Discounted Cash Flow (DCF) Analysis Unlevered

GigaMedia Limited (GIGM)

$1.64

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.44 | 1.64 | undervalue

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 11.607.106.646.875.494.643.933.322.812.37
Revenue (%)
EBITDA -0.50-3.06-1.55-1.28-3.43-1.41-1.19-1.01-0.85-0.72
EBITDA (%)
EBIT -0.55-3.19-1.66-1.29-3.45-1.45-1.23-1.04-0.88-0.74
EBIT (%)
Depreciation 0.050.140.110.010.020.040.040.030.030.02
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 63.6759.3157.7445.7041.4634.1128.8424.3820.6117.42
Total Cash (%)
Account Receivables 0.750.520.370.280.270.260.220.190.160.13
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.310.100.060.070.120.080.070.060.050.04
Accounts Payable (%)
Capital Expenditure -0-0.07-0.05-0.03-0.09-0.04-0.03-0.03-0.02-0.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.64
Beta 0.244
Diluted Shares Outstanding 11.05
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.999
Total Debt -
Total Equity 18.13
Total Capital 18.13
Debt Weighting 0.00
Equity Weighting 100.00
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 11.607.106.646.875.494.643.933.322.812.37
EBITDA -0.50-3.06-1.55-1.28-3.43-1.41-1.19-1.01-0.85-0.72
EBIT -0.55-3.19-1.66-1.29-3.45-1.45-1.23-1.04-0.88-0.74
Tax Rate 285.64%0.00%0.00%0.00%0.00%57.13%57.13%57.13%57.13%57.13%
EBIAT 1.02-3.19-1.66-1.29-3.45-0.62-0.53-0.44-0.38-0.32
Depreciation 0.050.140.110.010.020.040.040.030.030.02
Accounts Receivable -0.230.160.090.0100.040.030.030.02
Inventories ----------
Accounts Payable --0.21-0.040.010.05-0.04-0.01-0.01-0.01-0.01
Capital Expenditure -0-0.07-0.05-0.03-0.09-0.04-0.03-0.03-0.02-0.02
UFCF 1.08-3.11-1.48-1.22-3.46-0.65-0.49-0.42-0.35-0.30
WACC
PV UFCF -0.63-0.46-0.37-0.30-0.24
SUM PV UFCF -2

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.00
Free cash flow (t + 1) -0.30
Terminal Value -15.17
Present Value of Terminal Value -12.47

Intrinsic Value

Enterprise Value -14.47
Net Debt -41.46
Equity Value 26.99
Shares Outstanding 11.05
Equity Value Per Share 2.44