Discounted Cash Flow (DCF) Analysis Unlevered
ReWalk Robotics Ltd. (RWLK)
$0.735
+0.01 (+0.82%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6.54 | 4.87 | 4.39 | 5.97 | 5.51 | 5.41 | 5.31 | 5.22 | 5.12 | 5.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -19.21 | -13.76 | -12 | -12.66 | -19.10 | -15.24 | -14.96 | -14.69 | -14.43 | -14.17 |
| EBITDA (%) | ||||||||||
| EBIT | -19.68 | -14.08 | -12.29 | -12.92 | -19.30 | -15.54 | -15.26 | -14.99 | -14.72 | -14.45 |
| EBIT (%) | ||||||||||
| Depreciation | 0.46 | 0.32 | 0.29 | 0.27 | 0.20 | 0.31 | 0.30 | 0.30 | 0.29 | 0.28 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 9.55 | 16.25 | 20.35 | 88.34 | 67.90 | 39.56 | 38.85 | 38.15 | 37.46 | 36.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.76 | 0.79 | 0.68 | 0.59 | 1.04 | 0.78 | 0.77 | 0.75 | 0.74 | 0.73 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.24 | 3.12 | 3.54 | 2.99 | 2.93 | 3.05 | 3 | 2.94 | 2.89 | 2.84 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.33 | 2.70 | 2.27 | 1.38 | 1.95 | 2.18 | 2.14 | 2.10 | 2.06 | 2.02 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.01 | -0.02 | -0.07 | -0.05 | -0.02 | -0.04 | -0.04 | -0.04 | -0.04 | -0.04 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.735 |
|---|---|
| Beta | 2.478 |
| Diluted Shares Outstanding | 62.38 |
| Cost of Debt | |
| Tax Rate | -2.44 |
| After-tax Cost of Debt | -22.52% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.293 |
| Total Debt | 0.90 |
| Total Equity | 45.85 |
| Total Capital | 46.75 |
| Debt Weighting | 1.92 |
| Equity Weighting | 98.08 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6.54 | 4.87 | 4.39 | 5.97 | 5.51 | 5.41 | 5.31 | 5.22 | 5.12 | 5.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -19.21 | -13.76 | -12 | -12.66 | -19.10 | -15.24 | -14.96 | -14.69 | -14.43 | -14.17 |
| EBIT | -19.68 | -14.08 | -12.29 | -12.92 | -19.30 | -15.54 | -15.26 | -14.99 | -14.72 | -14.45 |
| Tax Rate | 0.02% | -0.05% | -0.39% | -0.74% | -2.44% | -0.72% | -0.72% | -0.72% | -0.72% | -0.72% |
| EBIAT | -19.67 | -14.09 | -12.34 | -13.02 | -19.78 | -15.66 | -15.37 | -15.10 | -14.82 | -14.56 |
| Depreciation | 0.46 | 0.32 | 0.29 | 0.27 | 0.20 | 0.31 | 0.30 | 0.30 | 0.29 | 0.28 |
| Accounts Receivable | - | -0.04 | 0.11 | 0.10 | -0.45 | 0.26 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventories | - | -0.88 | -0.42 | 0.55 | 0.06 | -0.13 | 0.06 | 0.05 | 0.05 | 0.05 |
| Accounts Payable | - | 0.37 | -0.43 | -0.88 | 0.57 | 0.23 | -0.04 | -0.04 | -0.04 | -0.04 |
| Capital Expenditure | -0.01 | -0.02 | -0.07 | -0.05 | -0.03 | -0.04 | -0.04 | -0.04 | -0.04 | -0.04 |
| UFCF | -19.22 | -14.34 | -12.86 | -13.03 | -19.42 | -15.03 | -15.08 | -14.81 | -14.54 | -14.28 |
| WACC | ||||||||||
| PV UFCF | -13.01 | -11.29 | -9.60 | -8.16 | -6.93 | |||||
| SUM PV UFCF | -48.99 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 15.55 |
| Free cash flow (t + 1) | -14.56 |
| Terminal Value | -107.49 |
| Present Value of Terminal Value | -52.18 |
Intrinsic Value
| Enterprise Value | -101.17 |
|---|---|
| Net Debt | -67 |
| Equity Value | -34.17 |
| Shares Outstanding | 62.38 |
| Equity Value Per Share | -0.55 |