Discounted Cash Flow (DCF) Analysis Unlevered

Koss Corporation (KOSS)

$2.48

-0.01 (-0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: -52.72 | 2.48 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 21.8418.3119.5517.6113.1011.6310.329.168.137.22
Revenue (%)
EBITDA 0.40-0.48-0.390.90-24.90-4.37-3.88-3.44-3.05-2.71
EBITDA (%)
EBIT -0.03-0.81-0.690.61-25.13-4.57-4.06-3.60-3.20-2.84
EBIT (%)
Depreciation 0.430.330.300.290.230.200.180.160.140.13
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 2.2346.959.2120.166.375.655.024.453.95
Total Cash (%)
Account Receivables 3.702.332.241.851.521.471.301.161.030.91
Account Receivables (%)
Inventories 6.855.545.908.636.424.423.923.483.092.74
Inventories (%)
Accounts Payable 1.440.830.400.800.270.460.410.360.320.28
Accounts Payable (%)
Capital Expenditure -0.19-0.42-0.60-0.11-0.10-0.18-0.16-0.14-0.12-0.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.48
Beta -0.822
Diluted Shares Outstanding 9.75
Cost of Debt
Tax Rate 3.68
After-tax Cost of Debt 4.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 0.476
Total Debt 3.02
Total Equity 24.19
Total Capital 27.21
Debt Weighting 11.11
Equity Weighting 88.89
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 21.8418.3119.5517.6113.1011.6310.329.168.137.22
EBITDA 0.40-0.48-0.390.90-24.90-4.37-3.88-3.44-3.05-2.71
EBIT -0.03-0.81-0.690.61-25.13-4.57-4.06-3.60-3.20-2.84
Tax Rate -6.50%-0.38%0.83%0.59%3.68%-0.36%-0.36%-0.36%-0.36%-0.36%
EBIAT -0.03-0.82-0.690.60-24.21-4.59-4.07-3.61-3.21-2.85
Depreciation 0.430.330.300.290.230.200.180.160.140.13
Accounts Receivable -1.370.090.390.330.050.170.150.130.12
Inventories -1.31-0.36-2.732.212.010.500.440.390.35
Accounts Payable --0.61-0.430.40-0.530.19-0.05-0.05-0.04-0.04
Capital Expenditure -0.19-0.42-0.60-0.11-0.10-0.18-0.16-0.14-0.12-0.11
UFCF 0.221.16-1.69-1.15-22.07-2.31-3.44-3.05-2.71-2.40
WACC
PV UFCF -2.29-3.37-2.97-2.61-2.29
SUM PV UFCF -13.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 0.96
Free cash flow (t + 1) -2.42
Terminal Value -525.26
Present Value of Terminal Value -500.75

Intrinsic Value

Enterprise Value -514.28
Net Debt -0.07
Equity Value -514.22
Shares Outstanding 9.75
Equity Value Per Share -52.72