Discounted Cash Flow (DCF) Analysis Unlevered

Insignia Systems, Inc. (ISIG)

$6.03

+0.18 (+3.08%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.57 | 6.03 | 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 0.443.05-3.84-4.01-3.57-1.78-1.70-1.63-1.56-1.49
EBITDA (%)
EBIT -0.911.88-5.49-4.49-4.49-2.66-2.54-2.43-2.33-2.23
EBIT (%)
Depreciation 1.351.171.650.480.920.880.840.800.770.74
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 12.228.897.695.875.256.2765.745.495.25
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 -1.16-1.34-0.40-0.06-0.52-0.49-0.47-0.45-0.43-0.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.03
Beta 1.861
Diluted Shares Outstanding 1.76
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -19.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.746
Total Debt 0.18
Total Equity 10.61
Total Capital 10.80
Debt Weighting 1.70
Equity Weighting 98.30
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 0.443.05-3.84-4.01-3.57-1.78-1.70-1.63-1.56-1.49
EBIT -0.911.88-5.49-4.49-4.49-2.66-2.54-2.43-2.33-2.23
Tax Rate 29.70%25.70%8.49%4.25%0.00%13.63%13.63%13.63%13.63%13.63%
EBIAT -0.641.40-5.02-4.30-4.49-2.29-2.20-2.10-2.01-1.92
Depreciation 1.351.171.650.480.920.880.840.800.770.74
Accounts Receivable -3.331.211.820.62-1.030.270.260.250.24
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 -1.16-1.34-0.40-0.06-0.52-0.49-0.47-0.45-0.43-0.41
UFCF -0.454.61-2.83-1.72-4.01-3.12-1.66-1.58-1.52-1.45
WACC
PV UFCF -2.78-1.32-1.12-0.96-0.82
SUM PV UFCF -6.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.20
Free cash flow (t + 1) -1.48
Terminal Value -14.50
Present Value of Terminal Value -8.16

Intrinsic Value

Enterprise Value -15.15
Net Debt -3.58
Equity Value -11.56
Shares Outstanding 1.76
Equity Value Per Share -6.57