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
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 | 0.51 | 0.63 | 1.68 | 1.21 | 1.76 | 2.67 | 4.06 | 6.16 | 9.35 | 14.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.12 | 0.18 | 0.35 | 0.37 | 0 | 0.56 | 0.85 | 1.28 | 1.95 | 2.96 |
| 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 | 11.52 | 16.66 | 10 | 83.03 | 0.06 | 66.10 | 100.37 | 152.40 | 231.41 | 351.38 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.59 | 0.08 | 0.36 | 0.56 | 0 | 1.05 | 1.59 | 2.41 | 3.67 | 5.57 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.29 | 0.31 | 0.22 | 0.69 | 0 | 0.94 | 1.43 | 2.17 | 3.30 | 5 |
| 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 | 0.51 | 0.63 | 1.68 | 1.21 | 1.76 | 2.67 | 4.06 | 6.16 | 9.35 | 14.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 0.12 | 0.18 | 0.35 | 0.37 | 0 | 0.56 | 0.85 | 1.28 | 1.95 | 2.96 |
| Accounts Receivable | - | 0.51 | -0.28 | -0.20 | 0.56 | -1.05 | -0.54 | -0.82 | -1.25 | -1.90 |
| Inventories | - | - | - | - | - | -0 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | 0.02 | -0.09 | 0.47 | -0.69 | 0.94 | 0.49 | 0.74 | 1.13 | 1.71 |
| 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 |