Discounted Cash Flow (DCF) Analysis Unlevered

Ocean Power Technologies, Inc. (OPTT)

$0.68

-0.03 (-4.23%)
All numbers are in Millions, Currency in USD
Stock DCF: -27.17 | 0.68 | overvalue

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 0.510.631.681.211.762.674.066.169.3514.20
Revenue (%)
EBITDA -11.15-12.92-10.89-14.39-17.05-37.59-57.07-86.66-131.59-199.81
EBITDA (%)
EBIT -11.28-13.10-11.25-14.76-17.05-38.14-57.92-87.95-133.54-202.77
EBIT (%)
Depreciation 0.120.180.350.3700.560.851.281.952.96
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 11.5216.661083.030.0666.10100.37152.40231.41351.38
Total Cash (%)
Account Receivables 0.590.080.360.5601.051.592.413.675.57
Account Receivables (%)
Inventories ----000000
Inventories (%)
Accounts Payable 0.290.310.220.6900.941.432.173.305
Accounts Payable (%)
Capital Expenditure -0.66-0.05-0.06-0.03-0-0.77-1.16-1.77-2.68-4.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.68
Beta 1.738
Diluted Shares Outstanding 54.01
Cost of Debt
Tax Rate 8.81
After-tax Cost of Debt 4.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.756
Total Debt -
Total Equity 36.73
Total Capital 36.73
Debt Weighting 0.00
Equity Weighting 100.00
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 0.510.631.681.211.762.674.066.169.3514.20
EBITDA -11.15-12.92-10.89-14.39-17.05-37.59-57.07-86.66-131.59-199.81
EBIT -11.28-13.10-11.25-14.76-17.05-38.14-57.92-87.95-133.54-202.77
Tax Rate 9.92%6.49%7.96%0.00%8.81%6.64%6.64%6.64%6.64%6.64%
EBIAT -10.16-12.25-10.35-14.76-15.55-35.61-54.08-82.11-124.68-189.32
Depreciation 0.120.180.350.3700.560.851.281.952.96
Accounts Receivable -0.51-0.28-0.200.56-1.05-0.54-0.82-1.25-1.90
Inventories ------0-0-0-0-0
Accounts Payable -0.02-0.090.47-0.690.940.490.741.131.71
Capital Expenditure -0.66-0.05-0.07-0.03-0-0.77-1.16-1.77-2.68-4.07
UFCF -10.69-11.58-10.43-14.15-15.67-35.93-54.45-82.68-125.54-190.62
WACC
PV UFCF -32.15-43.59-59.23-80.47-109.33
SUM PV UFCF -324.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.76
Free cash flow (t + 1) -194.43
Terminal Value -1,992.13
Present Value of Terminal Value -1,142.58

Intrinsic Value

Enterprise Value -1,467.34
Net Debt -0.01
Equity Value -1,467.34
Shares Outstanding 54.01
Equity Value Per Share -27.17