Discounted Cash Flow (DCF) Analysis Unlevered

Koss Corporation (KOSS)

$6.38

+0.08 (+1.27%)
All numbers are in Millions, Currency in USD
Stock DCF: -2.00 | 6.38 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 23.5221.8418.3119.5517.6116.4415.3614.3413.3912.51
Revenue (%)
EBITDA 0.190.84-0.130.801.280.500.470.440.410.38
EBITDA (%)
EBIT -0.340.41-0.460.500.940.190.180.170.160.15
EBIT (%)
Depreciation 0.530.430.330.300.330.310.290.270.250.24
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 1.082.2346.959.214.093.823.573.333.11
Total Cash (%)
Account Receivables 4.743.702.332.241.852.362.202.061.921.80
Account Receivables (%)
Inventories 6.146.855.545.908.635.495.134.794.474.18
Inventories (%)
Accounts Payable 1.431.440.830.400.800.780.730.680.640.59
Accounts Payable (%)
Capital Expenditure -0.25-0.19-0.42-0.60-0.32-0.30-0.28-0.26-0.24-0.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.38
Beta -0.970
Diluted Shares Outstanding 9.99
Cost of Debt
Tax Rate 0.59
After-tax Cost of Debt 4.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity -0.819
Total Debt 3.25
Total Equity 63.71
Total Capital 66.96
Debt Weighting 4.85
Equity Weighting 95.15
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 23.5221.8418.3119.5517.6116.4415.3614.3413.3912.51
EBITDA 0.190.84-0.130.801.280.500.470.440.410.38
EBIT -0.340.41-0.460.500.940.190.180.170.160.15
Tax Rate -886.14%-6.50%-0.38%0.83%0.59%-178.32%-178.32%-178.32%-178.32%-178.32%
EBIAT -3.330.44-0.470.490.940.530.500.460.430.40
Depreciation 0.530.430.330.300.330.310.290.270.250.24
Accounts Receivable -1.041.370.090.39-0.510.160.150.140.13
Inventories --0.711.31-0.36-2.733.140.360.340.320.30
Accounts Payable -0.01-0.61-0.430.40-0.02-0.05-0.05-0.05-0.04
Capital Expenditure -0.25-0.19-0.42-0.60-0.32-0.30-0.28-0.26-0.24-0.23
UFCF -3.061.011.51-0.51-0.993.150.970.910.850.79
WACC
PV UFCF 3.170.980.920.870.81
SUM PV UFCF 6.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -0.54
Free cash flow (t + 1) 0.81
Terminal Value -31.85
Present Value of Terminal Value -32.73

Intrinsic Value

Enterprise Value -25.96
Net Debt -5.96
Equity Value -20
Shares Outstanding 9.99
Equity Value Per Share -2.00