Discounted Cash Flow (DCF) Analysis Unlevered
O2Micro International Limited (OIIM)
$3.38
+0.01 (+0.30%)
All numbers are in Millions, Currency in USD
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 | 60.20 | 62.71 | 60.93 | 78.33 | 101.10 | 115.99 | 133.09 | 152.70 | 175.20 | 201.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.47 | 4.87 | -2.09 | 10.29 | 17.43 | 6.72 | 7.71 | 8.84 | 10.15 | 11.64 |
| EBITDA (%) | ||||||||||
| EBIT | -5.14 | 3.23 | -3.87 | 7.06 | 13.08 | 2.84 | 3.26 | 3.74 | 4.29 | 4.92 |
| EBIT (%) | ||||||||||
| Depreciation | 1.67 | 1.64 | 1.78 | 3.23 | 4.35 | 3.88 | 4.45 | 5.11 | 5.86 | 6.72 |
| 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 | 46.12 | 38.59 | 46.39 | 47.81 | 49.97 | 75.33 | 86.43 | 99.17 | 113.78 | 130.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 9.44 | 11.68 | 10.55 | 16.43 | 18.78 | 21.15 | 24.27 | 27.85 | 31.95 | 36.66 |
| Account Receivables (%) | ||||||||||
| Inventories | 9.33 | 10.29 | 8.80 | 12.59 | 19.52 | 18.96 | 21.75 | 24.96 | 28.63 | 32.85 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.46 | 4.58 | 4.87 | 8 | 9.17 | 8.97 | 10.29 | 11.81 | 13.55 | 15.54 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.70 | -1.27 | -1.67 | -2.48 | -8.81 | -4.13 | -4.74 | -5.44 | -6.24 | -7.16 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.38 |
|---|---|
| Beta | 0.848 |
| Diluted Shares Outstanding | 26.98 |
| Cost of Debt | |
| Tax Rate | 7.43 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.790 |
| Total Debt | 2.85 |
| Total Equity | 91.19 |
| Total Capital | 94.04 |
| Debt Weighting | 3.03 |
| Equity Weighting | 96.97 |
| 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 | 60.20 | 62.71 | 60.93 | 78.33 | 101.10 | 115.99 | 133.09 | 152.70 | 175.20 | 201.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.47 | 4.87 | -2.09 | 10.29 | 17.43 | 6.72 | 7.71 | 8.84 | 10.15 | 11.64 |
| EBIT | -5.14 | 3.23 | -3.87 | 7.06 | 13.08 | 2.84 | 3.26 | 3.74 | 4.29 | 4.92 |
| Tax Rate | -19.67% | 35.34% | -30.27% | 13.26% | 7.43% | 1.22% | 1.22% | 1.22% | 1.22% | 1.22% |
| EBIAT | -6.15 | 2.09 | -5.04 | 6.13 | 12.11 | 2.80 | 3.22 | 3.69 | 4.23 | 4.86 |
| Depreciation | 1.67 | 1.64 | 1.78 | 3.23 | 4.35 | 3.88 | 4.45 | 5.11 | 5.86 | 6.72 |
| Accounts Receivable | - | -2.24 | 1.13 | -5.88 | -2.35 | -2.37 | -3.12 | -3.58 | -4.10 | -4.71 |
| Inventories | - | -0.96 | 1.49 | -3.79 | -6.94 | 0.57 | -2.79 | -3.21 | -3.68 | -4.22 |
| Accounts Payable | - | 2.12 | 0.28 | 3.13 | 1.18 | -0.21 | 1.32 | 1.52 | 1.74 | 2 |
| Capital Expenditure | -0.70 | -1.27 | -1.67 | -2.48 | -8.81 | -4.13 | -4.74 | -5.44 | -6.24 | -7.16 |
| UFCF | -5.18 | 1.39 | -2.03 | 0.34 | -0.45 | 0.54 | -1.66 | -1.91 | -2.19 | -2.51 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -2.56 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -17.93 |
| Equity Value | - |
| Shares Outstanding | 26.98 |
| Equity Value Per Share | - |