Discounted Cash Flow (DCF) Analysis Unlevered
Oblong, Inc. (OBLG)
$1.46
-0.08 (-5.19%)
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 | 12.56 | 12.83 | 15.33 | 7.74 | 5.48 | 4.69 | 4.02 | 3.45 | 2.96 | 2.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -5.82 | -6.25 | -2.83 | -5.89 | -20.03 | -5.21 | -4.47 | -3.83 | -3.29 | -2.82 |
| EBITDA (%) | ||||||||||
| EBIT | -6.58 | -7.57 | -6.97 | -9.12 | -21.93 | -6.34 | -5.43 | -4.66 | -3.99 | -3.42 |
| EBIT (%) | ||||||||||
| Depreciation | 0.76 | 1.32 | 4.14 | 3.23 | 1.90 | 1.12 | 0.96 | 0.83 | 0.71 | 0.61 |
| 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 | 2.01 | 4.51 | 4.90 | 8.94 | 3.09 | 2.39 | 2.05 | 1.76 | 1.51 | 1.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.37 | 2.54 | 3.17 | 0.85 | 0.42 | 0.66 | 0.56 | 0.48 | 0.41 | 0.35 |
| Account Receivables (%) | ||||||||||
| Inventories | - | 1.82 | 0.92 | 1.82 | 0.72 | 0.67 | 0.57 | 0.49 | 0.42 | 0.36 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.22 | 0.65 | 0.31 | 0.26 | 0.18 | 0.15 | 0.13 | 0.11 | 0.09 | 0.08 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.34 | -0.04 | -0.04 | -0.05 | -0.01 | -0.04 | -0.03 | -0.03 | -0.02 | -0.02 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.46 |
|---|---|
| Beta | 3.102 |
| Diluted Shares Outstanding | 2.06 |
| Cost of Debt | |
| Tax Rate | 0.03 |
| After-tax Cost of Debt | 8.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 18.151 |
| Total Debt | 0.24 |
| Total Equity | 3.01 |
| Total Capital | 3.25 |
| Debt Weighting | 7.26 |
| Equity Weighting | 92.74 |
| 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 | 12.56 | 12.83 | 15.33 | 7.74 | 5.48 | 4.69 | 4.02 | 3.45 | 2.96 | 2.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -5.82 | -6.25 | -2.83 | -5.89 | -20.03 | -5.21 | -4.47 | -3.83 | -3.29 | -2.82 |
| EBIT | -6.58 | -7.57 | -6.97 | -9.12 | -21.93 | -6.34 | -5.43 | -4.66 | -3.99 | -3.42 |
| Tax Rate | -0.18% | 0.00% | -1.41% | 0.98% | 0.03% | -0.11% | -0.11% | -0.11% | -0.11% | -0.11% |
| EBIAT | -6.59 | -7.57 | -7.06 | -9.03 | -21.92 | -6.35 | -5.44 | -4.66 | -4 | -3.43 |
| Depreciation | 0.76 | 1.32 | 4.14 | 3.23 | 1.90 | 1.12 | 0.96 | 0.83 | 0.71 | 0.61 |
| Accounts Receivable | - | -1.17 | -0.62 | 2.32 | 0.43 | -0.24 | 0.09 | 0.08 | 0.07 | 0.06 |
| Inventories | - | - | 0.90 | -0.90 | 1.10 | 0.06 | 0.10 | 0.08 | 0.07 | 0.06 |
| Accounts Payable | - | 0.43 | -0.33 | -0.05 | -0.08 | -0.04 | -0.02 | -0.02 | -0.02 | -0.01 |
| Capital Expenditure | -0.34 | -0.04 | -0.04 | -0.05 | -0.01 | -0.04 | -0.03 | -0.03 | -0.02 | -0.02 |
| UFCF | -6.17 | -7.04 | -3.02 | -4.49 | -18.57 | -5.48 | -4.34 | -3.72 | -3.19 | -2.74 |
| WACC | ||||||||||
| PV UFCF | -4.67 | -3.15 | -2.30 | -1.68 | -1.23 | |||||
| SUM PV UFCF | -13.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 17.42 |
| Free cash flow (t + 1) | -2.79 |
| Terminal Value | -18.09 |
| Present Value of Terminal Value | -8.11 |
Intrinsic Value
| Enterprise Value | -21.13 |
|---|---|
| Net Debt | -2.85 |
| Equity Value | -18.28 |
| Shares Outstanding | 2.06 |
| Equity Value Per Share | -8.85 |