Discounted Cash Flow (DCF) Analysis Unlevered

Network-1 Technologies, Inc. (NTIP)

$2.26

+0.01 (+0.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 321.39 | 2.26 | undervalue

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 16.4522.113.044.4036.03100.10278.13772.782,147.115,965.61
Revenue (%)
EBITDA 6.4310.30-1.36-2.3319.048.1922.7563.21175.62487.95
EBITDA (%)
EBIT 6.2310.01-1.77-2.6618.743.289.1125.3270.36195.49
EBIT (%)
Depreciation 0.210.290.410.330.304.9113.6437.88105.26292.46
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 54.1654.9948.3244.8759.62671.401,865.435,182.9814,400.5940,011.13
Total Cash (%)
Account Receivables 0.570.440.340.252.025.6115.5743.27120.22334.03
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.240.070.420.600.466.1016.9647.11130.89363.68
Accounts Payable (%)
Capital Expenditure -1.14-0.11-0.11-0.05-1.12-3.10-8.62-23.95-66.54-184.88
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.26
Beta 0.302
Diluted Shares Outstanding 24.01
Cost of Debt
Tax Rate 27.65
After-tax Cost of Debt 3.62%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.312
Total Debt -
Total Equity 54.27
Total Capital 54.27
Debt Weighting 0.00
Equity Weighting 100.00
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 16.4522.113.044.4036.03100.10278.13772.782,147.115,965.61
EBITDA 6.4310.30-1.36-2.3319.048.1922.7563.21175.62487.95
EBIT 6.2310.01-1.77-2.6618.743.289.1125.3270.36195.49
Tax Rate 33.65%23.05%-53.56%8.90%27.65%7.94%7.94%7.94%7.94%7.94%
EBIAT 4.137.71-2.72-2.4313.563.028.3923.3164.77179.97
Depreciation 0.210.290.410.330.304.9113.6437.88105.26292.46
Accounts Receivable -0.130.100.10-1.77-3.59-9.97-27.70-76.95-213.81
Inventories ----------
Accounts Payable --0.180.350.18-0.145.6410.8530.1583.78232.79
Capital Expenditure -1.14-0.11-0.12-0.05-1.12-3.10-8.62-23.95-66.54-184.88
UFCF 3.197.84-1.97-1.8710.836.8814.2939.71110.32306.52
WACC
PV UFCF 6.5312.893489.70236.65
SUM PV UFCF 379.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.31
Free cash flow (t + 1) 312.65
Terminal Value 9,445.74
Present Value of Terminal Value 7,292.69

Intrinsic Value

Enterprise Value 7,672.46
Net Debt -44.50
Equity Value 7,716.96
Shares Outstanding 24.01
Equity Value Per Share 321.39