Discounted Cash Flow (DCF) Analysis Unlevered
Needham Small Cap Growth Fund (NESIX)
$15.08
-0.26 (-1.69%)
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 | 10.87 | 13.70 | 3.41 | 5.78 | 7 | 7.73 | 8.53 | 9.41 | 10.39 | 11.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 59.29 | 15.39 | -81.78 | 54.37 | 84.32 | 6.28 | 6.93 | 7.65 | 8.44 | 9.31 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 6.28 | 6.93 | 7.65 | 8.44 | 9.31 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 5.61 | 10.18 | 6.56 | 6.16 | 12.58 | 9.34 | 10.31 | 11.38 | 12.55 | 13.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 13.20 | 0.66 | 0.42 | 17.25 | 1.28 | 7.04 | 7.77 | 8.57 | 9.46 | 10.44 |
| Account Receivables (%) | ||||||||||
| Inventories | 0 | 0 | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | 17.66 | 12.19 | 18.53 | 20.45 | 22.57 | 24.91 | 27.49 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.08 |
|---|---|
| Beta | 1.060 |
| Diluted Shares Outstanding | 19.46 |
| Cost of Debt | |
| Tax Rate | 22.15 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.140 |
| Total Debt | - |
| Total Equity | 293.51 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | 10.87 | 13.70 | 3.41 | 5.78 | 7 | 7.73 | 8.53 | 9.41 | 10.39 | 11.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 59.29 | 15.39 | -81.78 | 54.37 | 84.32 | 6.28 | 6.93 | 7.65 | 8.44 | 9.31 |
| EBIT | - | - | - | - | - | 6.28 | 6.93 | 7.65 | 8.44 | 9.31 |
| Tax Rate | 160.35% | 18.28% | 20.21% | 23.32% | 22.15% | 48.86% | 48.86% | 48.86% | 48.86% | 48.86% |
| EBIAT | - | - | - | - | - | 3.21 | 3.54 | 3.91 | 4.32 | 4.76 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 12.54 | 0.24 | -16.83 | 15.97 | -5.76 | -0.73 | -0.80 | -0.89 | -0.98 |
| Inventories | - | 0 | 0 | - | 0 | -0 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | - | - | - | -5.47 | 6.34 | 1.92 | 2.12 | 2.34 | 2.58 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 3.80 | 4.73 | 5.23 | 5.77 | 6.36 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 6.49 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -12.58 |
| Equity Value | - |
| Shares Outstanding | 19.46 |
| Equity Value Per Share | - |