Discounted Cash Flow (DCF) Analysis Unlevered

MoSys, Inc. (MOSY)

$4.5

+0.29 (+6.89%)
All numbers are in Millions, Currency in USD
Stock DCF: -85.27 | 4.5 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 6.028.8416.6010.096.797.869.0910.5112.1614.07
Revenue (%)
EBITDA -30.21-9.11-10.10-2.17-3.39-11.58-13.40-15.50-17.92-20.73
EBITDA (%)
EBIT -31.32-9.97-10.81-2.36-3.54-12.15-14.06-16.26-18.81-21.75
EBIT (%)
Depreciation 1.110.860.710.190.140.570.660.760.881.02
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 9.773.877.106.355.896.267.248.389.6911.21
Total Cash (%)
Account Receivables 0.581.681.711.240.700.971.121.291.491.73
Account Receivables (%)
Inventories 1.451.771.150.970.601.091.261.461.691.95
Inventories (%)
Accounts Payable 0.560.170.240.220.080.250.290.340.390.45
Accounts Payable (%)
Capital Expenditure -0.65-0.30-0.05-0.10-0.07-0.26-0.30-0.35-0.40-0.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.5
Beta 2.297
Diluted Shares Outstanding 2.17
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 6.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.729
Total Debt 3.67
Total Equity 9.74
Total Capital 13.41
Debt Weighting 27.37
Equity Weighting 72.63
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 6.028.8416.6010.096.797.869.0910.5112.1614.07
EBITDA -30.21-9.11-10.10-2.17-3.39-11.58-13.40-15.50-17.92-20.73
EBIT -31.32-9.97-10.81-2.36-3.54-12.15-14.06-16.26-18.81-21.75
Tax Rate -0.14%2.14%-0.11%0.00%0.00%0.38%0.38%0.38%0.38%0.38%
EBIAT -31.36-9.76-10.83-2.36-3.54-12.11-14.01-16.20-18.74-21.67
Depreciation 1.110.860.710.190.140.570.660.760.881.02
Accounts Receivable --1.11-0.030.470.53-0.26-0.15-0.17-0.20-0.23
Inventories --0.320.620.180.37-0.49-0.17-0.20-0.23-0.26
Accounts Payable --0.390.07-0.02-0.140.170.040.050.050.06
Capital Expenditure -0.65-0.30-0.05-0.10-0.07-0.26-0.30-0.35-0.40-0.46
UFCF -30.90-11.01-9.51-1.64-2.70-12.38-13.93-16.11-18.63-21.55
WACC
PV UFCF -11.07-11.15-11.53-11.93-12.35
SUM PV UFCF -58.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.78
Free cash flow (t + 1) -21.98
Terminal Value -224.75
Present Value of Terminal Value -128.79

Intrinsic Value

Enterprise Value -186.82
Net Debt -2.22
Equity Value -184.61
Shares Outstanding 2.17
Equity Value Per Share -85.27