Discounted Cash Flow (DCF) Analysis Unlevered
Polar Power, Inc. (POLA)
$1.74
0.00 (0.00%)
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 | 14.42 | 24.05 | 24.80 | 9.03 | 16.90 | 20.84 | 25.71 | 31.71 | 39.12 | 48.25 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -0.48 | -0.66 | -2.65 | -11.72 | -0.80 | -6.31 | -7.78 | -9.60 | -11.84 | -14.60 |
EBITDA (%) | ||||||||||
EBIT | -0.74 | -1.04 | -3.94 | -12.96 | -1.35 | -7.37 | -9.10 | -11.22 | -13.84 | -17.07 |
EBIT (%) | ||||||||||
Depreciation | 0.26 | 0.39 | 1.29 | 1.25 | 0.55 | 1.07 | 1.32 | 1.62 | 2 | 2.47 |
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 | 13.20 | 5.64 | 2.84 | 1.65 | 5.10 | 7.29 | 8.99 | 11.09 | 13.68 | 16.88 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 3.69 | 8.44 | 1.17 | 3.55 | 7.03 | 6.10 | 7.52 | 9.28 | 11.44 | 14.12 |
Account Receivables (%) | ||||||||||
Inventories | 5.49 | 8.47 | 13.91 | 9.09 | 9.02 | 11.82 | 14.57 | 17.98 | 22.18 | 27.36 |
Inventories (%) | ||||||||||
Accounts Payable | 0.76 | 1.07 | 0.57 | 0.31 | 0.33 | 0.72 | 0.89 | 1.10 | 1.36 | 1.68 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -0.34 | -0.57 | -0.34 | -0.02 | -0.07 | -0.28 | -0.35 | -0.43 | -0.53 | -0.65 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 1.74 |
---|---|
Beta | 0.798 |
Diluted Shares Outstanding | 12.72 |
Cost of Debt | |
Tax Rate | 0.00 |
After-tax Cost of Debt | 4.00% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.299 |
Total Debt | 1.50 |
Total Equity | 22.13 |
Total Capital | 23.63 |
Debt Weighting | 6.34 |
Equity Weighting | 93.66 |
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 | 14.42 | 24.05 | 24.80 | 9.03 | 16.90 | 20.84 | 25.71 | 31.71 | 39.12 | 48.25 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -0.48 | -0.66 | -2.65 | -11.72 | -0.80 | -6.31 | -7.78 | -9.60 | -11.84 | -14.60 |
EBIT | -0.74 | -1.04 | -3.94 | -12.96 | -1.35 | -7.37 | -9.10 | -11.22 | -13.84 | -17.07 |
Tax Rate | 0.00% | 20.22% | 0.00% | 16.44% | 0.00% | 7.33% | 7.33% | 7.33% | 7.33% | 7.33% |
EBIAT | -0.74 | -0.83 | -3.94 | -10.83 | -1.35 | -6.83 | -8.43 | -10.40 | -12.83 | -15.82 |
Depreciation | 0.26 | 0.39 | 1.29 | 1.25 | 0.55 | 1.07 | 1.32 | 1.62 | 2 | 2.47 |
Accounts Receivable | - | -4.76 | 7.28 | -2.38 | -3.48 | 0.93 | -1.42 | -1.76 | -2.17 | -2.67 |
Inventories | - | -2.98 | -5.44 | 4.82 | 0.08 | -2.80 | -2.76 | -3.40 | -4.20 | -5.18 |
Accounts Payable | - | 0.31 | -0.49 | -0.26 | 0.02 | 0.40 | 0.17 | 0.21 | 0.26 | 0.32 |
Capital Expenditure | -0.34 | -0.57 | -0.34 | -0.02 | -0.07 | -0.28 | -0.35 | -0.43 | -0.53 | -0.65 |
UFCF | -0.83 | -8.45 | -1.65 | -7.43 | -4.26 | -7.52 | -11.47 | -14.15 | -17.46 | -21.53 |
WACC | ||||||||||
PV UFCF | -7.02 | -10 | -11.52 | -13.27 | -15.29 | |||||
SUM PV UFCF | -57.11 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.09 |
Free cash flow (t + 1) | -21.96 |
Terminal Value | -431.53 |
Present Value of Terminal Value | -306.38 |
Intrinsic Value
Enterprise Value | -363.49 |
---|---|
Net Debt | -3.60 |
Equity Value | -359.89 |
Shares Outstanding | 12.72 |
Equity Value Per Share | -28.29 |