Discounted Cash Flow (DCF) Analysis Unlevered

MIND Technology, Inc. (MINDP)

$7.65

+0.03 (+0.39%)
All numbers are in Millions, Currency in USD
Stock DCF: -62.12 | 7.65 | 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 42.9442.6721.2223.1135.0935.9636.8437.7538.6939.64
Revenue (%)
EBITDA 4.20-1.09-4.64-12.33-5.73-6.06-6.21-6.37-6.52-6.68
EBITDA (%)
EBIT -7.61-8.86-9.27-14.54-7.61-12-12.29-12.59-12.91-13.22
EBIT (%)
Depreciation 11.817.774.632.211.895.936.086.236.386.54
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 9.393.094.615.110.785.415.545.685.825.96
Total Cash (%)
Account Receivables 12.0811.924.758.133.998.999.219.449.679.91
Account Receivables (%)
Inventories 10.7713.2611.4514.0115.3215.4215.8016.1916.5917
Inventories (%)
Accounts Payable 1.532.651.702.054.102.762.832.902.973.04
Accounts Payable (%)
Capital Expenditure -2.53-3.99-0.57-0.83-0.58-1.67-1.71-1.75-1.79-1.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.65
Beta 1.377
Diluted Shares Outstanding 1.38
Cost of Debt
Tax Rate -10.38
After-tax Cost of Debt 29.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.784
Total Debt 1.75
Total Equity 10.54
Total Capital 12.29
Debt Weighting 14.23
Equity Weighting 85.77
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 42.9442.6721.2223.1135.0935.9636.8437.7538.6939.64
EBITDA 4.20-1.09-4.64-12.33-5.73-6.06-6.21-6.37-6.52-6.68
EBIT -7.61-8.86-9.27-14.54-7.61-12-12.29-12.59-12.91-13.22
Tax Rate -7.96%-8.44%-3.98%0.29%-10.38%-6.09%-6.09%-6.09%-6.09%-6.09%
EBIAT -8.22-9.60-9.63-14.50-8.40-12.73-13.04-13.36-13.69-14.03
Depreciation 11.817.774.632.211.895.936.086.236.386.54
Accounts Receivable -0.167.17-3.384.13-5-0.22-0.23-0.23-0.24
Inventories --2.491.81-2.55-1.31-0.10-0.38-0.39-0.40-0.41
Accounts Payable -1.12-0.950.342.05-1.340.070.070.070.07
Capital Expenditure -2.53-3.99-0.57-0.83-0.58-1.67-1.71-1.75-1.79-1.84
UFCF 1.06-7.032.46-18.71-2.22-14.90-9.20-9.43-9.66-9.90
WACC
PV UFCF -13.13-7.15-6.46-5.83-5.26
SUM PV UFCF -37.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.47
Free cash flow (t + 1) -10.10
Terminal Value -88.07
Present Value of Terminal Value -46.82

Intrinsic Value

Enterprise Value -84.65
Net Debt 0.97
Equity Value -85.62
Shares Outstanding 1.38
Equity Value Per Share -62.12