Discounted Cash Flow (DCF) Analysis Unlevered
Qualstar Corporation (QBAK)
$2.2
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Revenue | 10.98 | 9.42 | 10.64 | 12.23 | 13.44 | 14.23 | 15.07 | 15.96 | 16.90 | 17.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -2.39 | -1.03 | 0.81 | 1.58 | -0.26 | -0.40 | -0.43 | -0.45 | -0.48 | -0.50 |
| EBITDA (%) | ||||||||||
| EBIT | -2.61 | -1.21 | 0.66 | 1.49 | -0.03 | -0.52 | -0.56 | -0.59 | -0.62 | -0.66 |
| EBIT (%) | ||||||||||
| Depreciation | 0.22 | 0.18 | 0.15 | 0.09 | -0.23 | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Total Cash | 3.86 | 3.69 | 4.70 | 4.78 | 3.86 | 5.30 | 5.62 | 5.95 | 6.30 | 6.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.63 | 1.58 | 1.80 | 1.81 | 2.37 | 2.31 | 2.44 | 2.59 | 2.74 | 2.90 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.44 | 1.36 | 1.56 | 2.90 | 2.54 | 2.68 | 2.83 | 3 | 3.18 | 3.36 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.76 | 0.89 | 1.07 | 1.02 | 1.03 | 1.21 | 1.28 | 1.35 | 1.43 | 1.52 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.15 | -0.04 | -0.04 | -0.03 | -0.09 | -0.09 | -0.09 | -0.10 | -0.11 | -0.11 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.2 |
|---|---|
| Beta | 0.117 |
| Diluted Shares Outstanding | 1.93 |
| Cost of Debt | |
| Tax Rate | 72.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.084 |
| Total Debt | 0.70 |
| Total Equity | 4.24 |
| Total Capital | 4.94 |
| Debt Weighting | 14.27 |
| Equity Weighting | 85.73 |
| Wacc |
Build Up Free Cash
Year A/P | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Revenue | 10.98 | 9.42 | 10.64 | 12.23 | 13.44 | 14.23 | 15.07 | 15.96 | 16.90 | 17.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -2.39 | -1.03 | 0.81 | 1.58 | -0.26 | -0.40 | -0.43 | -0.45 | -0.48 | -0.50 |
| EBIT | -2.61 | -1.21 | 0.66 | 1.49 | -0.03 | -0.52 | -0.56 | -0.59 | -0.62 | -0.66 |
| Tax Rate | -0.77% | 0.00% | 2.59% | 0.27% | 72.00% | 14.82% | 14.82% | 14.82% | 14.82% | 14.82% |
| EBIAT | -2.63 | -1.21 | 0.64 | 1.49 | -0.01 | -0.45 | -0.47 | -0.50 | -0.53 | -0.56 |
| Depreciation | 0.22 | 0.18 | 0.15 | 0.09 | -0.23 | 0.12 | 0.13 | 0.14 | 0.15 | 0.15 |
| Accounts Receivable | - | 0.05 | -0.22 | -0.01 | -0.56 | 0.06 | -0.14 | -0.14 | -0.15 | -0.16 |
| Inventories | - | 1.08 | -0.20 | -1.33 | 0.36 | -0.14 | -0.16 | -0.17 | -0.18 | -0.19 |
| Accounts Payable | - | 0.13 | 0.18 | -0.04 | 0.01 | 0.18 | 0.07 | 0.08 | 0.08 | 0.08 |
| Capital Expenditure | -0.15 | -0.04 | -0.04 | -0.03 | -0.09 | -0.09 | -0.09 | -0.10 | -0.11 | -0.11 |
| UFCF | -2.56 | 0.19 | 0.50 | 0.16 | -0.52 | -0.31 | -0.66 | -0.70 | -0.74 | -0.78 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -0.80 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -3.16 |
| Equity Value | - |
| Shares Outstanding | 1.93 |
| Equity Value Per Share | - |