Discounted Cash Flow (DCF) Analysis Unlevered

Neonode Inc. (NEON)

$3.82

-0.13 (-3.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.52 | 3.82 | 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 10.248.546.655.985.845.094.443.873.372.94
Revenue (%)
EBITDA -3.73-1.99-3.97-4.35-5.15-2.85-2.49-2.17-1.89-1.65
EBITDA (%)
EBIT -4.69-3-5.23-5.52-6.29-3.66-3.19-2.78-2.43-2.11
EBIT (%)
Depreciation 0.951.011.261.171.140.810.700.610.530.47
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 5.806.562.3610.4717.386.535.694.974.333.78
Total Cash (%)
Account Receivables 1.352.011.532.181.641.261.100.960.840.73
Account Receivables (%)
Inventories 1.151.221.031.272.521.070.940.820.710.62
Inventories (%)
Accounts Payable 0.510.500.561.080.780.510.450.390.340.30
Accounts Payable (%)
Capital Expenditure -0.66-0.24-0.09-0.06-0.07-0.13-0.11-0.10-0.09-0.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.82
Beta 2.299
Diluted Shares Outstanding 11.91
Cost of Debt
Tax Rate 9.44
After-tax Cost of Debt 1.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.729
Total Debt 0.86
Total Equity 45.48
Total Capital 46.35
Debt Weighting 1.87
Equity Weighting 98.13
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 10.248.546.655.985.845.094.443.873.372.94
EBITDA -3.73-1.99-3.97-4.35-5.15-2.85-2.49-2.17-1.89-1.65
EBIT -4.69-3-5.23-5.52-6.29-3.66-3.19-2.78-2.43-2.11
Tax Rate 15.24%22.12%8.08%9.93%9.44%12.96%12.96%12.96%12.96%12.96%
EBIAT -3.97-2.33-4.80-4.97-5.70-3.18-2.78-2.42-2.11-1.84
Depreciation 0.951.011.261.171.140.810.700.610.530.47
Accounts Receivable --0.660.47-0.640.540.370.160.140.120.11
Inventories --0.060.19-0.24-1.251.450.140.120.100.09
Accounts Payable --0.010.050.53-0.31-0.26-0.07-0.06-0.05-0.04
Capital Expenditure -0.66-0.24-0.09-0.06-0.07-0.13-0.11-0.10-0.09-0.07
UFCF -3.67-2.30-2.92-4.21-5.64-0.95-1.95-1.70-1.49-1.30
WACC
PV UFCF -0.83-1.49-1.14-0.86-0.66
SUM PV UFCF -4.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.48
Free cash flow (t + 1) -1.32
Terminal Value -10.58
Present Value of Terminal Value -5.38

Intrinsic Value

Enterprise Value -10.36
Net Debt -16.52
Equity Value 6.16
Shares Outstanding 11.91
Equity Value Per Share 0.52