Discounted Cash Flow (DCF) Analysis Unlevered

iCAD, Inc. (ICAD)

$1.445

-0.01 (-0.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.77 | 1.445 | 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 25.6231.3429.7033.6427.9428.8829.8530.8531.8932.96
Revenue (%)
EBITDA -7.76-12.05-16.18-10.16-13.24-11.60-11.99-12.39-12.81-13.24
EBITDA (%)
EBIT -8.47-12.72-16.76-10.72-13.76-12.20-12.61-13.03-13.47-13.92
EBIT (%)
Depreciation 0.710.670.580.560.520.600.620.640.660.68
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 12.1815.3127.1934.2821.3121.1521.8622.5923.3524.13
Total Cash (%)
Account Receivables 6.409.8210.038.898.908.578.869.159.469.78
Account Receivables (%)
Inventories 1.592.613.144.175.393.283.393.503.623.74
Inventories (%)
Accounts Payable 1.151.992.872.781.972.072.142.212.292.36
Accounts Payable (%)
Capital Expenditure -0.32-0.31-0.47-0.59-0.53-0.43-0.45-0.46-0.48-0.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.445
Beta 1.282
Diluted Shares Outstanding 25.20
Cost of Debt
Tax Rate 0.84
After-tax Cost of Debt 4.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.302
Total Debt 3.38
Total Equity 36.42
Total Capital 39.80
Debt Weighting 8.50
Equity Weighting 91.50
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 25.6231.3429.7033.6427.9428.8829.8530.8531.8932.96
EBITDA -7.76-12.05-16.18-10.16-13.24-11.60-11.99-12.39-12.81-13.24
EBIT -8.47-12.72-16.76-10.72-13.76-12.20-12.61-13.03-13.47-13.92
Tax Rate -0.47%-0.32%-0.22%-0.01%0.84%-0.03%-0.03%-0.03%-0.03%-0.03%
EBIAT -8.51-12.76-16.79-10.72-13.65-12.20-12.61-13.04-13.47-13.93
Depreciation 0.710.670.580.560.520.600.620.640.660.68
Accounts Receivable --3.42-0.211.14-0.010.33-0.29-0.30-0.31-0.32
Inventories --1.02-0.53-1.03-1.222.11-0.11-0.11-0.12-0.12
Accounts Payable -0.840.88-0.09-0.810.100.070.070.070.08
Capital Expenditure -0.32-0.31-0.47-0.59-0.53-0.43-0.45-0.46-0.48-0.49
UFCF -8.12-16-16.55-10.73-15.69-9.50-12.77-13.20-13.64-14.10
WACC
PV UFCF -8.65-10.59-9.97-9.39-8.84
SUM PV UFCF -47.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.78
Free cash flow (t + 1) -14.38
Terminal Value -184.80
Present Value of Terminal Value -115.90

Intrinsic Value

Enterprise Value -163.35
Net Debt -17.93
Equity Value -145.42
Shares Outstanding 25.20
Equity Value Per Share -5.77