Discounted Cash Flow (DCF) Analysis Unlevered

Guardforce AI Co., Limited (GFAI)

$4.04

-0.02 (-0.49%)
All numbers are in Millions, Currency in USD
Stock DCF: -23.12 | 4.04 | 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 37.3438.5737.6535.1534.4833.8233.1732.5431.9131.30
Revenue (%)
EBITDA 3.695.182.911.33-6.501.081.061.041.021
EBITDA (%)
EBIT 1.21-0.11-2.12-3.70-12.48-3.34-3.28-3.22-3.15-3.09
EBIT (%)
Depreciation 2.495.295.035.035.984.424.344.264.174.09
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 4.446.088.4114.336.937.507.367.217.086.94
Total Cash (%)
Account Receivables 6.385.955.985.0921.858.548.378.218.067.90
Account Receivables (%)
Inventories 000.501.395.111.361.331.311.281.26
Inventories (%)
Accounts Payable 1.441.401.370.682.061.291.261.241.211.19
Accounts Payable (%)
Capital Expenditure -1.95-0.48-1.43-5.25-7.64-3.20-3.14-3.08-3.02-2.97
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.04
Beta 2.831
Diluted Shares Outstanding 1.24
Cost of Debt
Tax Rate -0.17
After-tax Cost of Debt 4.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.718
Total Debt 28.41
Total Equity 5.01
Total Capital 33.42
Debt Weighting 85.01
Equity Weighting 14.99
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 37.3438.5737.6535.1534.4833.8233.1732.5431.9131.30
EBITDA 3.695.182.911.33-6.501.081.061.041.021
EBIT 1.21-0.11-2.12-3.70-12.48-3.34-3.28-3.22-3.15-3.09
Tax Rate 57.13%63.63%-7.82%11.93%-0.17%24.94%24.94%24.94%24.94%24.94%
EBIAT 0.52-0.04-2.29-3.26-12.50-2.51-2.46-2.41-2.37-2.32
Depreciation 2.495.295.035.035.984.424.344.264.174.09
Accounts Receivable -0.43-0.030.89-16.7613.310.160.160.160.15
Inventories --0-0.50-0.89-3.723.750.030.030.020.02
Accounts Payable --0.04-0.03-0.691.39-0.77-0.02-0.02-0.02-0.02
Capital Expenditure -1.95-0.48-1.43-5.25-7.64-3.20-3.14-3.08-3.02-2.97
UFCF 1.065.150.76-4.18-33.2515-1.10-1.08-1.06-1.04
WACC
PV UFCF 14.10-0.97-0.90-0.83-0.76
SUM PV UFCF 10.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.36
Free cash flow (t + 1) -1.06
Terminal Value -24.27
Present Value of Terminal Value -17.83

Intrinsic Value

Enterprise Value -7.19
Net Debt 21.48
Equity Value -28.67
Shares Outstanding 1.24
Equity Value Per Share -23.12