Discounted Cash Flow (DCF) Analysis Unlevered

ParkerVision, Inc. (PRKR)

$0.1801

-0.01 (-5.36%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.70 | 0.1801 | overvalue

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 0.100.140.070.070.070.060.060.060.050.05
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 1.301.210.840.630.370.600.570.540.520.49
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 0.381.530.0601.030.400.380.360.340.32
Total Cash (%)
Account Receivables 0.0300.010.010.010.010.010.010.010.01
Account Receivables (%)
Inventories 1.020.100.410.390.370.350.330.310.300.28
Inventories (%)
Accounts Payable 0.680.652.3300.710.680.650.610.580.55
Accounts Payable (%)
Capital Expenditure -0.31-0.02-0.020-0-0.05-0.04-0.04-0.04-0.04
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 0.100.140.070.070.070.060.060.060.050.05
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 1.301.210.840.630.370.600.570.540.520.49
Accounts Receivable -0.03-0.010000000
Inventories -0.93-0.310.020.020.020.020.020.020.02
Accounts Payable --0.021.67-2.320.70-0.03-0.03-0.03-0.03-0.03
Capital Expenditure -0.31-0.02-0.020-0-0.05-0.04-0.04-0.04-0.04
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