.63
Accounts Receivable --0.13-0.59-0.79-0.59-2.02-3.90-7.50-14.43
Inventories -0.01-1.19-2.160.53-2.64-5.09-9.79-18.83
Accounts Payable --0.910.13-0.456.035.9111.3821.9042.13
Capital Expenditure -0.01-0.09-0.02-0.21-0.37-0.71-1.36-2.62-5.04
UFCF -0.43-11.98-9.51-19.50-35.89-79.31-152.61-293.66-565.09
WACC
PV UFCF -35.89-74.65-135.21-244.90-443.57
SUM PV UFCF -879.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.24
Free cash flow (t + 1) -576.39
Terminal Value -13,594.13
Present Value of Terminal Value -10,044.10

Intrinsic Value

Enterprise Value -10,923.45
Net Debt -22.49
Equity Value -10,900.96
Shares Outstanding 27.65
Equity Value Per Share -394.29