Discounted Cash Flow (DCF) Analysis Unlevered
MIND Technology, Inc. (MIND)
$0.8011
+0.03 (+3.38%)
All numbers are in Millions, Currency in USD
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 | 48.28 | 42.94 | 42.68 | 21.22 | 23.11 | 20.04 | 17.39 | 15.08 | 13.08 | 11.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.52 | -7.77 | -2.64 | -15.14 | -15.73 | -6.86 | -5.95 | -5.16 | -4.47 | -3.88 |
| EBITDA (%) | ||||||||||
| EBIT | -20.16 | -19.59 | -10.41 | -19.77 | -17.95 | -11.33 | -9.83 | -8.52 | -7.39 | -6.41 |
| EBIT (%) | ||||||||||
| Depreciation | 16.64 | 11.81 | 7.77 | 4.63 | 2.21 | 4.47 | 3.88 | 3.36 | 2.92 | 2.53 |
| 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 | 9.90 | 9.39 | 3.09 | 4.61 | 5.11 | 3.75 | 3.25 | 2.82 | 2.45 | 2.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10.49 | 12.08 | 11.92 | 4.75 | 8.13 | 5.43 | 4.71 | 4.08 | 3.54 | 3.07 |
| Account Receivables (%) | ||||||||||
| Inventories | 10.86 | 10.77 | 13.26 | 11.45 | 14.01 | 7.75 | 6.72 | 5.83 | 5.06 | 4.39 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.27 | 1.53 | 2.65 | 1.70 | 2.05 | 1.17 | 1.02 | 0.88 | 0.77 | 0.66 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.32 | -2.53 | -3.99 | -0.57 | -0.83 | -0.97 | -0.84 | -0.73 | -0.63 | -0.55 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.8,011 |
|---|---|
| Beta | 1.840 |
| Diluted Shares Outstanding | 12.52 |
| Cost of Debt | |
| Tax Rate | -32.08 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.526 |
| Total Debt | 1.83 |
| Total Equity | 10.03 |
| Total Capital | 11.86 |
| Debt Weighting | 15.47 |
| Equity Weighting | 84.53 |
| 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 | 48.28 | 42.94 | 42.68 | 21.22 | 23.11 | 20.04 | 17.39 | 15.08 | 13.08 | 11.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.52 | -7.77 | -2.64 | -15.14 | -15.73 | -6.86 | -5.95 | -5.16 | -4.47 | -3.88 |
| EBIT | -20.16 | -19.59 | -10.41 | -19.77 | -17.95 | -11.33 | -9.83 | -8.52 | -7.39 | -6.41 |
| Tax Rate | -4.51% | -1.29% | -8.44% | -50.79% | -32.08% | -19.42% | -19.42% | -19.42% | -19.42% | -19.42% |
| EBIAT | -21.07 | -19.84 | -11.29 | -29.81 | -23.70 | -13.53 | -11.74 | -10.18 | -8.83 | -7.66 |
| Depreciation | 16.64 | 11.81 | 7.77 | 4.63 | 2.21 | 4.47 | 3.88 | 3.36 | 2.92 | 2.53 |
| Accounts Receivable | - | -1.59 | 0.16 | 7.17 | -3.38 | 2.70 | 0.72 | 0.62 | 0.54 | 0.47 |
| Inventories | - | 0.08 | -2.49 | 1.81 | -2.55 | 6.26 | 1.03 | 0.89 | 0.77 | 0.67 |
| Accounts Payable | - | 0.26 | 1.12 | -0.95 | 0.34 | -0.87 | -0.16 | -0.14 | -0.12 | -0.10 |
| Capital Expenditure | -1.32 | -2.53 | -3.99 | -0.57 | -0.83 | -0.97 | -0.84 | -0.73 | -0.63 | -0.55 |
| UFCF | -5.75 | -11.80 | -8.72 | -17.72 | -27.91 | -1.94 | -7.11 | -6.17 | -5.35 | -4.64 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -4.73 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -3.28 |
| Equity Value | - |
| Shares Outstanding | 12.52 |
| Equity Value Per Share | - |