Discounted Cash Flow (DCF) Analysis Unlevered

Research Frontiers Incorporated (REFR)

$2.13

-0.04 (-1.84%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 2.13 | undervalue

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 1.511.491.560.831.261.291.321.351.381.41
Revenue (%)
EBITDA -2.24-2.51-3.61-2.27-1.84-2.50-2.56-2.62-2.67-2.74
EBITDA (%)
EBIT -2.41-2.69-3.81-2.34-1.85-2.62-2.68-2.74-2.80-2.86
EBIT (%)
Depreciation 0.180.180.200.070.010.120.120.120.120.13
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 1.742.976.594.773.034.014.104.194.294.39
Total Cash (%)
Account Receivables 0.600.690.660.600.830.690.700.720.740.75
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.060.130.170.030.070.090.090.090.090.09
Accounts Payable (%)
Capital Expenditure -0.01-0.01-0.07-0.06-0-0.03-0.03-0.03-0.03-0.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.13
Beta 0.343
Diluted Shares Outstanding 31.65
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.422
Total Debt 0.65
Total Equity 67.41
Total Capital 68.05
Debt Weighting 0.95
Equity Weighting 99.05
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 1.511.491.560.831.261.291.321.351.381.41
EBITDA -2.24-2.51-3.61-2.27-1.84-2.50-2.56-2.62-2.67-2.74
EBIT -2.41-2.69-3.81-2.34-1.85-2.62-2.68-2.74-2.80-2.86
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -2.41-2.69-3.81-2.34-1.85-2.62-2.68-2.74-2.80-2.86
Depreciation 0.180.180.200.070.010.120.120.120.120.13
Accounts Receivable --0.090.030.06-0.230.14-0.02-0.02-0.02-0.02
Inventories ----------
Accounts Payable -0.080.04-0.140.030.020000
Capital Expenditure -0.01-0.01-0.07-0.06-0-0.03-0.03-0.03-0.03-0.03
UFCF -2.24-2.53-3.61-2.41-2.04-2.37-2.60-2.66-2.72-2.79
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -2.84
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 0.38
Equity Value -
Shares Outstanding 31.65
Equity Value Per Share -