Discounted Cash Flow (DCF) Analysis Unlevered

Newater Technology, Inc. (NEWA)

$4.17

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -77.56 | 4.17 | 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 12.2825.3447.0437.5751.1677.76118.21179.68273.13415.17
Revenue (%)
EBITDA 3.333.5410.098.4110.4716.3824.9037.8657.5487.47
EBITDA (%)
EBIT 3.143.319.536.868.3114.5222.0733.555177.52
EBIT (%)
Depreciation 0.190.230.561.552.161.862.834.316.549.95
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 1.483.122.469.944.4610.0815.3223.2935.4153.82
Total Cash (%)
Account Receivables 3.706.7012.4113.5826.7426.6540.5161.5893.60142.28
Account Receivables (%)
Inventories 4.8410.2813.7613.7221.7429.2844.5067.64102.82156.30
Inventories (%)
Accounts Payable 1.844.908.7413.3212.0217.4126.4640.2261.1392.93
Accounts Payable (%)
Capital Expenditure -2.33-1.48-5.51-2.32-7.36-8.88-13.50-20.51-31.18-47.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.17
Beta 0.884
Diluted Shares Outstanding 10.81
Cost of Debt
Tax Rate 15.05
After-tax Cost of Debt 4.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.048
Total Debt 33.13
Total Equity 45.07
Total Capital 78.20
Debt Weighting 42.36
Equity Weighting 57.64
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 12.2825.3447.0437.5751.1677.76118.21179.68273.13415.17
EBITDA 3.333.5410.098.4110.4716.3824.9037.8657.5487.47
EBIT 3.143.319.536.868.3114.5222.0733.555177.52
Tax Rate 18.39%15.52%18.69%25.34%15.05%18.60%18.60%18.60%18.60%18.60%
EBIAT 2.562.807.755.127.0611.8217.9727.3141.5263.11
Depreciation 0.190.230.561.552.161.862.834.316.549.95
Accounts Receivable --3-5.71-1.18-13.160.09-13.86-21.07-32.02-48.68
Inventories --5.44-3.480.05-8.02-7.54-15.23-23.14-35.18-53.47
Accounts Payable -3.063.844.58-1.305.389.0513.7620.9231.79
Capital Expenditure -2.33-1.48-5.51-2.32-7.36-8.88-13.50-20.51-31.18-47.40
UFCF 0.42-3.84-2.567.81-20.632.74-12.73-19.35-29.41-44.70
WACC
PV UFCF 2.57-11.21-15.99-22.82-32.55
SUM PV UFCF -80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.55
Free cash flow (t + 1) -45.60
Terminal Value -1,002.12
Present Value of Terminal Value -729.71

Intrinsic Value

Enterprise Value -809.71
Net Debt 28.66
Equity Value -838.38
Shares Outstanding 10.81
Equity Value Per Share -77.56