Discounted Cash Flow (DCF) Analysis Unlevered

ReWalk Robotics Ltd. (RWLK)

$0.596

-0.01 (-2.30%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.57 | 0.596 | overvalue

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 6.544.874.395.975.515.415.315.225.125.03
Revenue (%)
EBITDA -18.82-13.72-11.73-12.40-18.90-15.01-14.74-14.48-14.21-13.96
EBITDA (%)
EBIT -19.28-14.05-12.02-12.67-19.10-15.32-15.04-14.77-14.50-14.24
EBIT (%)
Depreciation 0.460.320.290.270.200.310.300.300.290.28
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 9.5516.2520.3588.3467.9039.5638.8538.1537.4636.78
Total Cash (%)
Account Receivables 0.760.790.680.591.040.780.770.750.740.73
Account Receivables (%)
Inventories 2.243.123.542.992.933.0532.942.892.84
Inventories (%)
Accounts Payable 2.332.702.271.381.952.182.142.102.062.02
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 $ 0.596
Beta 2.471
Diluted Shares Outstanding 62.38
Cost of Debt
Tax Rate -2.44
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.416
Total Debt 0.90
Total Equity 37.18
Total Capital 38.07
Debt Weighting 2.36
Equity Weighting 97.64
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 6.544.874.395.975.515.415.315.225.125.03
EBITDA -18.82-13.72-11.73-12.40-18.90-15.01-14.74-14.48-14.21-13.96
EBIT -19.28-14.05-12.02-12.67-19.10-15.32-15.04-14.77-14.50-14.24
Tax Rate 0.02%-0.05%-0.39%-0.74%-2.44%-0.72%-0.72%-0.72%-0.72%-0.72%
EBIAT -19.28-14.05-12.07-12.76-19.57-15.43-15.15-14.88-14.61-14.35
Depreciation 0.460.320.290.270.200.310.300.300.290.28
Accounts Receivable --0.040.110.10-0.450.260.010.010.010.01
Inventories --0.88-0.420.550.06-0.130.060.050.050.05
Accounts Payable -0.37-0.43-0.880.570.23-0.04-0.04-0.04-0.04
Capital Expenditure -0.01-0.02-0.07-0.05-0.03-0.04-0.04-0.04-0.04-0.04
UFCF -18.83-14.30-12.59-12.77-19.22-14.80-14.86-14.59-14.33-14.07
WACC
PV UFCF -12.85-11.20-9.55-8.14-6.94
SUM PV UFCF -48.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.17
Free cash flow (t + 1) -14.35
Terminal Value -108.96
Present Value of Terminal Value -53.77

Intrinsic Value

Enterprise Value -102.46
Net Debt -67
Equity Value -35.46
Shares Outstanding 62.38
Equity Value Per Share -0.57