Discounted Cash Flow (DCF) Analysis Unlevered
ParkerVision, Inc. (PRKR)
$0.1801
-0.01 (-5.36%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.10 | 0.14 | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -17.89 | -19.54 | -8.20 | -18.95 | -11.71 | -11.13 | -10.57 | -10.03 | -9.52 | -9.03 |
| EBITDA (%) | ||||||||||
| EBIT | -19.19 | -20.75 | -9.03 | -19.58 | -12.08 | -11.74 | -11.14 | -10.57 | -10.03 | -9.52 |
| EBIT (%) | ||||||||||
| Depreciation | 1.30 | 1.21 | 0.84 | 0.63 | 0.37 | 0.60 | 0.57 | 0.54 | 0.52 | 0.49 |
| 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 | 0.38 | 1.53 | 0.06 | 0 | 1.03 | 0.40 | 0.38 | 0.36 | 0.34 | 0.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.03 | 0 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.02 | 0.10 | 0.41 | 0.39 | 0.37 | 0.35 | 0.33 | 0.31 | 0.30 | 0.28 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.68 | 0.65 | 2.33 | 0 | 0.71 | 0.68 | 0.65 | 0.61 | 0.58 | 0.55 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.31 | -0.02 | -0.02 | 0 | -0 | -0.05 | -0.04 | -0.04 | -0.04 | -0.04 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.1,801 |
|---|---|
| Beta | 1.545 |
| Diluted Shares Outstanding | 71.30 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 6.68% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.264 |
| Total Debt | 3.76 |
| Total Equity | 12.84 |
| Total Capital | 16.60 |
| Debt Weighting | 22.64 |
| Equity Weighting | 77.36 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.10 | 0.14 | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -17.89 | -19.54 | -8.20 | -18.95 | -11.71 | -11.13 | -10.57 | -10.03 | -9.52 | -9.03 |
| EBIT | -19.19 | -20.75 | -9.03 | -19.58 | -12.08 | -11.74 | -11.14 | -10.57 | -10.03 | -9.52 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | -19.19 | -20.75 | -9.03 | -19.58 | -12.08 | -11.74 | -11.14 | -10.57 | -10.03 | -9.52 |
| Depreciation | 1.30 | 1.21 | 0.84 | 0.63 | 0.37 | 0.60 | 0.57 | 0.54 | 0.52 | 0.49 |
| Accounts Receivable | - | 0.03 | -0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | - | 0.93 | -0.31 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Accounts Payable | - | -0.02 | 1.67 | -2.32 | 0.70 | -0.03 | -0.03 | -0.03 | -0.03 | -0.03 |
| Capital Expenditure | -0.31 | -0.02 | -0.02 | 0 | -0 | -0.05 | -0.04 | -0.04 | -0.04 | -0.04 |
| UFCF | -18.20 | -18.64 | -6.86 | -21.25 | -10.99 | -11.19 | -10.63 | -10.08 | -9.57 | -9.08 |
| WACC | ||||||||||
| PV UFCF | -23.25 | -10.99 | -10.22 | -8.87 | -7.69 | -6.67 | -5.78 | |||
| SUM PV UFCF | -39.23 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.45 |
| Free cash flow (t + 1) | -9.27 |
| Terminal Value | -124.36 |
| Present Value of Terminal Value | -79.18 |
Intrinsic Value
| Enterprise Value | -118.41 |
|---|---|
| Net Debt | 2.73 |
| Equity Value | -121.14 |
| Shares Outstanding | 71.30 |
| Equity Value Per Share | -1.70 |