Discounted Cash Flow (DCF) Analysis Unlevered

LiqTech International, Inc. (LIQT)

$0.381

+0.00 (+0.90%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.42 | 0.381 | 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 11.3412.2332.6422.5318.2723.9731.4541.2754.1471.03
Revenue (%)
EBITDA -3.79-3.461.29-6.86-7.74-6.26-8.22-10.78-14.14-18.55
EBITDA (%)
EBIT -4.73-4.11-0.05-9.69-10.48-8.43-11.06-14.51-19.04-24.98
EBIT (%)
Depreciation 0.940.651.342.832.742.172.853.734.906.43
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 2.493.787.0713.2617.4910.9914.4218.9124.8132.55
Total Cash (%)
Account Receivables 1.763.0312.253.131.964.916.448.4611.0914.55
Account Receivables (%)
Inventories 5.154.435.205.525.427.289.5512.5316.4321.56
Inventories (%)
Accounts Payable 1.782.124.342.331.653.154.135.427.119.33
Accounts Payable (%)
Capital Expenditure -0.14-0.18-2.57-3.81-1.13-1.61-2.12-2.78-3.65-4.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.381
Beta 0.968
Diluted Shares Outstanding 21.57
Cost of Debt
Tax Rate 0.56
After-tax Cost of Debt 7.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.371
Total Debt 9.87
Total Equity 8.22
Total Capital 18.09
Debt Weighting 54.58
Equity Weighting 45.42
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 11.3412.2332.6422.5318.2723.9731.4541.2754.1471.03
EBITDA -3.79-3.461.29-6.86-7.74-6.26-8.22-10.78-14.14-18.55
EBIT -4.73-4.11-0.05-9.69-10.48-8.43-11.06-14.51-19.04-24.98
Tax Rate 6.65%8.74%115.38%4.53%0.56%27.17%27.17%27.17%27.17%27.17%
EBIAT -4.42-3.750.01-9.25-10.42-6.14-8.06-10.57-13.87-18.19
Depreciation 0.940.651.342.832.742.172.853.734.906.43
Accounts Receivable --1.27-9.229.121.17-2.95-1.53-2.01-2.64-3.46
Inventories -0.72-0.77-0.320.10-1.86-2.27-2.98-3.91-5.13
Accounts Payable -0.352.22-2.01-0.691.500.981.291.692.22
Capital Expenditure -0.14-0.18-2.57-3.81-1.13-1.61-2.12-2.78-3.65-4.78
UFCF -3.62-3.48-8.99-3.44-8.23-8.89-10.15-13.31-17.47-22.92
WACC
PV UFCF -8.26-8.75-10.66-12.99-15.82
SUM PV UFCF -56.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.69
Free cash flow (t + 1) -23.38
Terminal Value -410.81
Present Value of Terminal Value -283.64

Intrinsic Value

Enterprise Value -340.12
Net Debt -7.62
Equity Value -332.50
Shares Outstanding 21.57
Equity Value Per Share -15.42