Discounted Cash Flow (DCF) Analysis Unlevered

Forward Industries, Inc. (FORD)

$1.22

-0.01 (-0.81%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.35 | 1.22 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 24.7634.5037.4134.4839.0244.2050.0756.7164.2472.76
Revenue (%)
EBITDA 0.600.98-3.10-1.321.02-0.37-0.42-0.48-0.54-0.61
EBITDA (%)
EBIT 0.580.75-3.41-1.590.70-0.66-0.74-0.84-0.95-1.08
EBIT (%)
Depreciation 0.020.230.310.270.330.280.320.360.410.47
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 4.624.373.092.921.414.575.185.866.647.52
Total Cash (%)
Account Receivables 6.229.026.707.608.7610.0511.3812.8914.6016.54
Account Receivables (%)
Inventories 2.121.571.611.282.062.332.642.993.393.84
Inventories (%)
Accounts Payable 0.070.330.320.200.390.320.370.410.470.53
Accounts Payable (%)
Capital Expenditure --0.06-0.03-0.07-0.07-0.07-0.08-0.09-0.10-0.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.22
Beta 0.827
Diluted Shares Outstanding 10.44
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 4.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.313
Total Debt 3.90
Total Equity 12.74
Total Capital 16.64
Debt Weighting 23.45
Equity Weighting 76.55
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 24.7634.5037.4134.4839.0244.2050.0756.7164.2472.76
EBITDA 0.600.98-3.10-1.321.02-0.37-0.42-0.48-0.54-0.61
EBIT 0.580.75-3.41-1.590.70-0.66-0.74-0.84-0.95-1.08
Tax Rate 0.00%-118.14%0.12%-0.52%0.00%-23.71%-23.71%-23.71%-23.71%-23.71%
EBIAT 0.581.63-3.40-1.600.70-0.81-0.92-1.04-1.18-1.34
Depreciation 0.020.230.310.270.330.280.320.360.410.47
Accounts Receivable --2.812.33-0.91-1.16-1.29-1.33-1.51-1.71-1.94
Inventories -0.55-0.040.33-0.79-0.27-0.31-0.35-0.40-0.45
Accounts Payable -0.26-0.01-0.120.19-0.070.040.050.050.06
Capital Expenditure --0.06-0.03-0.07-0.07-0.07-0.08-0.09-0.10-0.11
UFCF 0.60-0.19-0.85-2.09-0.79-2.23-2.28-2.58-2.92-3.31
WACC
PV UFCF -2.09-2-2.13-2.26-2.40
SUM PV UFCF -10.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.63
Free cash flow (t + 1) -3.38
Terminal Value -72.92
Present Value of Terminal Value -52.90

Intrinsic Value

Enterprise Value -63.78
Net Debt 2.49
Equity Value -66.27
Shares Outstanding 10.44
Equity Value Per Share -6.35