Discounted Cash Flow (DCF) Analysis Unlevered

Insignia Systems, Inc. (ISIG)

$9.4997

-0.15 (-1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.44 | 9.4997 | 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 26.4333.2421.9517.6719.5018.6617.8517.0816.3415.63
Revenue (%)
EBITDA 0.443.05-3.84-4.01-3.40-1.75-1.67-1.60-1.53-1.46
EBITDA (%)
EBIT -0.911.88-5.49-4.49-3.46-2.46-2.35-2.25-2.15-2.06
EBIT (%)
Depreciation 1.351.171.650.480.060.710.680.650.620.60
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 4.7010.167.517.133.775.315.084.864.654.44
Total Cash (%)
Account Receivables 12.228.897.695.875.256.2765.745.495.26
Account Receivables (%)
Inventories 0.300.350.320.090.020.160.150.150.140.13
Inventories (%)
Accounts Payable 3.233.333.043.152.542.502.392.292.192.09
Accounts Payable (%)
Capital Expenditure -1.16-1.34-0.40-0.06-0.11-0.41-0.40-0.38-0.36-0.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.4,997
Beta 1.756
Diluted Shares Outstanding 1.76
Cost of Debt
Tax Rate -1.20
After-tax Cost of Debt 19.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.799
Total Debt 0.18
Total Equity 16.72
Total Capital 16.90
Debt Weighting 1.09
Equity Weighting 98.91
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 26.4333.2421.9517.6719.5018.6617.8517.0816.3415.63
EBITDA 0.443.05-3.84-4.01-3.40-1.75-1.67-1.60-1.53-1.46
EBIT -0.911.88-5.49-4.49-3.46-2.46-2.35-2.25-2.15-2.06
Tax Rate 29.70%25.70%8.49%4.25%-1.20%13.39%13.39%13.39%13.39%13.39%
EBIAT -0.641.40-5.02-4.30-3.50-2.13-2.04-1.95-1.86-1.78
Depreciation 1.351.171.650.480.060.710.680.650.620.60
Accounts Receivable -3.331.211.820.62-1.020.270.260.250.24
Inventories --0.050.030.240.07-0.140.010.010.010.01
Accounts Payable -0.10-0.300.11-0.61-0.04-0.11-0.10-0.10-0.09
Capital Expenditure -1.16-1.34-0.40-0.06-0.11-0.41-0.40-0.38-0.36-0.35
UFCF -0.454.61-2.83-1.72-3.47-3.04-1.58-1.51-1.45-1.38
WACC
PV UFCF -2.71-1.26-1.08-0.92-0.79
SUM PV UFCF -6.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.88
Free cash flow (t + 1) -1.41
Terminal Value -14.29
Present Value of Terminal Value -8.15

Intrinsic Value

Enterprise Value -14.92
Net Debt -3.58
Equity Value -11.34
Shares Outstanding 1.76
Equity Value Per Share -6.44