Discounted Cash Flow (DCF) Analysis Unlevered

ReWalk Robotics Ltd. (RWLK)

$0.735

+0.01 (+0.82%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.55 | 0.735 | 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 -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 0.460.320.290.270.200.310.300.300.290.28
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 $ 0.735
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 6.544.874.395.975.515.415.315.225.125.03
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 0.460.320.290.270.200.310.300.300.290.28
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 -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