Discounted Cash Flow (DCF) Analysis Unlevered
GigaMedia Limited (GIGM)
$1.38
-0.03 (-2.13%)
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 | 7.10 | 6.64 | 6.88 | 5.49 | 5.59 | 5.29 | 5 | 4.74 | 4.48 | 4.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.08 | -1.25 | -2.35 | -4.19 | -2.18 | -2.24 | -2.12 | -2.01 | -1.90 | -1.80 |
| EBITDA (%) | ||||||||||
| EBIT | -3.22 | -1.36 | -2.36 | -4.21 | -2.19 | -2.28 | -2.16 | -2.04 | -1.94 | -1.83 |
| EBIT (%) | ||||||||||
| Depreciation | 0.14 | 0.11 | 0.01 | 0.02 | 0.01 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| 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 | 59.31 | 57.74 | 45.70 | 41.45 | 46.93 | 41.91 | 39.67 | 37.55 | 35.55 | 33.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.53 | 0.37 | 0.28 | 0.26 | 0.57 | 0.34 | 0.32 | 0.30 | 0.29 | 0.27 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.64 | 0.64 | 0.39 | 0.71 | 0.37 | 0.46 | 0.44 | 0.42 | 0.39 | 0.37 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.10 | 0.06 | 0.07 | 0.12 | 0.05 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.13 | -0.06 | -0.03 | -0.09 | -0.03 | -0.06 | -0.05 | -0.05 | -0.05 | -0.05 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.38 |
|---|---|
| Beta | 0.338 |
| Diluted Shares Outstanding | 11.05 |
| Cost of Debt | |
| Tax Rate | -0.01 |
| After-tax Cost of Debt | 4.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.033 |
| Total Debt | 0.89 |
| Total Equity | 15.25 |
| Total Capital | 16.15 |
| Debt Weighting | 5.53 |
| Equity Weighting | 94.47 |
| 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 | 7.10 | 6.64 | 6.88 | 5.49 | 5.59 | 5.29 | 5 | 4.74 | 4.48 | 4.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.08 | -1.25 | -2.35 | -4.19 | -2.18 | -2.24 | -2.12 | -2.01 | -1.90 | -1.80 |
| EBIT | -3.22 | -1.36 | -2.36 | -4.21 | -2.19 | -2.28 | -2.16 | -2.04 | -1.94 | -1.83 |
| Tax Rate | 0.00% | 3.56% | 63.38% | 14.36% | -0.01% | 16.26% | 16.26% | 16.26% | 16.26% | 16.26% |
| EBIAT | -3.22 | -1.31 | -0.86 | -3.60 | -2.19 | -1.91 | -1.81 | -1.71 | -1.62 | -1.53 |
| Depreciation | 0.14 | 0.11 | 0.01 | 0.02 | 0.01 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Accounts Receivable | - | 0.16 | 0.09 | 0.01 | -0.31 | 0.23 | 0.02 | 0.02 | 0.02 | 0.02 |
| Inventories | - | -0 | 0.26 | -0.32 | 0.33 | -0.09 | 0.02 | 0.02 | 0.02 | 0.02 |
| Accounts Payable | - | -0.04 | 0.01 | 0.05 | -0.07 | 0.02 | -0 | -0 | -0 | -0 |
| Capital Expenditure | -0.13 | -0.06 | -0.03 | -0.09 | -0.03 | -0.06 | -0.05 | -0.05 | -0.05 | -0.05 |
| UFCF | -3.21 | -1.15 | -0.54 | -3.93 | -2.25 | -1.77 | -1.78 | -1.69 | -1.60 | -1.51 |
| WACC | ||||||||||
| PV UFCF | -1.67 | -1.59 | -1.42 | -1.27 | -1.13 | |||||
| SUM PV UFCF | -7.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.93 |
| Free cash flow (t + 1) | -1.54 |
| Terminal Value | -39.24 |
| Present Value of Terminal Value | -29.42 |
Intrinsic Value
| Enterprise Value | -36.50 |
|---|---|
| Net Debt | -37.90 |
| Equity Value | 1.41 |
| Shares Outstanding | 11.05 |
| Equity Value Per Share | 0.13 |