Discounted Cash Flow (DCF) Analysis Unlevered

Intermap Technologies Corporation (IMP.TO)

$0.42

-0.02 (-3.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.97 | 0.42 | 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 19.3015.8210.054.725.804.573.602.842.241.76
Revenue (%)
EBITDA -0.271.21-0.3429.36-1.525.474.313.402.682.11
EBITDA (%)
EBIT -1.20-0.13-1.9227.86-3.284.643.662.882.271.79
EBIT (%)
Depreciation 0.921.341.581.491.760.830.660.520.410.32
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 6.361.281.231.780.190.860.680.540.420.33
Total Cash (%)
Account Receivables 0.593.641.150.631.590.720.560.440.350.28
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.911.121.381.561.970.890.700.550.440.34
Accounts Payable (%)
Capital Expenditure -3.47-1.19-1.33-0.49-1.39-0.67-0.53-0.41-0.33-0.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.42
Beta 1.338
Diluted Shares Outstanding 27.04
Cost of Debt
Tax Rate -0.54
After-tax Cost of Debt 5.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.086
Total Debt 1.22
Total Equity 11.36
Total Capital 12.57
Debt Weighting 9.66
Equity Weighting 90.34
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 19.3015.8210.054.725.804.573.602.842.241.76
EBITDA -0.271.21-0.3429.36-1.525.474.313.402.682.11
EBIT -1.20-0.13-1.9227.86-3.284.643.662.882.271.79
Tax Rate 11.43%-0.21%-0.31%0.08%-0.54%2.09%2.09%2.09%2.09%2.09%
EBIAT -1.06-0.13-1.9227.84-3.294.543.582.822.231.75
Depreciation 0.921.341.581.491.760.830.660.520.410.32
Accounts Receivable --3.062.490.53-0.970.880.150.120.090.07
Inventories ----------
Accounts Payable --0.790.260.170.41-1.08-0.19-0.15-0.12-0.09
Capital Expenditure -3.47-1.19-1.33-0.49-1.39-0.67-0.53-0.41-0.33-0.26
UFCF -3.61-3.831.0929.54-3.484.513.672.902.281.80
WACC
PV UFCF 4.123.062.201.581.14
SUM PV UFCF 12.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.60
Free cash flow (t + 1) 1.84
Terminal Value 24.15
Present Value of Terminal Value 15.27

Intrinsic Value

Enterprise Value 27.37
Net Debt 1.03
Equity Value 26.34
Shares Outstanding 27.04
Equity Value Per Share 0.97