Discounted Cash Flow (DCF) Analysis Unlevered
IKONICS Corporation (IKNX)
$33.9
-0.10 (-0.29%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 17.57 | 17.24 | 18.21 | 17.62 | 13.43 | 12.65 | 11.92 | 11.22 | 10.57 | 9.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.78 | 0.43 | 1.07 | -0.21 | 0.14 | 0.32 | 0.30 | 0.28 | 0.27 | 0.25 |
| EBITDA (%) | ||||||||||
| EBIT | -0.01 | -0.44 | 0.28 | -0.90 | -0.56 | -0.26 | -0.25 | -0.23 | -0.22 | -0.21 |
| EBIT (%) | ||||||||||
| Depreciation | 0.79 | 0.88 | 0.80 | 0.68 | 0.70 | 0.58 | 0.55 | 0.52 | 0.49 | 0.46 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 4.29 | 3.82 | 4.32 | 3.17 | 3.69 | 2.93 | 2.76 | 2.60 | 2.45 | 2.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.40 | 2.19 | 2.22 | 2.44 | 2.34 | 1.77 | 1.66 | 1.57 | 1.48 | 1.39 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.99 | 2.09 | 2.05 | 2.18 | 1.64 | 1.50 | 1.41 | 1.33 | 1.25 | 1.18 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.73 | 0.32 | 0.65 | 0.76 | 0.46 | 0.44 | 0.41 | 0.39 | 0.37 | 0.34 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.09 | -0.27 | -0.59 | -0.50 | -0.16 | -0.53 | -0.50 | -0.47 | -0.44 | -0.41 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 33.9 |
|---|---|
| Beta | 0.912 |
| Diluted Shares Outstanding | 1.98 |
| Cost of Debt | |
| Tax Rate | 32.34 |
| After-tax Cost of Debt | 1.09% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.068 |
| Total Debt | 5.38 |
| Total Equity | 67 |
| Total Capital | 72.38 |
| Debt Weighting | 7.43 |
| Equity Weighting | 92.57 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 17.57 | 17.24 | 18.21 | 17.62 | 13.43 | 12.65 | 11.92 | 11.22 | 10.57 | 9.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.78 | 0.43 | 1.07 | -0.21 | 0.14 | 0.32 | 0.30 | 0.28 | 0.27 | 0.25 |
| EBIT | -0.01 | -0.44 | 0.28 | -0.90 | -0.56 | -0.26 | -0.25 | -0.23 | -0.22 | -0.21 |
| Tax Rate | 5.79% | 56.85% | 24.80% | 17.45% | 32.34% | 27.45% | 27.45% | 27.45% | 27.45% | 27.45% |
| EBIAT | -0.01 | -0.19 | 0.21 | -0.74 | -0.38 | -0.19 | -0.18 | -0.17 | -0.16 | -0.15 |
| Depreciation | 0.79 | 0.88 | 0.80 | 0.68 | 0.70 | 0.58 | 0.55 | 0.52 | 0.49 | 0.46 |
| Accounts Receivable | - | 0.21 | -0.03 | -0.22 | 0.10 | 0.57 | 0.10 | 0.10 | 0.09 | 0.09 |
| Inventories | - | -0.10 | 0.04 | -0.13 | 0.54 | 0.15 | 0.09 | 0.08 | 0.08 | 0.07 |
| Accounts Payable | - | -0.41 | 0.33 | 0.11 | -0.30 | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 |
| Capital Expenditure | -2.09 | -0.27 | -0.59 | -0.50 | -0.16 | -0.53 | -0.50 | -0.47 | -0.44 | -0.41 |
| UFCF | -1.31 | 0.12 | 0.75 | -0.79 | 0.48 | 0.56 | 0.04 | 0.04 | 0.03 | 0.03 |
| WACC | ||||||||||
| PV UFCF | 0.53 | 0.03 | 0.03 | 0.03 | 0.02 | |||||
| SUM PV UFCF | 0.64 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.62 |
| Free cash flow (t + 1) | 0.03 |
| Terminal Value | 0.72 |
| Present Value of Terminal Value | 0.52 |
Intrinsic Value
| Enterprise Value | 1.16 |
|---|---|
| Net Debt | 1.68 |
| Equity Value | -0.52 |
| Shares Outstanding | 1.98 |
| Equity Value Per Share | -0.26 |