Discounted Cash Flow (DCF) Analysis Unlevered
Electrovaya Inc. (EFL.TO)
$0.96
-0.02 (-2.04%)
All numbers are in Millions, Currency in USD
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 | 5.63 | 4.89 | 14.53 | 11.58 | 19.17 | 30.15 | 47.42 | 74.58 | 117.28 | 184.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -6.41 | -0.61 | 4.42 | -4.55 | -3.45 | -9.23 | -14.52 | -22.83 | -35.91 | -56.47 |
| EBITDA (%) | ||||||||||
| EBIT | -6.72 | -0.72 | 4.21 | -4.86 | -3.85 | -10.07 | -15.84 | -24.92 | -39.19 | -61.63 |
| EBIT (%) | ||||||||||
| Depreciation | 0.31 | 0.11 | 0.21 | 0.32 | 0.40 | 0.84 | 1.32 | 2.08 | 3.28 | 5.15 |
| 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 | 0.13 | 0.33 | 1.12 | 4.20 | 0.63 | 3.40 | 5.34 | 8.40 | 13.21 | 20.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.03 | 0.35 | 2.49 | 1.34 | 6.68 | 5.36 | 8.44 | 13.27 | 20.86 | 32.81 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.76 | 1 | 2.03 | 4.67 | 4.48 | 7.79 | 12.25 | 19.27 | 30.30 | 47.65 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.56 | 2.09 | 2.20 | 1.66 | 3.13 | 8.09 | 12.72 | 20 | 31.46 | 49.47 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | -0.04 | -0.56 | -0.05 | -0.54 | -0.85 | -1.33 | -2.10 | -3.30 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.96 |
|---|---|
| Beta | 1.520 |
| Diluted Shares Outstanding | 139.89 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 14.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.876 |
| Total Debt | 19.11 |
| Total Equity | 134.30 |
| Total Capital | 153.41 |
| Debt Weighting | 12.46 |
| Equity Weighting | 87.54 |
| 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 | 5.63 | 4.89 | 14.53 | 11.58 | 19.17 | 30.15 | 47.42 | 74.58 | 117.28 | 184.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -6.41 | -0.61 | 4.42 | -4.55 | -3.45 | -9.23 | -14.52 | -22.83 | -35.91 | -56.47 |
| EBIT | -6.72 | -0.72 | 4.21 | -4.86 | -3.85 | -10.07 | -15.84 | -24.92 | -39.19 | -61.63 |
| Tax Rate | -122.74% | 0.00% | 0.00% | 0.00% | 0.00% | -24.55% | -24.55% | -24.55% | -24.55% | -24.55% |
| EBIAT | -14.97 | -0.72 | 4.21 | -4.86 | -3.85 | -12.55 | -19.73 | -31.03 | -48.81 | -76.76 |
| Depreciation | 0.31 | 0.11 | 0.21 | 0.32 | 0.40 | 0.84 | 1.32 | 2.08 | 3.28 | 5.15 |
| Accounts Receivable | - | 0.68 | -2.15 | 1.15 | -5.34 | 1.32 | -3.07 | -4.83 | -7.60 | -11.95 |
| Inventories | - | 0.76 | -1.03 | -2.64 | 0.19 | -3.31 | -4.46 | -7.02 | -11.03 | -17.35 |
| Accounts Payable | - | -0.47 | 0.10 | -0.54 | 1.47 | 4.96 | 4.63 | 7.28 | 11.45 | 18.01 |
| Capital Expenditure | - | - | -0.04 | -0.56 | -0.05 | -0.54 | -0.85 | -1.33 | -2.10 | -3.30 |
| UFCF | -14.66 | 0.37 | 1.30 | -7.13 | -7.18 | -9.28 | -22.16 | -34.85 | -54.80 | -86.19 |
| WACC | ||||||||||
| PV UFCF | -8.34 | -17.89 | -25.29 | -35.74 | -50.51 | |||||
| SUM PV UFCF | -137.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.28 |
| Free cash flow (t + 1) | -87.91 |
| Terminal Value | -947.30 |
| Present Value of Terminal Value | -555.14 |
Intrinsic Value
| Enterprise Value | -692.90 |
|---|---|
| Net Debt | 18.49 |
| Equity Value | -711.39 |
| Shares Outstanding | 139.89 |
| Equity Value Per Share | -5.09 |