Discounted Cash Flow (DCF) Analysis Unlevered
EnSync, Inc. (ESNC)
$0.000001
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 7.85 | 1.76 | 2.10 | 12.49 | 11.93 | 24.82 | 51.62 | 107.38 | 223.35 | 464.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -7.64 | -12.20 | -17.05 | -3.49 | -12.64 | -86.12 | -179.13 | -372.59 | -774.98 | -1,611.96 |
| EBITDA (%) | ||||||||||
| EBIT | -8.79 | -12.84 | -17.82 | -4.04 | -12.93 | -90.83 | -188.92 | -392.96 | -817.35 | -1,700.09 |
| EBIT (%) | ||||||||||
| Depreciation | 1.15 | 0.64 | 0.77 | 0.55 | 0.30 | 4.71 | 9.79 | 20.37 | 42.37 | 88.13 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Total Cash | 10.36 | 10.76 | 17.19 | 11.78 | 2.98 | 83.38 | 173.44 | 360.75 | 750.35 | 1,560.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.14 | 0.27 | 0.34 | 0.73 | 0.74 | 2.90 | 6.03 | 12.54 | 26.09 | 54.27 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.35 | 1.20 | 1.87 | 2.48 | 1.22 | 10.14 | 21.09 | 43.88 | 91.26 | 189.83 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.59 | 1.06 | 0.57 | 0.49 | 1.14 | 5.36 | 11.15 | 23.20 | 48.25 | 100.35 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.05 | -0.43 | -0.41 | -0.05 | -0.29 | -2.34 | -4.86 | -10.11 | -21.02 | -43.73 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.000,001 |
|---|---|
| Beta | 31.363 |
| Diluted Shares Outstanding | 56 |
| Cost of Debt | |
| Tax Rate | 2.66 |
| After-tax Cost of Debt | 11.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 151.842 |
| Total Debt | 0.33 |
| Total Equity | 0 |
| Total Capital | 0.33 |
| Debt Weighting | 99.98 |
| Equity Weighting | 0.02 |
| Wacc |
Build Up Free Cash
Year A/P | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 7.85 | 1.76 | 2.10 | 12.49 | 11.93 | 24.82 | 51.62 | 107.38 | 223.35 | 464.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -7.64 | -12.20 | -17.05 | -3.49 | -12.64 | -86.12 | -179.13 | -372.59 | -774.98 | -1,611.96 |
| EBIT | -8.79 | -12.84 | -17.82 | -4.04 | -12.93 | -90.83 | -188.92 | -392.96 | -817.35 | -1,700.09 |
| Tax Rate | 7.71% | 0.10% | 2.12% | 7.93% | 2.66% | 4.10% | 4.10% | 4.10% | 4.10% | 4.10% |
| EBIAT | -8.11 | -12.83 | -17.45 | -3.72 | -12.59 | -87.10 | -181.17 | -376.83 | -783.80 | -1,630.31 |
| Depreciation | 1.15 | 0.64 | 0.77 | 0.55 | 0.30 | 4.71 | 9.79 | 20.37 | 42.37 | 88.13 |
| Accounts Receivable | - | 0.87 | -0.07 | -0.38 | -0.01 | -2.16 | -3.13 | -6.51 | -13.55 | -28.18 |
| Inventories | - | 0.15 | -0.67 | -0.61 | 1.26 | -8.92 | -10.95 | -22.78 | -47.39 | -98.56 |
| Accounts Payable | - | 0.47 | -0.49 | -0.08 | 0.66 | 4.22 | 5.79 | 12.04 | 25.05 | 52.11 |
| Capital Expenditure | -0.05 | -0.43 | -0.41 | -0.05 | -0.29 | -2.34 | -4.86 | -10.11 | -21.02 | -43.73 |
| UFCF | -7.02 | -11.12 | -18.31 | -4.29 | -10.68 | -91.59 | -184.53 | -383.82 | -798.34 | -1,660.55 |
| WACC | ||||||||||
| PV UFCF | -82.27 | -148.91 | -278.23 | -519.87 | -971.37 | |||||
| SUM PV UFCF | -2,000.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 11.32 |
| Free cash flow (t + 1) | -1,693.76 |
| Terminal Value | -18,173.38 |
| Present Value of Terminal Value | -10,630.89 |
Intrinsic Value
| Enterprise Value | -12,631.55 |
|---|---|
| Net Debt | -2.65 |
| Equity Value | -12,628.89 |
| Shares Outstanding | 56 |
| Equity Value Per Share | -225.50 |