Discounted Cash Flow (DCF) Analysis Unlevered

IKONICS Corporation (IKNX)

$33.9

-0.10 (-0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.33 | 33.9 | overvalue

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 17.5717.2418.2117.6213.4312.6511.9211.2210.579.96
Revenue (%)
EBITDA 0.780.431.07-0.210.140.320.300.280.270.25
EBITDA (%)
EBIT -0.01-0.440.28-0.90-0.56-0.26-0.25-0.23-0.22-0.21
EBIT (%)
Depreciation 0.790.880.800.680.700.580.550.520.490.46
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 4.293.824.323.173.692.932.762.602.452.31
Total Cash (%)
Account Receivables 2.402.192.222.442.341.771.661.571.481.39
Account Receivables (%)
Inventories 1.992.092.052.181.641.501.411.331.251.18
Inventories (%)
Accounts Payable 0.730.320.650.760.460.440.410.390.370.34
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 8.271
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 17.5717.2418.2117.6213.4312.6511.9211.2210.579.96
EBITDA 0.780.431.07-0.210.140.320.300.280.270.25
EBIT -0.01-0.440.28-0.90-0.56-0.26-0.25-0.23-0.22-0.21
Tax Rate 5.79%56.85%24.80%17.45%32.34%27.45%27.45%27.45%27.45%27.45%
EBIAT -0.01-0.190.21-0.74-0.38-0.19-0.18-0.17-0.16-0.15
Depreciation 0.790.880.800.680.700.580.550.520.490.46
Accounts Receivable -0.21-0.03-0.220.100.570.100.100.090.09
Inventories --0.100.04-0.130.540.150.090.080.080.07
Accounts Payable --0.410.330.11-0.30-0.02-0.03-0.02-0.02-0.02
Capital Expenditure -2.09-0.27-0.59-0.50-0.16-0.53-0.50-0.47-0.44-0.41
UFCF -1.310.120.75-0.790.480.560.040.040.030.03
WACC
PV UFCF 0.520.030.030.030.02
SUM PV UFCF 0.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.74
Free cash flow (t + 1) 0.03
Terminal Value 0.58
Present Value of Terminal Value 0.40

Intrinsic Value

Enterprise Value 1.03
Net Debt 1.68
Equity Value -0.65
Shares Outstanding 1.98
Equity Value Per Share -0.33