Discounted Cash Flow (DCF) Analysis Unlevered
Koss Corporation (KOSS)
$2.48
-0.01 (-0.40%)
All numbers are in Millions, Currency in USD
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 | 21.84 | 18.31 | 19.55 | 17.61 | 13.10 | 11.63 | 10.32 | 9.16 | 8.13 | 7.22 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 0.40 | -0.48 | -0.39 | 0.90 | -24.90 | -4.37 | -3.88 | -3.44 | -3.05 | -2.71 |
EBITDA (%) | ||||||||||
EBIT | -0.03 | -0.81 | -0.69 | 0.61 | -25.13 | -4.57 | -4.06 | -3.60 | -3.20 | -2.84 |
EBIT (%) | ||||||||||
Depreciation | 0.43 | 0.33 | 0.30 | 0.29 | 0.23 | 0.20 | 0.18 | 0.16 | 0.14 | 0.13 |
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 | 2.23 | 4 | 6.95 | 9.21 | 20.16 | 6.37 | 5.65 | 5.02 | 4.45 | 3.95 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 3.70 | 2.33 | 2.24 | 1.85 | 1.52 | 1.47 | 1.30 | 1.16 | 1.03 | 0.91 |
Account Receivables (%) | ||||||||||
Inventories | 6.85 | 5.54 | 5.90 | 8.63 | 6.42 | 4.42 | 3.92 | 3.48 | 3.09 | 2.74 |
Inventories (%) | ||||||||||
Accounts Payable | 1.44 | 0.83 | 0.40 | 0.80 | 0.27 | 0.46 | 0.41 | 0.36 | 0.32 | 0.28 |
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 | 21.84 | 18.31 | 19.55 | 17.61 | 13.10 | 11.63 | 10.32 | 9.16 | 8.13 | 7.22 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 0.40 | -0.48 | -0.39 | 0.90 | -24.90 | -4.37 | -3.88 | -3.44 | -3.05 | -2.71 |
EBIT | -0.03 | -0.81 | -0.69 | 0.61 | -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 | -0.69 | 0.60 | -24.21 | -4.59 | -4.07 | -3.61 | -3.21 | -2.85 |
Depreciation | 0.43 | 0.33 | 0.30 | 0.29 | 0.23 | 0.20 | 0.18 | 0.16 | 0.14 | 0.13 |
Accounts Receivable | - | 1.37 | 0.09 | 0.39 | 0.33 | 0.05 | 0.17 | 0.15 | 0.13 | 0.12 |
Inventories | - | 1.31 | -0.36 | -2.73 | 2.21 | 2.01 | 0.50 | 0.44 | 0.39 | 0.35 |
Accounts Payable | - | -0.61 | -0.43 | 0.40 | -0.53 | 0.19 | -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 | 0.22 | 1.16 | -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 |