Discounted Cash Flow (DCF) Analysis Unlevered
Resonant Inc. (RESN)
$4.48
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 | 0.65 | 0.52 | 0.74 | 3.16 | 2.18 | 3.92 | 7.04 | 12.67 | 22.78 | 40.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -20.95 | -23.98 | -28.10 | -26.80 | -34.38 | -109.93 | -197.71 | -355.56 | -639.45 | -1,150.01 |
| EBITDA (%) | ||||||||||
| EBIT | -21.67 | -24.81 | -29.67 | -28.40 | -35.95 | -114.69 | -206.27 | -370.95 | -667.13 | -1,199.78 |
| EBIT (%) | ||||||||||
| Depreciation | 0.72 | 0.84 | 1.57 | 1.60 | 1.57 | 4.76 | 8.56 | 15.39 | 27.68 | 49.77 |
| 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 | 19.52 | 21.26 | 10.69 | 24.97 | 21.21 | 80.41 | 144.61 | 260.08 | 467.72 | 841.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.05 | 0.17 | 0.08 | 0.21 | 0.05 | 0.46 | 0.82 | 1.48 | 2.67 | 4.80 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.71 | 0.70 | 1.10 | 0.98 | 1.14 | 3.72 | 6.68 | 12.02 | 21.61 | 38.87 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.15 | -1.50 | -1.23 | -1.59 | -1.96 | -6.03 | -10.85 | -19.52 | -35.10 | -63.12 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.48 |
|---|---|
| Beta | 1.248 |
| Diluted Shares Outstanding | 62.48 |
| Cost of Debt | |
| Tax Rate | -0.00 |
| After-tax Cost of Debt | 0.84% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.582 |
| Total Debt | 1.78 |
| Total Equity | 279.91 |
| Total Capital | 281.69 |
| Debt Weighting | 0.63 |
| Equity Weighting | 99.37 |
| 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 | 0.65 | 0.52 | 0.74 | 3.16 | 2.18 | 3.92 | 7.04 | 12.67 | 22.78 | 40.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -20.95 | -23.98 | -28.10 | -26.80 | -34.38 | -109.93 | -197.71 | -355.56 | -639.45 | -1,150.01 |
| EBIT | -21.67 | -24.81 | -29.67 | -28.40 | -35.95 | -114.69 | -206.27 | -370.95 | -667.13 | -1,199.78 |
| Tax Rate | 0.06% | -0.00% | -0.00% | -0.00% | -0.00% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| EBIAT | -21.65 | -24.82 | -29.67 | -28.40 | -35.95 | -114.68 | -206.25 | -370.92 | -667.06 | -1,199.66 |
| Depreciation | 0.72 | 0.84 | 1.57 | 1.60 | 1.57 | 4.76 | 8.56 | 15.39 | 27.68 | 49.77 |
| Accounts Receivable | - | -0.12 | 0.09 | -0.13 | 0.16 | -0.41 | -0.37 | -0.66 | -1.18 | -2.13 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.01 | 0.40 | -0.12 | 0.16 | 2.57 | 2.97 | 5.34 | 9.60 | 17.26 |
| Capital Expenditure | -1.15 | -1.50 | -1.23 | -1.59 | -1.96 | -6.03 | -10.85 | -19.52 | -35.10 | -63.12 |
| UFCF | -22.08 | -25.61 | -28.84 | -28.63 | -36.02 | -113.80 | -205.94 | -370.37 | -666.07 | -1,197.88 |
| WACC | ||||||||||
| PV UFCF | -103.90 | -171.66 | -281.86 | -462.80 | -759.89 | |||||
| SUM PV UFCF | -1,780.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.53 |
| Free cash flow (t + 1) | -1,221.84 |
| Terminal Value | -16,226.27 |
| Present Value of Terminal Value | -10,293.27 |
Intrinsic Value
| Enterprise Value | -12,073.37 |
|---|---|
| Net Debt | -19.43 |
| Equity Value | -12,053.94 |
| Shares Outstanding | 62.48 |
| Equity Value Per Share | -192.92 |