Discounted Cash Flow (DCF) Analysis Unlevered

Inpixon (INPX)

$0.1621

+0.00 (+2.66%)
All numbers are in Millions, Currency in USD
Stock DCF: -18.46 | 0.1621 | overvalue

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 45.133.766.309.301619.8224.5630.4437.7246.74
Revenue (%)
EBITDA -24.23-17.08-27.08-23-63.44-62.72-77.72-96.31-119.34-147.89
EBITDA (%)
EBIT -31.19-23.33-32.30-26.86-70.57-76.62-94.95-117.66-145.81-180.68
EBIT (%)
Depreciation 6.966.255.223.867.1313.9117.2321.3526.4632.79
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 0.141.014.7825.9995.6138.8648.1559.6773.9491.63
Total Cash (%)
Account Receivables 2.491.281.181.893.5444.966.147.619.43
Account Receivables (%)
Inventories 0.790.570.401.241.981.942.402.983.694.58
Inventories (%)
Accounts Payable 25.831.132.380.912.415.957.379.1311.3114.02
Accounts Payable (%)
Capital Expenditure -1.35-0.89-1.02-11.82-2.27-7.30-9.05-11.21-13.89-17.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.1,621
Beta 1.582
Diluted Shares Outstanding 107.98
Cost of Debt
Tax Rate 3.34
After-tax Cost of Debt 4.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.355
Total Debt 5.24
Total Equity 17.50
Total Capital 22.74
Debt Weighting 23.04
Equity Weighting 76.96
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 45.133.766.309.301619.8224.5630.4437.7246.74
EBITDA -24.23-17.08-27.08-23-63.44-62.72-77.72-96.31-119.34-147.89
EBIT -31.19-23.33-32.30-26.86-70.57-76.62-94.95-117.66-145.81-180.68
Tax Rate -0.05%-24.21%1.66%0.14%3.34%-3.82%-3.82%-3.82%-3.82%-3.82%
EBIAT -31.21-28.98-31.76-26.82-68.21-79.55-98.58-122.16-151.38-187.59
Depreciation 6.966.255.223.867.1313.9117.2321.3526.4632.79
Accounts Receivable -1.210.10-0.71-1.65-0.46-0.96-1.19-1.47-1.82
Inventories -0.220.17-0.84-0.730.04-0.46-0.58-0.71-0.88
Accounts Payable --24.711.25-1.481.513.531.421.762.182.71
Capital Expenditure -1.35-0.89-1.02-11.82-2.27-7.30-9.05-11.21-13.89-17.22
UFCF -25.60-46.89-26.03-37.81-64.23-69.84-90.40-112.02-138.81-172.01
WACC
PV UFCF -64.03-75.97-86.31-98.05-111.39
SUM PV UFCF -435.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.08
Free cash flow (t + 1) -175.45
Terminal Value -2,478.15
Present Value of Terminal Value -1,604.73

Intrinsic Value

Enterprise Value -2,040.48
Net Debt -47.24
Equity Value -1,993.24
Shares Outstanding 107.98
Equity Value Per Share -18.46